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Company Disclosures: Less Redundant Data, No Penalties for Minor Errors.

New rules aim to reduce burdens on companies by requiring the Securities and Exchange Commission (SEC) to explain why certain less important information must be disclosed. Importantly, citizens will not be able to sue companies for omitting this less material data, which may reduce lawsuits and ease business operations.
Key points
The SEC must publicly explain why companies need to disclose certain less material information.
Companies will not be liable in private lawsuits for failing to disclose this less material information.
The SEC will report to Congress every five years, justifying the need for these disclosures.
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Additional Information
Print number: 118_HR_4628
Sponsor: Rep. Mooney, Alexander X. [R-WV-2]
Process start date: 2023-07-13
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

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.

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_4628.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2023-07-13.

What are the main provisions?

Key points include:

  • The SEC must publicly explain why companies need to disclose certain less material information.
  • Companies will not be liable in private lawsuits for failing to disclose this less material information.
  • The SEC will report to Congress every five years, justifying the need for these disclosures.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Mooney, Alexander X. [R-WV-2].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Financial Services.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-25.

CATEGORIES

Economy