118 HR 4628 IH: 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. U.S. House of Representatives 2023-07-13 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I118th CONGRESS1st SessionH. R. 4628IN THE HOUSE OF REPRESENTATIVESJuly 13, 2023Mr. Mooney introduced the following bill; which was referred to the Committee on Financial ServicesA BILLTo 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..