Second resolution in Senate to undo Trump-era rules

Democrats introduced their second resolution in US Senate to undo Trump-era rules that curbed shareholder voting rights on Friday.

The resolution issued by Senate Banking Chairman Sherrod Brown under the Congressional Review Act would undo September 2020 proxy rules adopted by the Securities and Exchange Commission.

Those rules had set new limits on shareholders’ ability to call for corporate changes on thorny issues like climate change disclosures and executive compensation.

The move under the Congressional Review Act, a 1996 law that requires only a simple majority vote in the two chambers of Congress, allows the legislature to reverse recently finalized rules.

Democrats hold slim majorities in the House of Representatives and the Senate.