I 118th CONGRESS 1st Session H. R. 4628 IN THE HOUSE OF REPRESENTATIVES July 13, 2023 Mr. Mooney introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the Securities Exchange Act of 1934 to require the Securities and Exchange Commission to disclose and report on non-material disclosure mandates, and for other purposes.

1. SEC justification of non-material disclosure mandates Section 23 of the Securities Exchange Act of 1934 ( 15 U.S.C. 78w ) is amended by adding at the end the following: (e) Non-Material disclosure mandates (1) Disclosure The Commission shall maintain a list on the website of the Commission that contains— (A) each mandate under the Federal securities laws and regulations that requires the disclosure of non-material information; and (B) for each such disclosure mandate, an explanation of why the mandate is required. (2) Study and report The Commission shall, every 5 years, issue a report to the Congress justifying each disclosure contained on the list required under paragraph (1). (3) No private liability for failing to make a non-material disclosure A person who fails to disclose non-material information required to be disclosed under the Federal securities laws or regulations shall not be liable for such failure in any private action. .