Late last week, following the February 26, 2025, subcommittee on Capital Markets hearing (ostensibly “focused on strengthening public and private markets by increasing investor access and facilitating capital formation”), the House Financial Services Committee requested feedback from the public on the slate of bills being considered by the committee.
Feedback must be provided by March 31, 2025.
Among the bills being considered by the subcommittee is The Improving Disclosure for Investors Act previously reported on by WhatTheyThink. The Improving Disclosure for Investors Act, formerly S3815 and now awaiting a bill number for 2025, allows financial companies to default investors into e-delivery, even if they previously selected for print delivery in the past.
Blunt the Negative Impact
If you print or resell financial documents, this directly impacts you. Not only do printers and resellers stand to lose income as a result of this bill, whether or not it actually improves disclosure for investors is suspect. Millions of Americans still have limited access to the Internet, and when they do go online, it’s on their mobile phones. Defaulting to e-delivery can make accessing complex investor disclosure information highly challenging.
Among constituencies negatively impacted by defaulting to e-delivery:
- Those aged 65+.
- Those with less than a high school education.
- Those earning $30,000 per year or less.
- Brown and Black Americans.
For a detailed accounting of the Americans impacted by the bill, see this helpful blog post based on Pew Research and information provided by the PRINTING United Alliance.
Influence the Outcome
Although the request by the Subcommittee on Capital Markets is specifically related to a set of general questions (see below), it does provide an opportunity for the industry to weigh in on broader issues.
“This is just the first step,” notes Stephanie Buka, government affairs manager for the Alliance. “We will be watching for Vice-Chair of the House Financial Services Committee and sponsor of the IDIA discussion draft, Congressman Bill Huizenga (R-MI-4), to officially introduce the bill in the House. Once it has a bill number, we can track its progress. If there are any hearings, we can follow-up. This is our chance to influence key legislation affecting our industry.”
The House Wants to Hear from You
The House Subcommittee on Capital Markets is specifically seeking feedback on a variety of questions. These include the following:
- What are the greatest challenges companies of all sizes, entrepreneurs, and fund managers face when raising capital? What policy solutions could help?
- Beyond traditional lending and equity finance, what alternative funding models (e.g., revenue-based financing, tokenization, secondary markets) should policymakers consider?
- What are the biggest barriers preventing companies from going public in the United States? How can policy reforms ease this transition from a private company to publicly traded?
For a full list of questions, see the press release here.
You can also see the full list of proposed bills being considered by the subcommittee, including the Improving Disclosure for Investors Act of 2025. Feedback can be provided to [email protected] by March 31, 2025.
How frequently does the government actually ask our opinion? They’re asking, so let’s make our voices heard!
