On December 11, 2025, the White House issued an Executive Order entitled Protecting American Investors from Foreign-Owned and Politically-Motivated Proxy Advisors (the “Order”). The Order directs several federal agencies, including the Securities and Exchange Commission (SEC), the Federal Trade Commission (FTC) and the Department of Labor (DOL), to review existing regulatory frameworks applicable to proxy advisory firms and to consider whether additional oversight, enforcement or rulemaking is warranted. While the Order itself does not change existing law, it signals a significant expansion of federal scrutiny on the role that proxy advisory firms play in U.S. capital markets and could have meaningful downstream effects for public companies, private companies with institutional ownership, investment advisers and fiduciaries.