A Democratic bill requiring the SEC to study whether retail investors find disclosures to them useful passed the House without any Republican support.
The House voted 229-186 along party lines in favor of the SEC Disclosure Effectiveness Testing Act (H.R. 1815) Oct. 17. The measure from Rep. Sean Casten (D-Ill.) didn’t win over Republicans when the House Financial Services Committee advanced it in March, either.
The Securities and Exchange Commission would have to interview retail investors on the usability of potential disclosures and make its test results public under H.R. 1815. The measure also would mandate investor testing ...
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