It’s time for it to come to an end, and I intend to pursue it legislatively with any Republican or Democrat that is willing to work with me…
Pursue legislation to end the role of proxy advisors ISS and Glass Lewis.
Occurrences
Evidence
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Hagerty said the dominant proxy advisory firms ISS and Glass Lewis control more than 90% of the market and urged DOJ and FTC to investigate them for antitrust violations. The release says this builds on his ongoing efforts on proxy advisors and notes he has sponsored the Putting Investors First Act to expand SEC authority over proxy advisory firms.
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The Senate Banking Committee release says Chairman Tim Scott, Chairman Mike Rounds, and Bill Hagerty sent a letter to ISS and Glass Lewis raising concerns over their influence and lack of transparency, accountability, and oversight.
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Hagerty reiterated on CNBC that proxy advisors are foreign-owned, are abusing their influence, and said this is something he will look into much more deeply. The statement shows continued pressure, but no completed legislation or policy change.
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GovInfo records Hagerty's Putting Investors First Act as introduced in the Senate and referred to the Banking Committee on June 1, 2023; the page lists no later enactment or advancement.
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Hagerty’s office said he was still discussing proxy advisors in a CNBC appearance, indicating continued pressure on ISS and Glass Lewis rather than completion of the promised legislative outcome.
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GovInfo shows Hagerty’s proxy-advisor bill as introduced and referred, with no indication in the bill record of enactment into law.
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Congress.gov lists Sen. Bill Hagerty as sponsor of S.1799, introduced June 1, 2023, and shows the latest action as read twice and referred to the Senate Banking Committee. The bill status is Introduced, with no passage or public law status shown.
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The CRS summary says the bill would require proxy advisory firms to register with the SEC, prohibit unregistered firms from using interstate commerce to provide proxy-voting advice, and impose transparency, compliance, issuer-comment, and anti-abuse provisions.
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Hagerty's office said he sent a letter urging DOJ and FTC to investigate ISS and Glass Lewis for antitrust violations, and noted he had sponsored the Putting Investors First Act to expand SEC authority over proxy advisory firms.
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The Senate Banking Committee said Chairman Tim Scott, Mike Rounds, and Bill Hagerty raised concerns with ISS and Glass Lewis over lack of transparency, accountability, and oversight, and demanded information about recommendations, conflicts, and voting-policy processes.
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Executive Order 14366 states that ISS and Glass Lewis play a significant role in shareholder voting and directs the SEC, FTC, Attorney General, and Labor Department to review, investigate, or consider regulatory actions related to proxy advisors.
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Hagerty's office published a transcript in which he criticized proxy advisors as foreign-owned firms abusing power for political objectives and said he needed to take a hard look and would look into it more deeply.
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Hagerty said proxy advisory firms are foreign-owned, misuse power to achieve political objectives, and that he needed to take a hard look and would look into the issue more deeply.
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Congress.gov lists Sen. Bill Hagerty as sponsor of S.1799, introduced June 1, 2023. The latest action is referral to the Senate Banking Committee, and the tracker status remains Introduced rather than passed or enacted.
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The CRS summary says the bill would require proxy advisory firms to register with the SEC and would prohibit unregistered firms from providing proxy-voting advice, research, analysis, or recommendations through interstate commerce.
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Hagerty urged DOJ and FTC to investigate ISS and Glass Lewis for antitrust violations and said the firms control more than 90 percent of the U.S. proxy-advisory market. The release also notes he sponsored the Putting Investors First Act.
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The Senate Banking Committee said Chairman Tim Scott, Mike Rounds, and Protecting Main Street Investors Working Group Chairman Bill Hagerty sent a letter to ISS and Glass Lewis raising concerns over transparency, accountability, oversight, conflicts, and voting-policy processes.
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The Wall Street Journal reported that the FTC was investigating whether ISS and Glass Lewis violated antitrust laws through their proxy-advisory business and that the probe was in its early stages.
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The SEC filed a subpoena-enforcement action against Institutional Shareholder Services seeking a court order compelling ISS to comply with an administrative subpoena; the SEC said its fact-finding investigation had not concluded that any entity violated securities laws.
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GovInfo lists S. 1799 as introduced by Bill Hagerty on June 1, 2023 and read twice and referred to the Senate Committee on Banking, Housing, and Urban Affairs; the bill text would require registration of proxy advisory firms.
Assessments
Hagerty did pursue the issue in office by sponsoring S.1799, the Putting Investors First Act of 2023, and by pressing DOJ, FTC, SEC, and Senate Banking oversight against ISS and Glass Lewis. But the bill remained introduced/referred and did not become law, and later executive/enforcement activity increased scrutiny without ending the firms' proxy-advisory role or delivering Hagerty-sponsored legislation. This is a serious same-term effort, not fulfillment of the promised legislative outcome.
Hagerty did materially pursue the issue by sponsoring S.1799, the Putting Investors First Act, and by pressing oversight and enforcement scrutiny of ISS and Glass Lewis. But the promised substantive outcome was legislation to end their role; the bill remained introduced/referred and was not enacted, and later executive/enforcement activity only increased scrutiny rather than ending ISS and Glass Lewis's role. This qualifies as a serious failed legislative effort, not delivery.
Hagerty took concrete action in office by sponsoring the Putting Investors First Act and pressing DOJ, FTC, SEC, and Senate Banking oversight on ISS and Glass Lewis. But the bill remained introduced/referred and was not enacted, and the later executive order increased federal scrutiny rather than ending the role of ISS and Glass Lewis through Hagerty-backed legislation. This is a serious attempt without delivery of the promised legislative outcome.
Hagerty did materially pursue the issue by sponsoring the Putting Investors First Act and continuing oversight pressure on ISS and Glass Lewis, but the evidence shows no enacted legislation or policy change ending their role. The bill remained introduced/referred, and later remarks in 2025-2026 still describe advocacy rather than completion, so the promised outcome was not delivered.
Hagerty did pursue the issue: he sponsored the Putting Investors First Act, pushed committee and agency scrutiny, and publicly pressed ISS and Glass Lewis. But the bill remained at introduction and referral, and the evidence shows no enacted legislation or policy change ending their role, so the promised outcome was not delivered.
Hagerty materially pursued the issue in federal office by sponsoring the Putting Investors First Act and joining oversight/pressure efforts targeting ISS and Glass Lewis. However, the cited actions did not enact legislation ending the role of those proxy advisors, and the bill appears to have remained a proposal rather than becoming law. Because there was a serious legislative and oversight effort but the promised substantive outcome was not delivered, this is best scored as never with an effort badge.