Following Hurricane Helene’s catastrophic damage throughout Florida’s gulf coast, U.S. Senator Marco Rubio (R-FL) met with the Florida Farm Bureau as well as local agricultural producers, farmers, and growers to discuss the storm’s impact. Photos are courtesy of...
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Photos: Rubio Visits Barrier Islands Post-Hurricane Helene
Following Hurricane Helene’s catastrophic damage throughout Florida’s Gulf Coast, U.S. Senator Marco Rubio (R-FL) met with local officials and volunteers from the barrier islands to discuss the storm’s impact and current recovery efforts. Photos are courtesy of...
Rubio, Scott, Florida Colleagues to POTUS: Expedite Resources to Floridians
Hurricane Helene made landfall as a Category 4 storm, causing catastrophic damage along Florida’s Gulf Coast. It’s crucial for the federal government to expedite state-requested resources and authorize key policy flexibilities in order for Floridians to make a swift...
Rubio Staff Hosts Hurricane Helene Recovery Assistance
U.S. Senator Marco Rubio’s (R-FL) office will host two in-person events to assist constituents affected by Hurricane Helene and help navigate applications for FEMA assistance. Food, water, and additional resources will be available at the events. Event...
Next Week: Rubio Staff Hosts Mobile Office Hours
U.S. Senator Marco Rubio’s (R-FL) office will host in-person and virtual Mobile Office Hours next week to assist constituents with federal casework issues in their respective local communities. These office hours offer constituents who do not live close to one of...
Rubio, Scott Urge FEMA to Expedite Hurricane Reimbursements
Following the impacts of Hurricanes Helene and Debby, some local governments in Florida face looming budget shortfalls that could disrupt disaster recovery efforts. If these local governments receive reimbursements for past hurricanes from the Federal Emergency...
Rubio, Colleagues Introduce INDEX Act to Return Shareholder Voting Power to Individual Investors
Washington, D.C. — U.S Senators Marco Rubio (R-FL) and Dan Sullivan (R-AK) introduced the Investor Democracy is Expected (INDEX) Act. The bill would address problems stemming from the consolidated corporate ownership and voting power within Wall Street’s largest investment advisers and their index funds. With passive investing exploding in popularity over the past two decades, these firms have quietly become the largest owners in almost all public U.S. companies. As such, they are able to leverage the investments of millions of index fund investors into the dominant voting bloc at shareholder meetings.
El texto de la carta en inglés está INDEX Act would require investment advisors of passively-managed funds to vote proxies in accordance with the instructions of fund investors — not at the discretion of the adviser. The adviser would be responsible for passing through the proxies, collecting the instructions, and voting according to the investors’ wishes. Deconsolidating the voting power of giant Wall Street fund managers will neutralize their outsized dominance and foster a healthier, more competitive, and more democratic corporate governance ecosystem.
“Individual investors and retirees, not massive Wall Street companies, deserve the right to vote their shares,” Rubio said. “This bill will empower retail investors and prevent large fund managers from abusing their influence to support crazy progressive agendas.”
“The American people deserve the opportunity to vote on behalf of their investments, including those made in index funds. Massive Wall Street firms should not be able to coopt this voting power to essentially control our entire public market.” Sullivan said. “Currently, the three largest investment advisers vote nearly one-quarter of all shares cast at annual meetings, and are the largest shareholders in over 90 percent of S&P 500 companies. The INDEX Act would correct this extreme market distortion by simply requiring that the power to vote shares resides with the fund investors, not the advisers. This would democratize corporate governance and largely eliminate the influence that these firms wield at shareholder meetings, often to push political agendas. It would also remove these firms as a gateway for special interest groups who push radical agendas through corporate governance that they could not otherwise achieve through the traditional political process.”
Click here for a full list of original cosponsors.