The U.S. Securities and Exchange Commission is preparing to consider rescinding Rule 14a-8, the decades-old federal standard that sets ownership and eligibility requirements for shareholder proposals in public-company proxy statements, and return that role to the states. In an August 28 notice, the agency said the proposal has been sent to the White House Office of Management and Budget for review, and it expects to publish a notice of proposed rulemaking in October 2026. SEC Chairman Paul Atkins has long argued the rule exceeds the commission's statutory authority and infringes on state law, and the measure has been designated economically significant and deregulatory under Executive Order 14192. Ending the federal framework would create a patchwork of state rules; under new Texas law, investors could need as much as $1 million in shares to file a resolution, versus $2,000 under current SEC requirements. Investor advocates warn of confusion and restricted access for smaller holders, while governance strategists say shareholders may turn more often to votes against directors. Separately, the SEC plans to modernize proxy solicitation rules on shareholder communications to reflect technological change. No formal proposal has been issued yet, and any final rule would face public comment and possible legal challenges.