II 

117TH CONGRESS 

2D SESSION S. 3923 

To amend the Dodd-Frank Wall Street Reform and Consumer Protection 

Act to repeal certain provisions requiring non-material disclosure, and 

for other purposes. 

IN THE SENATE OF THE UNITED STATES 

MARCH 24, 2022 

Mr. CRAMER (for himself and Mr. TILLIS) introduced the following bill; which 

was read twice and referred to the Committee on Banking, Housing, and 

Urban Affairs 

A BILL 

To amend the Dodd-Frank Wall Street Reform and Consumer Protection Act to repeal certain provisions requiring non-material disclosure, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Dodd-Frank Material 

5 Disclosure Improvement Act’’. 


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•S 3923 IS

1 SEC. 2. STRIKING OF PROVISIONS OF THE INVESTOR PRO2 TECTION AND SECURITIES REFORM ACT OF 

3 2010. 

4 (a) IN GENERAL.—Section 953 of the Investor Pro5 tection and Securities Reform Act of 2010 (Public Law 

6 111–103; 124 Stat. 1903) is amended— 

7 (1) in subsection (a), by striking ‘‘DISCLOSURE

8 OF PAY VERSUS PERFORMANCE.—’’; and 

9 (2) by striking subsection (b). 

10 (b) RULES.—The Securities and Exchange Commis11 sion shall repeal any rule, including any amendment to 

12 any rule of the Commission, issued under section 953(b) 

13 of the Investor Protection and Securities Reform Act of 

14 2010 (15 U.S.C. 78l note), as in effect as of the day before 

15 the date of enactment of this Act. 

16 (c) PROHIBITION ON SUBSTANTIALLY SIMILAR

17 RULES.—The Securities and Exchange Commission may 

18 not promulgate any rule that is substantially similar to 

19 a rule that is repealed under subsection (b). 

20 SEC. 3. STRIKING OF SECTIONS OF TITLE XV OF THE DODD21 FRANK WALL STREET REFORM AND CON22 SUMER PROTECTION ACT. 

23 (a) IN GENERAL.— 

24 (1) DODD-FRANK WALL STREET REFORM AND

25 CONSUMER PROTECTION ACT.—Title XV of the 


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•S 3923 IS

1 Dodd-Frank Wall Street Reform and Consumer Pro2 tection Act (Public Law 111–203) is amended— 

3 (A) by striking section 1502 (15 U.S.C. 

4 78m note); 

5 (B) by striking section 1503 (15 U.S.C. 

6 78m–2); and 

7 (C) by striking section 1504. 

8 (b) SECURITIES EXCHANGE ACT OF 1934.—Section 

9 13 of the Securities Exchange Act of 1934 (15 U.S.C. 

10 78m) is amended— 

11 (1) by striking subsections (p) and (q); and 

12 (2) by redesignating subsection (r) as sub13 section (p). 

14 (c) REPEAL OF RULES ISSUED UNDER APPLICABLE

15 PROVISIONS.—The Securities and Exchange Commission 

16 shall repeal any rule, including any amendment to any rule 

17 of the Commission, issued under— 

18 (1) section 1502, 1503, or 1504 of the Dodd19 Frank Wall Street Reform and Consumer Protection 

20 Act (Public Law 111–203), as in effect as of the day 

21 before the date of enactment of this Act; or 

22 (2) subsection (p) or (q) of section 13 of the 

23 Securities Exchange Act of 1934 (15 U.S.C. 78m), 

24 as in effect as of the day before the date of enact25 ment of this Act. 


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•S 3923 IS

1 (d) PROHIBITION ON SUBSTANTIALLY SIMILAR

2 RULES.—The Securities and Exchange Commission may 

3 not promulgate any rule that is substantially similar to 

4 a rule that is repealed under subsection (c). 

5 (e) CLERICAL AMENDMENT.—The table of contents 

6 in section 1(b) of the Dodd-Frank Wall Street Reform and 

7 Consumer Protection Act is amended by striking the items 

8 relating to sections 1502, 1503, and 1504. 

Æ 


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