WASHINGTON – Today, U.S. Senators John Hickenlooper, Thom Tillis, Katie Britt, Ted Budd, Gary Peters, Mike Rounds, and Jeanne Shaheen reintroduced the bipartisan Improving Disclosure for Investors Act, which requires the Securities and Exchange Commission (SEC) to propose rules allowing for the electronic delivery of regulatory documents to investors.
“Today’s economy runs in the digital age, and we need to catch up,” said Hickenlooper. “Cutting red tape is as simple as going paperless.”
“U.S capital markets have embraced the digital age and rely on far less paper now than they did 20 years ago, and it is past time that we bring disclosure requirements into the 21st century,” said Tillis. “This commonsense legislation will heighten efficiency and cut down on paper while preserving investors’ ability to receive hard copies.”
Today’s economy runs on access to digital platforms. It’s time that our policies catch up by giving investors more flexibility to go paperless.
Currently, the Securities Exchange Commission (SEC) requires paper as the default delivery method for several required documents, including investment account statements, trade confirmations, and investment advisory brochures – despite growing public support, across age demographics, for online banking and financial-services products. Even though existing SEC regulations allow certain documents to be delivered electronically, investors must actively opt in. These regulations have not been updated in over 20 years.
The senators previously introduced the Improving Disclosure for Investors Act last year in the 118th Congress.
Key supporters include:
“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
“The bipartisan Improving Disclosure for Investors Act will allow millions of investors to receive information electronically, the overwhelming preference for most Americans. 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,” said ICI CEO and President Eric J. Pan.
“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) and Thom Tillis (R-NC) 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.” – SIFMA
“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.
“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
One pager of the bill available HERE and full text of the bill available HERE.
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