U.S. Senator Katie Britt Joins Bipartisan Bill to Modernize Investor Disclosure
WASHINGTON, D.C. – U.S. Senators Katie Britt (R-Ala.), Thom Tillis (R-N.C.), and a group of bipartisan Senate colleagues recently introduced the Improving Disclosure for Investors Act of 2025. This legislation would require the Securities and Exchange Commission (SEC) to propose rules allowing for the default electronic delivery of regulatory documents to investors.
“As our capital markets have evolved and digitized, investor communications must adapt. This commonsense legislation would allow for more efficient and convenient access to financial information for investors who already overwhelmingly choose electronic delivery to receive these disclosure documents,” said Senator Britt. “This legislation saves time and resources and reduces unnecessary costs for both financial firms and consumers.”
The SEC currently permits electronic delivery of certain documents, subject to requirements that a registrant provides notice that the information is available electronically, the investor has adequate access to such information, and the registrant either obtains evidence to show actual delivery or obtains informed consent from the investor (“opt-in” requirement).
“U.S capital markets have embraced the digital age and rely on far less paper now than they did 25 years ago, and it is past time that we bring disclosure requirements into the 21st century,” said Senator Tillis. “Nearly 80% of surveyed Americans already utilize electronic delivery and this commonsense legislation will heighten efficiency and cut down on unwanted paper while still preserving investors’ ability to receive printed hard copies if they wish.”
The SEC has not comprehensively updated this framework in over 20 years. This legislation requires the SEC to establish a means for investment disclosure documents to be delivered electronically by default, while still providing a clear pathway for investors to opt out of electronic delivery and revert to paper documents at any time. The full text of the bill can be read here.
“The time is overdue to make electronic delivery the default means for delivering investor communications, while giving investors the power to choose paper delivery if preferred. Survey results show that a large majority of retail investors, regardless of income or age, want e-delivery for its environmental benefits, speed, and convenience. SIFMA commends Senators John Hickenlooper (D-CO), Thom Tillis (R-NC), Mike Rounds (R-SD), Jeanne Shaheen (D-NH), Ted Budd (R-NC), Gary Peters (D-MI), and Katie Britt (R-AL) for introducing The Improving Disclosure for Investors Act. This important bipartisan legislation is the natural next step in modernizing the SEC’s framework in light of changing investor preferences and technology.” – Securities Industry and Financial Markets Association (SIFMA)
“The bipartisan Improving Disclosure for Investors Act will allow millions of investors to receive information electronically, the overwhelming preference for most Americans,” said ICI CEO and President Eric J. Pan. “This is a big step forward in modernizing information delivery, while allowing those that prefer to receive paper statements to continue to do so. ICI applauds Senators Hickenlooper, Tillis, Shaheen, Rounds, Peters, Budd, and Britt for furthering this important legislation in the interest of investors. Their leadership in enhancing the retail investment experience will make US capital markets even stronger. We urge the swift passage of this legislation.”
“LPL Financial supports the Improving Disclosure for Investors Act of 2025, introduced by Senators Tillis, Hickenlooper, Rounds, Shaheen, Budd, Peters, Britt. The benefits of e-delivery have been well documented. Disclosures can be available on demand, interactive, and easier to navigate. Reducing paper helps the environment. The visually impaired and savers whose first language is not English can benefit from features of digital communications, including translation options. And for those who want paper delivery, the ability to receive one at any point assures continued access. We applaud the Senators for introducing this bill and look forward to working with lawmakers to enact this bipartisan legislation,” said LPL Financial.
Senator Britt has also worked to slash burdensome red tape and modernize regulations for local financial institutions. Earlier this year, Senator Britt cosponsored the bipartisan Credit Union Board Modernization Act, which seeks to dismantle the antiquated federal law requiring credit union boards to meet in person every month. “These institutions play a vital role in supporting Main Street communities across Alabama, from equipping small businesses and families with the resources they need to providing capital to the most underserved Alabamians, and unnecessary red tape ultimately stifles their work,” stated Senator Britt on introduction.
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