Clearly, financial disclosures are too complex and wonky for everyday investors. That’s why I am proud that last week, my SEC Disclosure Effectiveness Testing Act passed the House.
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A recent study found that roughly a quarter of Main Street investors that owned mutual funds did not know what fees they had to pay after reading their financial disclosures and another 20% insisted they did not have to pay any fees at all.http://on.wsj.com/2MBrDPi
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The bill would require the SEC to conduct extensive surveys and interviews to create disclosures in plain English for retail investors.
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Whether it is buying a house, sending your kids to college, investing in your retirement, or just saving for a rainy day, the American dream depends on our ability to invest in our future.
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I couldn’t be more thrilled that my first bill passed in Congress stands up for Americans’ financial stability.
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