Thursday, October 17, 2019

House Meets at… Votes Predicted at…
10:00 a.m. Morning Hour
12:00 p.m. Legislative Business
Fifteen “One Minutes” Per Side
First/Last Votes: 2:00 p.m. – 3:00 p.m.

 

ANY ANTICIPATED MEMBER ABSENCES FOR VOTES TODAY SHOULD BE REPORTED IMMEDIATELY TO THE OFFICE OF THE MAJORITY WHIP AT 6-3210.

Floor Schedule and Procedure:

H.R. 1815 – SEC Disclosure Effectiveness Testing Act (Rep. Casten – Financial Services)

This bill would protect retail investors by ensuring that disclosures intended to inform them actually do so by requiring the Securities and Exchange Commission (SEC) to test its documents with retail investors through one-on-one interviews and surveys.

Click here for a fact sheet from the House Committee on Financial Services.

The Rule, which was adopted yesterday, provides for one hour of debate and makes in order the following amendments:

Huizenga Amendment
Exempts Form CRS, a recently developed disclosure document, a version of which went through one round of narrow SEC investor testing with mixed results from retail investors, from any further investor testing regardless of changes to the markets, investment products, investor behaviors, or investing trends.  

Gottheimer Amendment
Requires the SEC to include a specific consideration of the unique challenges senior investors face as part of their overall investor testing. 

Wagner Amendment
Applies the bill’s investor testing requirements only to applicable disclosure documents developed after January 21, 2021 – that is, following the next presidential election cycle, despite the fact that evidence shows that existing disclosures are not well understood by retail investors. 

Sean Maloney Amendment
Appropriately clarifies that the term “retail investor” does not mean an institutional investor.

QUOTE OF THE DAY:
“The supreme quality for leadership is unquestionably integrity.”

Dwight D. Eisenhower