Dodd-Frank Material Disclosure Improvement Act

Dodd-Frank Material Disclosure Improvement Act

This bill eliminates disclosure requirements applicable to issuers of securities. Specifically, it eliminates requirements to disclose

• the ratio of an issuer's median employee pay to its Chief Executive Officer pay;
• the use of conflict minerals originating in the Democratic Republic of the Congo by the issuer;
• health and safety information of mines operated by the issuer; and
• payments by an oil, natural gas, or mineral extractor to a foreign government or to the federal government.

[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[S. 3923 Introduced in Senate (IS)]

<DOC>






117th CONGRESS
  2d Session
                                S. 3923

To amend the Dodd-Frank Wall Street Reform and Consumer Protection Act 
to repeal certain provisions requiring non-material disclosure, and for 
                            other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             March 24, 2022

Mr. Cramer (for himself and Mr. Tillis) introduced the following bill; 
which was read twice and referred to the Committee on Banking, Housing, 
                           and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
To amend the Dodd-Frank Wall Street Reform and Consumer Protection Act 
to repeal certain provisions requiring non-material disclosure, and for 
                            other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Dodd-Frank Material Disclosure 
Improvement Act''.

SEC. 2. STRIKING OF PROVISIONS OF THE INVESTOR PROTECTION AND 
              SECURITIES REFORM ACT OF 2010.

    (a) In General.--Section 953 of the Investor Protection and 
Securities Reform Act of 2010 (Public Law 111-103; 124 Stat. 1903) is 
amended--
            (1) in subsection (a), by striking ``Disclosure of Pay 
        Versus Performance.--''; and
            (2) by striking subsection (b).
    (b) Rules.--The Securities and Exchange Commission shall repeal any 
rule, including any amendment to any rule of the Commission, issued 
under section 953(b) of the Investor Protection and Securities Reform 
Act of 2010 (15 U.S.C. 78l note), as in effect as of the day before the 
date of enactment of this Act.
    (c) Prohibition on Substantially Similar Rules.--The Securities and 
Exchange Commission may not promulgate any rule that is substantially 
similar to a rule that is repealed under subsection (b).

SEC. 3. STRIKING OF SECTIONS OF TITLE XV OF THE DODD-FRANK WALL STREET 
              REFORM AND CONSUMER PROTECTION ACT.

    (a) In General.--
            (1) Dodd-frank wall street reform and consumer protection 
        act.--Title XV of the Dodd-Frank Wall Street Reform and 
        Consumer Protection Act (Public Law 111-203) is amended--
                    (A) by striking section 1502 (15 U.S.C. 78m note);
                    (B) by striking section 1503 (15 U.S.C. 78m-2); and
                    (C) by striking section 1504.
    (b) Securities Exchange Act of 1934.--Section 13 of the Securities 
Exchange Act of 1934 (15 U.S.C. 78m) is amended--
            (1) by striking subsections (p) and (q); and
            (2) by redesignating subsection (r) as subsection (p).
    (c) Repeal of Rules Issued Under Applicable Provisions.--The 
Securities and Exchange Commission shall repeal any rule, including any 
amendment to any rule of the Commission, issued under--
            (1) section 1502, 1503, or 1504 of the Dodd-Frank Wall 
        Street Reform and Consumer Protection Act (Public Law 111-203), 
        as in effect as of the day before the date of enactment of this 
        Act; or
            (2) subsection (p) or (q) of section 13 of the Securities 
        Exchange Act of 1934 (15 U.S.C. 78m), as in effect as of the 
        day before the date of enactment of this Act.
    (d) Prohibition on Substantially Similar Rules.--The Securities and 
Exchange Commission may not promulgate any rule that is substantially 
similar to a rule that is repealed under subsection (c).
    (e) Clerical Amendment.--The table of contents in section 1(b) of 
the Dodd-Frank Wall Street Reform and Consumer Protection Act is 
amended by striking the items relating to sections 1502, 1503, and 
1504.
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