SEC Act of 2023
Source: Congress.gov ·
300 words in original text
What This Bill Does
This bill changes the Securities Exchange Act of 1934 to prevent the Securities and Exchange Commission (the government agency that oversees the stock market) from requiring companies to disclose climate-related information to investors unless that information is material to investors (meaning it would significantly affect investment decisions).
Who It Affects
- Companies that issue securities (stocks and bonds)
- The Securities and Exchange Commission
- Investors
Key Provisions
- The Securities and Exchange Commission cannot require companies to disclose climate-related information that is not material to investors (Sec. 2)
What Changes
A new rule is added to the Securities Exchange Act of 1934 that blocks the Securities and Exchange Commission from forcing companies to share climate-related disclosures with investors unless those disclosures are material to investors.
Important Definitions
The bill does not define "material to investors" or "climate-related disclosures."
Effective Date
Not specified in bill text
Important: This plain English summary was generated by AI and is provided for informational purposes only.
It is not legal advice. Always consult the official bill text on Congress.gov
or a qualified attorney for legal matters.