Senators Thom Tillis, John Hickenlooper, Mike Rounds, Jeanne Shaheen, Ted Budd, Gary Peters, and Katie Britt have introduced the Improving Disclosure for Investors Act of 2025. This bipartisan legislation aims to modernize investor disclosures by requiring the Securities and Exchange Commission (SEC) to propose rules for default electronic delivery of regulatory documents to investors.
Senator Tillis stated that U.S. capital markets have largely moved into the digital age, emphasizing that “nearly 80% of surveyed Americans already utilize electronic delivery.” He believes this legislation will improve efficiency while still allowing investors the option to receive printed copies if they prefer.
Senator Hickenlooper highlighted the need for modernization in today’s digital economy: “Cutting red tape is as simple as going paperless.” Senator Budd added that making e-delivery the default would enhance security and reduce unnecessary bureaucracy.
Senator Britt noted that as capital markets evolve, investor communications must also adapt. She described the bill as a means to provide more efficient access to financial information for those who prefer electronic delivery.
The Securities Industry and Financial Markets Association (SIFMA) praised the introduction of this legislation. They stated it is “the natural next step in modernizing the SEC’s framework” given changing investor preferences and technology. ICI CEO Eric J. Pan called it a significant move towards modernizing information delivery while maintaining options for those preferring paper statements.
Fidelity Investments commended Senators Tillis and Hickenlooper for reintroducing this act. They noted that e-delivery has proven to be secure and effective in providing critical investment information. Charles Schwab echoed these sentiments, highlighting e-delivery’s benefits such as reduced costs and environmental friendliness.
LPL Financial supported the bill, noting that digital communications offer advantages like on-demand availability and interactive features beneficial for visually impaired individuals or non-native English speakers. The Environmental Paper Network pointed out the environmental benefits of reducing mandated paper deliveries which consume significant resources annually.
Currently, SEC rules permit electronic document delivery under certain conditions but require informed consent from investors (“opt-in”). The new legislation seeks to make electronic delivery default while allowing investors to opt back into receiving paper documents at any time.
