U.S. Rep. Ann Wagner (R-MO) on May 20 sponsored legislation that would require the Securities and Exchange Commission (SEC) to implement rules simplifying the quarterly financial reporting regime.
“Current reporting requirements can be overly burdensome for companies, especially for smaller and emerging businesses that may not have the resources to adequately manage the complex reports the SEC requires,” said Rep. Wagner, who serves on the U.S. House Financial Services Committee. “My legislation would institute appropriate reforms and simplify the disclosure process.”
Rep. Wagner introduced the Modernizing Disclosures for Investors Act, H.R. 3454, which would permit issuers of securities traded on a national securities exchange to disclose quarterly SEC financial information in a simplified manner, according to a bill summary provided by the congresswoman.
“These reforms would benefit both businesses and Main Street investors by lowering administrative burdens on companies and increasing transparency for investors looking to make informed and sound choices,” Rep. Wagner said.
The Financial Services Committee is reviewing H.R. 3454.