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![handle is hein.congrecreports/crptxaclh0001 and id is 1 raw text is: AUTHENTICATEO
U.S. GOVERNMENT
INFORMATION
Op
116TH CONGRESS REPORT
1st Session HOUSE OF REPRESENTATIVES 116-123
SEC DISCLOSURE EFFECTIVENESS TESTING ACT
JUNE 20, 2019.-Committed to the Committee of the Whole House on the State of
the Union and ordered to be printed
Ms. MAXINE WATERS of California, from the Committee on
Financial Services, submitted the following
REPORT
together with
MINORITY VIEWS
[To accompany H.R. 1815]
[Including cost estimate of the Congressional Budget Office]
The Committee on Financial Services, to whom was referred the
bill (H.R. 1815) to require the Securities and Exchange Commis-
sion, when developing rules and regulations about disclosures to re-
tail investors, to conduct investor testing, including a survey and
interviews of retail investors, and for other purposes, having con-
sidered the same, report favorably thereon with an amendment and
recommend that the bill as amended do pass.
CONTENTS
Page
Purpose and Sum m ary ........................................................................................... 3
Background and Need for Legislation ................................................................... 3
Section-by-Section A nalysis ................................................................................... . 5
H e a rin g s ................................................................................................................... 5
C om m ittee C onsideration ....................................................................................... 5
C om m ittee V otes ...................................................................................................... 6
Statement of Oversight Findings and Recommendations of the Committee ...... 8
Statement of Performance Goals and Objectives .................................................. 8
New Budget Authority and CBO Cost Estimate .................................................. 8
Com m ittee Cost E stim ate ....................................................................................... 8
U nfunded M andate Statem ent ............................................................................... 11
A dvisory C om m ittee ................................................................................................ 11
Application of Law to the Legislative Branch .......................................................
E arm ark Statem ent ................................................................................................. 11
Duplication of Federal Program s ............................................................................ 11
C h anges to E xisting L aw ........................................................................................ 11
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