This legislation aims to modernize the Investment Advisers Act of 1940 by enhancing investor participation and transparency in the decision-making processes of passively managed funds. It requires investment advisers to allow investors to vote on significant issues related to their investments, thereby ensuring that their voices are heard in matters that affect their financial interests. The bill mandates that investment advisers vote on proxy issues in accordance with the instructions received from investors in passively managed funds, such as index funds.