[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4628 Introduced in House (IH)]

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118th CONGRESS
  1st Session
                                H. R. 4628

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.


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                    IN THE HOUSE OF REPRESENTATIVES

                             July 13, 2023

  Mr. Mooney introduced the following bill; which was referred to the 
                    Committee on Financial Services

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                                 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.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 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.''.
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