H.R. 4790 would prohibit the Securities and Exchange Commission (SEC) from requiring an issuer of a security to disclose nonmaterial information unless the failure to disclose significantly alters the information available to an investor. The bill also would require the SEC to maintain on their website a list of and a reason for each mandate under federal securities law that requires disclosure of nonmaterial information.
In addition, H.R. 4790 would require the SEC to establish a Public Company Advisory Committee to make internal recommendations on regulatory priorities, corporate governance, and capital formation. Finally, the bill would require the agency to report to the Congress on the effects of directives adopted by the European Commission on corporate sustainability.
