,,ii  #aahth ,,congress  #ast ,session  
,s4 #bjje  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,june #ae1     
#bjbc,mr4 ,rounds 7for himself1 ,mr4    
,tillis1 ,ms4 ,lummis1 ,mr4 ,hagerty1   
,mr4 ,daines1 ,mr4 ,cramer1 ,mrs4       
,britt1 ,mr4 ,sullivan1 ,mr4 ,grassley1 
and ,mr4 ,boozman7 introduced the       
following bill2 which was read twice and
 referred to the ,committee on ,banking1
 ,housing1 and ,urban ,affairs  ,a      
,,bill  ,to amend the ,securities ,act  
of #aicc to require that information    
required to be disclosed to the         
,securities and ,exchange ,commission by
 issuers be material to voting or       
investment decisions regarding those    
issuers1 and for other purposes4  #a4   
,short title ,this ,act may be cited as 
the ,mandatory ,materiality ,requirement
 ,act of #bjbc4  #b4 ,limitation on     
disclosure requirements  7a7 ,securities
 ,act of #aicc ,section #b7;b7 of the   
,securities ,act of #aicc 7#ae ,u4,s4,c4
 #gg;b7b77 is amended-- 7#a7 in the     

subsection heading1 by inserting 2      
limitation on disclosure requirements   
after ,formation2  7#b7 by striking     
,whenever and inserting the following3  
7#a7 ,in general ,whenever  2 and  7#c7 
by adding at the end the following3     
7#b7 ,limitation  7,a7 ,in general      
,whenever pursuant to this title the    
,commission is engaged in rulemaking    
regarding disclosure obligations of     
issuers1 the ,commission shall expressly
 provide that an issuer is only required
 to disclose information in response to 
such an obligation adopted by the       
,commission if the issuer has determined
 that such information is important with
 respect to a voting or investment      
decision regarding the issuer4  7,b7    
,applicability ,subparagraph 7,a7 shall 
not apply with respect to the removal of
 any disclosure requirement with respect
 to an issuer or the modification of any
 disclosure requirement with respect to 
an issuer1 if the ,commission expressly 
determines that the removal or          

modification does not require           
disclosures that are1 in the aggregate1 
more burdensome to the issuer than the  
existing disclosure requirement4  7,c7  
,rule of construction ,for the purposes 
of this paragraph1 information is       
considered to be important with respect 
to a voting or investment decision      
regarding an issuer if there is a       
substantial likelihood that a reasonable
 investor would view the failure to     
disclose that information as having     
significantly altered the total mix of  
information made available to the       
investor4  4  7b7 ,securities ,exchange 
,act of #aicd ,section #c7;f7 of the    
,securities ,exchange ,act of #aicd 7#ae
 ,u4,s4,c4 #gh;c7f77 is amended-- 7#a7  
in the subsection heading1 by inserting 
2 limitation on disclosure requirements 
after ,formation2  7#b7 by striking     
,whenever and inserting the following3  
7#a7 ,in general ,whenever  2 and  7#c7 
by adding at the end the following3     
7#b7 ,limitation  7,a7 ,in general      

,whenever pursuant to this title the    
,commission is engaged in rulemaking    
regarding disclosure obligations of     
issuers1 the ,commission shall expressly
 provide that an issuer is only required
 to disclose information in response to 
such an obligation adopted by the       
,commission if the issuer has determined
 that such information is important with
 respect to a voting or investment      
decision regarding the issuer4  7,b7    
,applicability ,subparagraph 7,a7 shall 
not apply with respect to the removal of
 any disclosure requirement with respect
 to an issuer or the modification of any
 disclosure requirement with respect to 
an issuer1 if the ,commission expressly 
determines that the removal or          
modification does not require           
disclosures that are1 in the aggregate1 
more burdensome to the issuer than the  
existing disclosure requirement4  7,c7  
,rule of construction ,for the purposes 
of this paragraph1 information is       
considered to be important with respect 

to a voting or investment decision      
regarding an issuer if there is a       
substantial likelihood that a reasonable
 investor would view the failure to     
disclose that information as having     
significantly altered the total mix of  
information made available to the       
investor4  4