HR 2441
· 119th Congress
· Finance and Financial Sector
Improving Disclosure for Investors Act of 2025
Sponsor
Latest action
Placed on the Union Calendar, Calendar No. 105.
Action timeline
Every recorded action on this bill, newest first. Stage badges color-code the legislative path.
Jun 04, 2025
committee
Reported (Amended) by the Committee on Financial Services. H. Rept. 119-136.
Financial Services Committee
Jun 04, 2025
other
Placed on the Union Calendar, Calendar No. 105.
May 20, 2025
committee
Committee Consideration and Mark-up Session Held
Financial Services Committee
May 20, 2025
committee
Ordered to be Reported (Amended) by the Yeas and Nays: 39 - 11.
Financial Services Committee
Mar 27, 2025
introduced
Introduced in House
Mar 27, 2025
introduced
Referred to the House Committee on Financial Services.
Financial Services Committee
Text versions
Each stage of the bill — official text published by GPO. Click any format to read on congress.gov / govinfo.
CRS summaries
Plain-English summaries written by the Congressional Research Service — neutral, nonpartisan staff who summarize bills as they advance through stages. The authoritative description of what each version of the bill does.
07
Reported to House
Jun 04, 2025
Improving Disclosure for Investors Act of 2025
This bill requires the Securities and Exchange Commission (SEC) to propose and finalize rules to allow entities to deliver regulatory documents to investors electronically. The SEC must establish a mechanism for investors to opt out of electronic delivery and receive paper documents instead. If the SEC does not finalize rules within one year after enactment, the bill allows for electronic delivery of these documents.
via Congressional Research Service · published through congress.gov
Changelog
ⓘ
How a bill moves through Congress. Each stage produces a new official text. The diff between them shows what changed at that step.
ih / is — Introduced in House / Senate. First filed version.rfh / rfs — Referred to a committee for review.rh / rs — Reported back by the committee to the floor (often with amendments — this is where most language changes happen).pcs / pch — Placed on Calendar for floor consideration.eh / es — Engrossed. Passed by the originating chamber. Text is now what was actually voted on.rdh / rds — Received by the other chamber.eah / eas — Engrossed Amendment. The other chamber passed an amended version.ath / ats — Agreed to. Both chambers settled on the same text.enr — Enrolled. Final reconciled text, sent to the President.pl — Public Law. Signed by the President. It's now law.pp — Public Print. Official printing post-enactment.
Most bills die before eh/es. Going from pcs → enr is the full path through both chambers.
ⓘ
How a bill moves through Congress. Each stage produces a new official text. The diff between them shows what changed at that step.
ih/is— Introduced in House / Senate. First filed version.rfh/rfs— Referred to a committee for review.rh/rs— Reported back by the committee to the floor (often with amendments — this is where most language changes happen).pcs/pch— Placed on Calendar for floor consideration.eh/es— Engrossed. Passed by the originating chamber. Text is now what was actually voted on.rdh/rds— Received by the other chamber.eah/eas— Engrossed Amendment. The other chamber passed an amended version.ath/ats— Agreed to. Both chambers settled on the same text.enr— Enrolled. Final reconciled text, sent to the President.pl— Public Law. Signed by the President. It's now law.pp— Public Print. Official printing post-enactment.
Most bills die before eh/es. Going from pcs → enr is the full path through both chambers.
Line-level diff between text versions of this bill — what actually changed at each legislative stage.
+58
−17
60 unchanged
--- Introduced (House)
+++ Reported (House)
@@ -1,12 +1,15 @@
[From the U.S. Government Publishing Office]
-[H.R. 2441 Introduced in House (IH)]
+[H.R. 2441 Reported in House (RH)]
<DOC>
+Union Calendar No. 105
119th CONGRESS
1st Session
H. R. 2441
+[Report No. 119-136]
+
To provide for the electronic delivery of certain regulatory document
required under the securities laws.
@@ -20,6 +23,20 @@
introduced the following bill; which was referred to the Committee on
Financial Services
+June 4, 2025
+
+Additional sponsors: Ms. Pettersen, Mrs. Wagner, Mrs. McClain, and Mr.
+Vindman
+
+June 4, 2025
+
+Reported with an amendment, committed to the Committee of the Whole
+House on the State of the Union, and ordered to be printed
+[Strike out all after the enacting clause and insert the part printed
+in italic]
+[For text of introduced bill, see copy of bill as introduced on March
+27, 2025]
+
_______________________________________________________________________
A BILL
@@ -40,7 +57,7 @@
(a) Promulgation of Rules.--Not later than 180 days after the date
of the enactment of this section, the Securities and Exchange
Commission shall propose and, not later than 1 year after the date of
-the enactment of this section, the Commission shall finalize, rules,
+the enactment of this section, the Commission shall finalize rules,
regulations, amendments, or interpretations, as appropriate, to allow a
covered entity to satisfy the entity's obligation to deliver regulatory
documents required under the securities laws to investors using
@@ -66,7 +83,7 @@
(3) Set forth requirements for the timing of delivery of a
notice of website availability of regulatory documents and the
content of the appropriate notice described in subsection
-(f)(3)(B).
+(g)(3)(B).
(4) Provide a mechanism for investors to opt out of
electronic delivery at any time and receive paper versions of
regulatory documents.
@@ -81,11 +98,15 @@
ensure the confidentiality of personal information in
regulatory documents that are delivered to investors
electronically.
-(c) Rule of Construction.--Nothing in this section shall be
+(c) Exemption From Certain Requirements.--Section 101(c) of the
+Electronic Signatures in Global and National Commerce Act (15 U.S.C.
+7001(c)) shall not apply with respect to a regulatory document
+delivered in accordance with this section.
+(d) Rule of Construction.--Nothing in this section shall be
construed as altering the substance or timing of any regulatory
document obligation under the securities laws or regulations of a self-
regulatory organization.
-(d) Treatment of Revisions Not Completed in a Timely Manner.--If
+(e) Treatment of Revisions Not Completed in a Timely Manner.--If
the Commission fails to finalize the rules, regulations, amendments, or
interpretations required under subsection (a) before the date specified
in such subsection--
@@ -95,7 +116,7 @@
(2) such electronic delivery shall be deemed to satisfy the
obligation of the covered entity to deliver regulatory
documents required under the securities laws.
-(e) Other Required Actions.--
+(f) Other Required Actions.--
(1) Review of rules.--The Commission shall--
(A) within 180 days of the date of enactment of
this Act, conduct a review of the rules and regulations
@@ -115,9 +136,9 @@
the Commission pursuant to subsection (a).
(3) Rule of application.--This subsection shall not apply
to a rule or regulation issued pursuant to a Federal statute if
-that Federal statute specifically requires delivery of written
+that Federal statute specifically requires delivery of paper
documents to investors.
-(f) Definitions.--In this section:
+(g) Definitions.--In this section:
(1) Commission.--The term ``Commission'' means the
Securities and Exchange Commission.
(2) Covered entity.--The term ``covered entity'' means--
@@ -154,11 +175,11 @@
(A) the direct delivery of such regulatory document
to an electronic address of an investor;
(B) the posting of such regulatory document to a
-website and direct electronic delivery of an
-appropriate notice of the availability of the
-regulatory document to the investor; and
-(C) an electronic method reasonably designed to
-ensure receipt of such regulatory document by the
+website, and direct delivery of an appropriate notice
+of the availability of the regulatory document to an
+electronic address of the investor; or
+(C) any other electronic method reasonably designed
+to ensure receipt of such regulatory document by the
investor.
(4) Regulatory documents.--The term ``regulatory
documents'' includes--
@@ -206,7 +227,27 @@
(B) the Municipal Securities Rulemaking Board.
(7) Website.--The term ``website'' means an internet
website or other digital, internet, or electronic-based
-information repository, such as a mobile application, to which
-an investor of a covered entity has been provided reasonable
-access.
-<all>
+information repository, including a mobile application.
+Union Calendar No. 105
+
+119th CONGRESS
+
+1st Session
+
+H. R. 2441
+
+[Report No. 119-136]
+
+_______________________________________________________________________
+
+A BILL
+
+To provide for the electronic delivery of certain regulatory document
+required under the securities laws.
+
+_______________________________________________________________________
+
+June 4, 2025
+
+Reported with an amendment, committed to the Committee of the Whole
+House on the State of the Union, and ordered to be printed
Lobbying activity
Organizations whose LDA filings reference this bill, ranked by filing count. Position not disclosed — LDA does not require lobbyists to report support / oppose / monitor. Bill-number references can be stale (lobbyists sometimes copy text year-over-year), so verify against the filing description.
LPL FINANCIAL
FIN
7
filings · 2026 Q3
5
filings · 2026 Q3
FMR LLC
FINRET
5
filings · 2026 Q3
VANGUARD GROUP
FIN
5
filings · 2026 Q3
5
filings · 2026 Q3
NASDAQ INC
FIN
5
filings · 2026 Q3
5
filings · 2026 Q3
5
filings · 2026 Q3
5
filings · 2026 Q3
5
filings · 2026 Q3
via Senate LDA · self-reported quarterly. Filing count = filings mentioning this bill (no position required), not money spent on it. Click a client to see all bills they've filed on.
Cosponsors (7)
Members who signed on to support this bill.