Get ready to say goodbye to that mountain of financial statements cluttering your mailbox. A bipartisan group of senators has introduced legislation that could finally usher investor document delivery into the 21st century, making electronic delivery the default for regulatory documents.
Senators Thom Tillis (R-NC), John Hickenlooper (D-CO), Mike Rounds (R-SD), Jeanne Shaheen (D-NH), Ted Budd (R-NC), Gary Peters (D-MI), and Katie Britt (R-AL) have teamed up to introduce the Improving Disclosure for Investors Act of 2025.
This common-sense bill directs the Securities and Exchange Commission (SEC) to propose rules allowing for electronic delivery as the primary method for investors to receive crucial regulatory information.
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“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,” stated Senator Tillis. He highlighted that nearly 80% of surveyed Americans already prefer electronic delivery, emphasizing the bill’s aim to boost efficiency and reduce unwanted paper while preserving the option for hard copies.
The sentiment was echoed by Senator Hickenlooper, who simply stated, “Today’s economy runs in the digital age, and we need to catch up. Cutting red tape is as simple as going paperless.”
This isn’t just about convenience; it’s about modernization and efficiency. For over two decades, the SEC’s framework for electronic delivery has largely remained untouched, requiring an “opt-in” for digital documents. This new legislation flips the script, making e-delivery the default, with a clear and easy pathway for investors to opt back into paper documents if they prefer.
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The bill has garnered widespread support from key players in the financial industry and environmental advocates alike. The Securities Industry and Financial Markets Association (SIFMA) lauded the bill, calling it “the natural next step in modernizing the SEC’s framework in light of changing investor preferences and technology.”
Leading investment firms like Fidelity Investments, Charles Schwab, and LPL Financial have also voiced their strong support. Fidelity emphasized e-delivery as a “more secure, effective, and timely way to receive critical investment information,” while Charles Schwab pointed out the cost savings, waste reduction, and environmental benefits. LPL Financial highlighted additional advantages, including on-demand access, interactive features, and translation options for visually impaired or non-English speaking savers.
Even the Environmental Paper Network is on board, commending the bipartisan effort to reduce waste. They note that the current system mandates the printing of over 830 million pages annually, consuming 101,000 trees and producing emissions equivalent to nearly 7,000 cars.
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“This is a big step forward in modernizing information delivery, while allowing those that prefer to receive paper statements to continue to do so,” said ICI CEO and President Eric J. Pan.
The Improving Disclosure for Investors Act of 2025 represents a clear move towards a more efficient, environmentally friendly, and investor-friendly financial landscape. With strong bipartisan backing and widespread industry support, this bill looks set to clear the paper clutter and bring investor communications firmly into the digital age.
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