To amend the Securities Exchange Act of 1934 to require the Securities and Exchange Commission to disclose and report on non-material disclosure mandates, and for other purposes.

Bill: 118-hr-4628
Sponsor: full_name: Rep. Mooney, Alexander X. [R-WV-2]
Introduced: 2023-07-13
Policy area: Finance and Financial Sector
Latest action: action_date: 2023-07-13
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2023-07-13
action_desc: Introduced in House
text: <p>This bill requires the Securities and Exchange Commission (SEC) to report on its website each required disclosure of nonmaterial information under federal securities laws and regulations and a justification for the disclosure. The SEC must also report this information to Congress every five years. </p> <p>The bill also establishes that a person's failure to disclose such nonmaterial information is not a liability in a private action. </p>

tv_txt: I 118th CONGRESS 1st Session H. R. 4628 IN THE HOUSE OF REPRESENTATIVES July 13, 2023 Mr. Mooney introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the Securities Exchange Act of 1934 to require the Securities and Exchange Commission to disclose and report on non-material disclosure mandates, and for other purposes.

1. SEC justification of non-material disclosure mandates Section 23 of the Securities Exchange Act of 1934 ( 15 U.S.C. 78w ) is amended by adding at the end the following: (e) Non-Material disclosure mandates (1) Disclosure The Commission shall maintain a list on the website of the Commission that contains— (A) each mandate under the Federal securities laws and regulations that requires the disclosure of non-material information; and (B) for each such disclosure mandate, an explanation of why the mandate is required. (2) Study and report The Commission shall, every 5 years, issue a report to the Congress justifying each disclosure contained on the list required under paragraph (1). (3) No private liability for failing to make a non-material disclosure A person who fails to disclose non-material information required to be disclosed under the Federal securities laws or regulations shall not be liable for such failure in any private action. .