WASHINGTON, D.C. – Senators Thom Tillis (R-NC), John Hickenlooper (D-CO), Mike Rounds (R-SD), Jeanne Shaheen (D-NH), Ted Budd (R-NC), Gary Peters (D-MI) and Katie Britt (R-AL) recently introduced the Improving Disclosure for Investors Act of 2025, bipartisan legislation requiring the Securities and Exchange Commission (SEC) to propose rules allowing for the default electronic delivery of regulatory documents to investors.
“U.S capital markets have embraced the digital age and rely on far less paper now than they did 25 years ago, and it is past time that we bring disclosure requirements into the 21st century,” said Senator Tillis. “Nearly 80% of surveyed Americans already utilize electronic delivery and this commonsense legislation will heighten efficiency and cut down on unwanted paper while still preserving investors’ ability to receive printed hard copies if they wish.”
“Today’s economy runs in the digital age, and we need to catch up,” said Senator Hickenlooper. “Cutting red tape is as simple as going paperless.”
“As business and industry modernize, the SEC must allow financial firms to do the same,” said Senator Budd. “Making E-Delivery the default for firms and their clients will enhance security and cut unnecessary red tape. I am proud to work alongside Senator Tillis and my colleagues to ensure investors can efficiently access to their information without experiencing delays caused by outdated paper systems.”
“As our capital markets have evolved and digitized, investor communications must adapt,” said Senator Britt. “This commonsense legislation would allow for more efficient and convenient access to financial information for investors who already overwhelmingly choose electronic delivery to receive these disclosure documents. This legislation saves time and resources and reduces unnecessary costs for both financial firms and consumers.”
"The Chamber commends Senator Tillis and Senator Hickenlooper for sponsoring the Improving Disclosure for Investors Act, which recognizes the evolution towards a digital economy in the provision of investment-related disclosures to investors. The bill directs the SEC to make e-delivery the default, but ensures customers can choose to continue to receive paper documents. E-delivery is a more secure and efficient way to communicate with investors," said Bill Hulse, Senior Vice President, U.S. Chamber of Commerce, Center for Capital Markets Competitiveness.
“The time is overdue to make electronic delivery the default means for delivering investor communications, while giving investors the power to choose paper delivery if preferred. Survey results show that a large majority of retail investors, regardless of income or age, want e-delivery for its environmental benefits, speed, and convenience. SIFMA commends Senators John Hickenlooper (D-CO), Thom Tillis (R-NC), Mike Rounds (R-SD), Jeanne Shaheen (D-NH), Ted Budd (R-NC), Gary Peters (D-MI), and Katie Britt (R-AL) for introducing The Improving Disclosure for Investors Act. This important bipartisan legislation is the natural next step in modernizing the SEC’s framework in light of changing investor preferences and technology.”- Securities Industry and Financial Markets Association (SIFMA)
“The bipartisan Improving Disclosure for Investors Act will allow millions of investors to receive information electronically, the overwhelming preference for most Americans,” said ICI CEO and President Eric J. Pan. “This is a big step forward in modernizing information delivery, while allowing those that prefer to receive paper statements to continue to do so. ICI applauds Senators Hickenlooper, Tillis, Shaheen, Rounds, Peters, Budd, and Britt for furthering this important legislation in the interest of investors. Their leadership in enhancing the retail investment experience will make US capital markets even stronger. We urge the swift passage of this legislation.”
“Fidelity Investments applauds Senators Thom Tillis and John Hickenlooper for the bipartisan re-introduction of the Improving Disclosure for Investors Act, which directs the SEC to make electronic delivery (eDelivery) the primary way to receive disclosures, with significant investor protections in the transition. eDelivery has been shown to be a more secure, effective, and timely way to receive critical investment information. We look forward to continuing to work with Congress and the SEC to advance this commonsense reform.” - Fidelity Investments
“Charles Schwab commends Senators Tillis and Hickenlooper for their efforts in crafting this legislation, which would require the SEC to promulgate rules to default to the e-delivery of regulatory documents required under the securities laws, while still allowing those who prefer to receive documents in paper form. Default e-delivery is long-overdue, as a large majority of investors prefer the speed and convenience of receiving documents electronically. E-delivery allows Schwab to deliver our products at lower cost, avoids waste, and is environmentally friendly. Schwab looks forward to working with these Senators and their colleagues to move this important legislation forward.” - Charles Schwab
“LPL Financial supports the Improving Disclosure for Investors Act of 2025, introduced by Senators Tillis, Hickenlooper, Rounds, Shaheen, Budd, Peters, Britt. The benefits of e-delivery have been well documented. Disclosures can be available on demand, interactive, and easier to navigate. Reducing paper helps the environment. The visually impaired and savers whose first language is not English can benefit from features of digital communications, including translation options. And for those who want paper delivery, the ability to receive one at any point assures continued access. We applaud the Senators for introducing this bill and look forward to working with lawmakers to enact this bipartisan legislation.” - LPL Financial
“Environmental Paper Network commends this bipartisan effort to reduce waste and improve efficiency while preserving consumer choice. Mandated paper delivery of investor documents results in over 830 million printed pages each year, consuming 101,000 trees and producing emissions equal to nearly 7,000 cars. The Improving Disclosure for Investors Act updates outdated rules by making electronic delivery the default. Most investors prefer faster, more convenient digital access. This common-sense shift will cut costs and environmental harm while still allowing anyone to opt for paper.” - Environmental Paper Network
Background:
The SEC currently permits electronic delivery of certain documents, subject to requirements that a registrant provides notice that the information is available electronically, the investor has adequate access to such information, and the registrant either obtains evidence to show actual delivery or obtains informed consent from the investor (“opt-in” requirement). The SEC has not comprehensively updated this framework in over 20 years. This legislation requires the SEC establish a means for investment disclosure documents to be delivered electronically by default, while still providing a clear pathway for investors to opt out of electronic delivery and revert to paper documents at any time.
Full text of the bill is available HERE.
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