To amend the Federal securities laws with respect to the materiality of disclosure requirements, to establish the Public Company Advisory Committee, and for other purposes.
Sponsors
Legislative Progress
Passed HouseMr. Huizenga (for himself, Mr. Meuser, Mr. Lucas, and Mr. …
Passed House (inferred from eh version)
Summary
What This Bill Does
Requires SEC to limit disclosure requirements to information that issuers determine is material to voting or investment decisions. Defines materiality as information a reasonable investor would view as significantly altering the total mix of information.
Who Benefits and How
Public companies gain clearer limits on disclosure obligations. Companies can resist disclosure requirements for non-material information. Compliance costs may decrease.
Who Bears the Burden and How
SEC's rulemaking authority is constrained. Investors may lose access to some information previously required. Transparency advocates face higher burden to justify disclosures.
Key Provisions
- Issuers only required to disclose material information
- Materiality defined by reasonable investor standard
- SEC must expressly incorporate materiality limit in rules
- Does not apply to removing existing disclosures
Evidence Chain:
This summary is derived from the structured analysis below. See "Detailed Analysis" for per-title beneficiaries/burden bearers with clause-level evidence links.
Primary Purpose
Limits SEC disclosure requirements to material information only
Policy Domains
Legislative Strategy
"Constrain SEC disclosure authority through materiality requirement"
Bill Structure & Actor Mappings
Who is "The Secretary" in each section?
- "commission"
- → Securities and Exchange Commission
We use a combination of our own taxonomy and classification in addition to large language models to assess meaning and potential beneficiaries. High confidence means strong textual evidence. Always verify with the original bill text.
Learn more about our methodology