1. Short title This Act may be cited as the SEC Disclosure Effectiveness Testing Act . 2. Disclosure testing (a) In general Section 23(a) of the Securities Exchange Act of 1934 is amended by adding at the end the following: (4) Investor testing (A) In general The Commission, prior to making any rule or regulation pursuant to any provision of the securities laws which would designate documents or information to be provided to a retail investor, shall engage in investor testing to assess whether designating such documents or information will achieve the purpose intended by the Commission. (B) Contents Investor testing conducted pursuant to subparagraph (A) shall include the following: (i) Qualitative testing in the form of one-on-one cognitive interviews of retail investors about documents or information, or samples of such documents or information, to be provided. (ii) A nationwide survey of retail investors, designed to complement the interviews under clause (i), on— (I) the usefulness of such documents or information, or samples of such documents or information; (II) the proposed format of such documents or information, or samples of such documents or information