•     "If enacted, this legislation would functionally make all SEC disclosure requirements discretionary, and it would statutorily limit the ability of SEC or investors to scrutinize materiality determinations by issuers and seek additional information. Issuers would receive unquestionable authority to determine what information is material to investors. Issuer-determined materiality has often yielded incomplete and incomparable information for investors. Making the entire SEC disclosure regime based on this principle would be disastrous and AFR strongly opposes this legislation." Source: Americans for Financial Reform

•     "Since the 1930s, the SEC’s uniform disclosure rules have provided consistency and comparability for investors. But if adopted, H.R. 4790 will effectively make compliance with future SEC disclosure rules voluntary depending on whether corporate management deems ESG information to be “material” to investors. The legislation will radically curtail the SEC’s authority to issue disclosure rules for public companies." Source: William Samuel, Director of Government Affairs at AFL-CIO. 

•     "This bill is part of the Republican attacks on "woke" policies that actually help everyday investors make informed decisions with their money. In general, this bill restricts the Securities and Exchange Commission's (SEC) authority to require disclosures and enforce compliance with such requirements, thereby giving public companies the ability to hide risks about themselves that investors would otherwise want to know." Source: Rep. Maxine Waters, Ranking Member, Committee on Financial Services (Democrat, California, District 43).