Proxy advisors ISS and Glass Lewis were under the gun at an April 29 hearing held by the House Financial Services Committee’s Subcommittee on Capital Markets on “Exposing the Proxy Advisory Cartel: How ISS & Glass Lewis Influence Markets.”

In addition to holding the hearing on proxy advisors, Republican members of the subcommittee introduced the following bills to regulate the firms.

A day before the House Financial Services Committee’s Subcommittee on Capital Markets held the hearing, Glass Lewis said it is making some changes to its business model.

At an April 30 hearing by the House Education and Workforce’s Subcommittee on Health, Employment, Labor and Pensions on “Investing for the Future: Honoring ERISA’s Promise to Participants,” AFL-CIO Deputy Director of Corporations and Capital Markets Brandon Rees pushed back against efforts to limit the freedom of retirement plan fiduciaries to consider ESG risks when making investment and proxy voting decisions.

In an April 30 markup, the House Financial Services Committee approved with a 30-22 party-line vote a section of the GOP reconciliation plan that would fold the Public Company Accounting Oversight Board (PCAOB) into the SEC.