Firms must show who controls votes through special shares.
S. 3831 — Enhancing Multi-Class Share Disclosures Act · Filed by Ruben Gallego (D-AZ) · 1 cosponsor · Introduced Feb 11, 2026 · Referred to committee
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What it does
The bill tells the SEC to make rules. Firms with different types of shares must show facts in proxy materials. They must list how many shares each leader and big owner has. They must show what percent of voting power each person has. This lets regular owners see if insiders control the firm. Insiders may hold high-voting shares but own little money value.
Who it affects
Regular owners and retail buyers get more facts about who controls the firm. Firm insiders who own high-voting shares may face more questions from owners.
One thing to notice
The bill does not force firms to change their share setup. It only requires them to tell owners the facts.
From the analysis of the bill text, linked under Primary records below.
Where it stands
1 cosponsor: 1 Republicans.
- Feb 11, 2026 — Introduced · Congress.gov: “Introduced in Senate”
- Feb 11, 2026 — Referred to Senate Committee on Banking, Housing, and Urban Affairs · Congress.gov: “Read twice and referred to the Committee on Banking, Housing, and Urban Affairs”
Dates and quoted wording are Congress.gov's action record; the timeline shows status changes, not every procedural step.
Words to know
- proxy materials — Papers firms send to owners before votes on firm matters.
- voting power — The right to vote on firm choices based on shares owned.
- SEC — The government group that makes rules for stock markets and firms.
How this was measured
Analysis — Quorum's AI read the bill text published by Congress.gov (1,704 characters) on Aug 19, 2026. Section numbers in the findings refer to that text, linked below; transparency and hidden-provision scores are compared against the median of 14,206 analysed bills.
Status and sponsors — Congress.gov's bill record — actions, committee referrals and cosponsors — loaded nightly. The timeline shows status changes, not every procedural action.
As of — page rendered 2026-09-17.
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