Bill SponsorBILLSPONSOR
Bill Sponsor
Politicians
Bills
House Bill 1815
116th Congress(2019-2020)
SEC Disclosure Effectiveness Testing Act
Active
Amendments
Active
Passed House on Oct 17, 2019
Overview
Text
Introduced
Mar 18, 2019
Latest Action
Oct 21, 2019
Origin Chamber
House
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
1815
Congress
116
Policy Area
Finance and Financial Sector
Finance and Financial Sector
Primary focus of measure is U.S. banking and financial institutions regulation; consumer credit; bankruptcy and debt collection; financial services and investments; insurance; securities; real estate transactions; currency. Measures concerning financial crimes may fall under Crime and Law Enforcement. Measures concerning business and corporate finance may fall under Commerce policy area. Measures concerning international banking may fall under Foreign Trade and International Finance policy area.
Sponsorship by Party
Democrat
Sean Casten
Illinois
House Votes (1)
Senate Votes (0)
checkPassed on October 17, 2019
Question
On Passage
Status
Passed
Type
Roll Call Vote
Roll Call Vote
A vote that records the individual position of each Member who voted. Such votes occurring on the House floor (by the "yeas and nays" or by "recorded vote") are taken by electronic device. The Senate has no electronic voting system; in such votes, Senators answer "yea" or "nay" as the clerk calls each name aloud. Each vote is compiled by clerks and receives a roll call number (referenced in Congress.gov as a "Record Vote" [Senate] or "Roll no." [House]).
Roll Call Type
Yea-And-Nay
Roll Number
564
House Roll Call Votes
Summary

SEC Disclosure Effectiveness Testing Act

This bill requires the Securities and Exchange Commission (SEC) to assess the usefulness of certain disclosure rules to retail investors. Specifically, the SEC must make these assessments regarding both current and new securities rules and regulations that require the disclosure of documents or information to retail investors.

Text (4)
Referred in Senate
October 21, 2019
Engrossed in House
October 17, 2019
Reported in House
June 20, 2019
Introduced in House
March 18, 2019
Amendments (4)
Oct 17, 2019
Agreed to in House
1
Sponsorship
House Amendment 630
An amendment numbered 4 printed in Part B of House Report 116-237 to clarify that the term retail investor does not mean an institutional investor.
Agreed To
Oct 17, 2019
Not Agreed to in House
1
Sponsorship
House Amendment 629
Amendment sought to apply the bill's investor testing requirements only to applicable disclosure documents developed after January 21, 2021.
Active
Oct 17, 2019
Agreed to in House
1
Sponsorship
House Amendment 628
Amendment requires the SEC to include a specific consideration of the unique challenges senior investors face as part of their overall investor testing.
Agreed To
Oct 17, 2019
Not Agreed to in House
1
Sponsorship
House Amendment 627
Amendment sought to exempt Form CRS, a disclosure document from the bill's investor testing requirements.
Active
Related Bills (1)
Oct 16, 2019
Passed House
1
Sponsorship
House Simple Resolution 629
Providing for consideration of the bill (H.R. 1815) to require the Securities and Exchange Commission, when developing rules and regulations about disclosures to retail investors, to conduct investor testing, including a survey and interviews of retail investors, and for other purposes, and providing for consideration of the bill (H.R. 3624) to amend the Securities Exchange Act of 1934 to require the disclosure of the total number of domestic and foreign employees of certain public companies, and for other purposes.
Active
Type
Procedurally-Related Measure
Procedurally-Related Measure
Legislation that affects consideration of other legislation (e.g., a rule for consideration, a bill ordered to be reported or passed in lieu of another measure). Identical bills, companion measures, and legislation with text similarities are other related bill types.
Identified By
House
Type
Related Bill
Related Bill
A related bill may be a companion measure, an identical bill, a procedurally-related measure, or one with text similarities. Bill relationships are identified by the House, the Senate, or CRS, and refer only to same-Congress measures.
Identified By
House
Public Record
Record Updated
Nov 1, 2022 6:02:32 PM
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