HR-1525 : Still Just a Bill

Disclosure Modernization and Simplification Act of 2015

Directs the Securities and Exchange Commission (SEC) to issue regulations permitting issuers to submit a summary page on annual and transition report form 10-K if each item on that page cross-references electronically or otherwise the material contained in form 10-K to which the item relates.

Requires the SEC to revise regulation S-K (Standard Instructions for Filing Forms under the Securities Act of 1933, the Securities Exchange Act of 1934 and the Energy Policy and Conservation Act of 1975) in order to:

  • reduce the burden on smaller issuers, including emerging growth companies, accelerated filers, and smaller reporting companies (while still providing all material information to investors); and
  • eliminate duplicative, overlapping, outdated, or unnecessary provisions.

Directs the SEC to study ways to: (1) modernize and simplify requirements in regulation S-K, and (2) evaluate information delivery and presentation methods as well as explore methods to discourage repetition and disclosure of immaterial information.

Requires the SEC to issue a proposed rule to implement any recommendations it makes to Congress based upon the study.

Action Timeline

Action DateTypeTextSource
2015-10-07IntroReferralReceived in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.Senate
2015-10-06FloorMotion to reconsider laid on the table Agreed to without objection.House floor actions
2015-10-06FloorOn motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H6804)House floor actions
2015-10-06FloorDEBATE - The House proceeded with forty minutes of debate on H.R. 1525.House floor actions
2015-10-06FloorConsidered under suspension of the rules. (consideration: CR H6804-6805)House floor actions
2015-10-06FloorMr. Garrett moved to suspend the rules and pass the bill.House floor actions
2015-10-06CalendarsPlaced on the Union Calendar, Calendar No. 211.House floor actions
2015-10-06CommitteeReported by the Committee on Financial Services. H. Rept. 114-279.House floor actions
2015-05-20CommitteeOrdered to be Reported by the Yeas and Nays: 60 - 0.House committee actions
2015-05-20CommitteeCommittee Consideration and Mark-up Session Held.House committee actions
2015-04-29CommitteeHearings Held by the Subcommittee on Capital Markets and Government Sponsored Enterprises Prior to Referral.House committee actions
2015-03-23IntroReferralReferred to the House Committee on Financial Services.House floor actions
2015-03-23IntroReferralIntroduced in HouseLibrary of Congress

Sponsor :

Rep. Garrett, Scott [R-NJ-5]
See Cosponsors

Policy Area :

Finance and Financial Sector
See Subjects
  • Administrative law and regulatory procedures
  • Business records
  • Congressional oversight
  • Corporate finance and management
  • Financial services and investments
  • Government information and archives
  • Government studies and investigations
  • Securities
  • Securities and Exchange Commission (SEC)
  • Small business

Related Bills

See Related Bills