PlainBillCongress, translated.Legislation. Context. Public interest.Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Congressional Research Service
Version 07 · Reported to House · Dec 22, 2023
Guiding Uniform and Responsible Disclosure Requirements and Information Limits Act of 2023 or the GUARDRAIL Act of 2023
This bill limits the disclosures required by issuers of securities as a result of a rulemaking and establishes the Public Company Advisory Committee.
First, the bill requires the Securities and Exchange Commission (SEC) to limit issuer disclosure requirements made in a rulemaking. Specifically, the SEC must provide that an issuer of securities is only required to disclose information in response to a rulemaking if the issuer determines that this information is material with respect to a voting or investment decision regarding the issuer’s securities.
Showing the opening paragraphs of the official summary.
The bill also requires the SEC to report on its website each required disclosure of nonmaterial information under current federal securities laws and regulations and a justification for the disclosure. The SEC must report this information to Congress every five years. The bill also establishes that a person's failure to disclose such nonmaterial information is not a liability in a private action.
Further, the bill establishes the Public Company Advisory Committee within the SEC. The committee must advise the SEC on regulatory priorities, public reporting and corporate governance of public companies, shareholder meetings and the proxy process, and other topics. The committee must be comprised of individuals who are officials of public companies, have senior managerial responsibility in associations that represent the interests of public companies, or provide professional advice and services to public companies.
Finally, the bill requires the SEC to report on the effects of the European Union's directives on corporate sustainability, particularly on U.S. companies, consumers, and investors.
People & committees
Rep. Huizenga, Bill [R-MI-4] · R–MI
Legislative record
A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Motion to reconsider laid on the table Agreed to without objection.
On passage Passed by the Yeas and Nays: 215 - 203, 1 Present (Roll no. 435). (text of amendment in the nature of a substitute: CR H5477-5486)
House roll call 435 · Individual votesPassed/agreed to in House: On passage Passed by the Yeas and Nays: 215 - 203, 1 Present (Roll no. 435). (text of amendment in the nature of a substitute: CR H5477-5486)
House roll call 435 · Individual votesOn motion to recommit Failed by the Yeas and Nays: 206 - 211 (Roll no. 434).
House roll call 434 · Individual votesConsidered as unfinished business. (consideration: CR H5496-5498)
POSTPONED PROCEEDINGS - At the conclusion of debate on H.R. 4790, the Chair put the question on the motion to recommit and by voice vote, announced that the ayes had prevailed. Mr. Huizenga demanded the yeas and nays and the Chair postponed further proceedings until a time to be announced.
The previous question on the motion to recommit was ordered pursuant to clause 2(b) of rule XIX.
Mr. Casten moved to recommit to the Committee on Financial Services. (text: CR H5494)
The previous question was ordered pursuant to the rule.
DEBATE - The House proceeded with one hour of debate on H.R. 4790.
Rule provides for consideration of H.R. 3724, H.R. 4790, H.R. 5179, H.R. 5339, H.R. 5717, H.R. 7909 and H.J. Res. 136. The resolution provides for consideration of H.R. 3724 and H.R. 5717 under a structured rule and H.R. 4790, H.R. 5179, H.R. 5339, H.R. 7909, and H.J. Res. 136 under a closed rule. The resolution provides for one hour of general debate and one motion to recommit on each measure.
Considered under the provisions of rule H. Res. 1455. (consideration: CR H5477-5494)
Rules Committee Resolution H. Res. 1455 Reported to House. Rule provides for consideration of H.R. 3724, H.R. 4790, H.R. 5179, H.R. 5339, H.R. 5717, H.R. 7909 and H.J. Res. 136. The resolution provides for consideration of H.R. 3724 and H.R. 5717 under a structured rule and H.R. 4790, H.R. 5179, H.R. 5339, H.R. 7909, and H.J. Res. 136 under a closed rule. The resolution provides for one hour of general debate and one motion to recommit on each measure.
Placed on the Union Calendar, Calendar No. 275.
Reported (Amended) by the Committee on Financial Services. H. Rept. 118-336.
Reported (Amended) by the Committee on Financial Services. H. Rept. 118-336.
Ordered to be Reported (Amended) by the Yeas and Nays: 29 - 21.
Committee Consideration and Mark-up Session Held
Referred to the House Committee on Financial Services.
Introduced in House
Introduced in House
Primary sources
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Source last updated: May 27, 2025. Consult Congress.gov for the current record.
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Analyze H.R.4790 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.
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