Washington, D.C. — U.S. Senator Katie Britt (R-AL), Senator Thom Tillis (R-NC), and a bipartisan coalition of Senate colleagues have introduced the Improving Disclosure for Investors Act of 2025, a legislative proposal that would direct the Securities and Exchange Commission (SEC) to create rules allowing for the default electronic delivery of investment-related regulatory documents to investors.
The legislation aims to update long-standing SEC rules by enabling financial firms to provide regulatory disclosures electronically by default, while still preserving an option for investors to request printed documents.
“As our capital markets have evolved and digitized, investor communications must adapt,” Senator Britt stated. “This commonsense legislation would allow for more efficient and convenient access to financial information for investors who already overwhelmingly choose electronic delivery.”
Under the SEC’s current framework, registrants are required to obtain explicit investor consent—or show evidence of access and delivery—before utilizing electronic distribution. These rules have not undergone a comprehensive revision in more than two decades.
Senator Tillis added that “U.S. capital markets have embraced the digital age,” noting that nearly 80% of surveyed Americans already use electronic delivery for such disclosures.
The proposed legislation would require the SEC to develop a structure for electronic delivery to become the default method, while clearly maintaining a paper-based alternative for those who opt out.
The bill has received endorsements from industry stakeholders, including the Securities Industry and Financial Markets Association (SIFMA), the Investment Company Institute (ICI), and LPL Financial. These groups highlight environmental benefits, accessibility enhancements, and increased efficiency as key reasons for supporting the reform.
SIFMA praised the effort as “the natural next step in modernizing the SEC’s framework,” and ICI emphasized that the bill accommodates a wide range of investor needs while streamlining information access.
This initiative follows Senator Britt’s recent work on regulatory modernization, including her support for the Credit Union Board Modernization Act, which seeks to update federal rules requiring monthly in-person board meetings for credit unions.
The Improving Disclosure for Investors Act of 2025 continues to gain bipartisan traction and is positioned as a potential milestone in aligning federal disclosure practices with modern technological norms and investor preferences.
