A bipartisan group of U.S. senators led by Sens. Thom Tillis (R-NC) and John Hickenlooper (D-CO) introduced legislation that would require the Securities and Exchange Commission (SEC) to propose rules allowing for the default electronic delivery of regulatory documents to investors.
Currently, the SEC permits electronic delivery of certain documents, subject to certain. However, the SEC has not comprehensively updated this framework in over 20 years.
This legislation, the Improving Disclosure for Investors Act of 2025 (S. 1877), requires the SEC establish a means for investment disclosure documents to be delivered electronically by default, while also providing a clear pathway for investors to opt out of electronic delivery and revert to paper documents at any time.
“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,” Tillis said. “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.”
In addition to Tillis and Hickenlooper, the bill was cosponsored by Sens. Mike Rounds (R-SD), Jeanne Shaheen (D-NH), Ted Budd (R-NC), Gary Peters (D-MI) and Katie Britt (R-AL).
“Today’s economy runs in the digital age, and we need to catch up,” Hickenlooper said. “Cutting red tape is as simple as going paperless.”
Among its supporters are SIFMA, the Investment Company Institute (ICI), Fidelity Investments, LPL Investments, the Environmental Paper Network, and Charles Schwab.
“The bipartisan Improving Disclosure for Investors Act will allow millions of investors to receive information electronically, the overwhelming preference for most Americans,” ICI CEO and President Eric Pan said. “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 U.S. capital markets even stronger. We urge the swift passage of this legislation.”