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119-hr-2441119th CongressWALLET

Improving Disclosure for Investors Act of 2025

Sponsored By: Representative Huizenga, Bill [R-MI-4]

In Committee

Summary

Electronic delivery of regulatory documents would be authorized under a uniform SEC framework that also protects investors with required paper notices, opt-outs, readability, retention, and privacy safeguards.

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  • Investors: Would get an initial paper notice before any electronic delivery, a transition period up to 180 days, and then up to 2 years of annual paper reminders. They could opt out at any time and continue receiving paper versions.
  • Covered entities: Brokers, investment companies, registered investment advisers, transfer agents, registered funding portals, and similar firms could use direct electronic delivery, website posting, or other reasonable electronic methods. The Electronic Signatures in Global and National Commerce Act exemptions would not apply and electronic delivery could count as satisfying delivery obligations if the SEC misses its rule deadlines.
  • Regulators and standards: The SEC would have to propose rules within 180 days and finalize them within 1 year. Those rules must require fixes for failed deliveries, minimum readability and retention standards, confidentiality protections for personal information in many documents, and self-regulatory organizations must update their rules to align with the framework.

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Bill Overview

Analyzed Economic Effects

1 provisions identified: 1 benefits, 0 costs, 0 mixed.

Easier electronic delivery of investor documents

The SEC would write rules in 180 days and finish in 1 year to allow electronic delivery of investor documents. Firms could email you, post to a website with notice, or use similar electronic methods. If you now get paper, you would get an initial paper notice, a transition up to 180 days, and one paper reminder each year for up to 2 years; you could opt out to paper anytime. The rules would require readable, keepable files, fixes for failed deliveries, and privacy steps for some firms. If the SEC misses its deadlines, electronic delivery would still count; a part of the E‑SIGN law (section 101(c)) would not apply; this would not change what must be sent or when.

Sponsors & CoSponsors

Sponsor

Huizenga, Bill [R-MI-4]

MI • R

Cosponsors

  • Rep. Sherman, Brad [D-CA-32]

    CA • D

    Sponsored 3/27/2025

  • Rep. Steil, Bryan [R-WI-1]

    WI • R

    Sponsored 3/27/2025

  • Rep. Auchincloss, Jake [D-MA-4]

    MA • D

    Sponsored 3/27/2025

  • Rep. Pettersen, Brittany [D-CO-7]

    CO • D

    Sponsored 4/8/2025

  • Rep. Wagner, Ann [R-MO-2]

    MO • R

    Sponsored 4/8/2025

  • Rep. McClain, Lisa C. [R-MI-9]

    MI • R

    Sponsored 5/29/2025

  • Rep. Vindman, Eugene Simon [D-VA-7]

    VA • D

    Sponsored 5/29/2025

Roll Call Votes

No roll call votes available for this bill.

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