Protecting Americans’ Savings Act

The Protecting Americans’ Savings Act aims to change how certain investment votes are made by amending federal securities law. It directs the Securities and Exchange Commission (SEC) to create rules prohibiting "robovoting," which is defined as automatically casting votes based on a proxy advisory firm's recommendations without independent review. The bill also prevents institutional investors, such as pension funds, from outsourcing their proxy voting decisions to anyone other than registered investment advisers or broker-dealers who have a fiduciary duty to them. Additionally, it clarifies that no person is required to cast proxy votes unless obligated by a fiduciary duty or an existing SEC rule.