The House Dec. 20 approved legislation that would require SEC registration for firms that give investors voting advice on corporate shareholder proposals.

Lawmakers voted 238-182 to send the Corporate Governance Reform and Transparency Act, H.R. 4015, to the Senate for consideration. Rep. Sean Duffy (R-Wis.) reintroduced the bill this fall after it failed to get a vote on the House floor in the previous Congress.

Institutional Shareholder Services Inc. and Glass Lewis & Co. are the largest proxy advisory firms that would be subject to registration if the bill becomes law. The firms account for about 97 percent of...