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.
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:
Non-Material disclosure mandates
Disclosure
The Commission shall maintain a list on the website of the Commission that contains—
each mandate under the Federal securities laws and regulations that requires the disclosure of non-material information; and
for each such disclosure mandate, an explanation of why the mandate is required.
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).
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.
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