A bipartisan group of U.S. Senators recently introduced the Improving Disclosure for Investors Act of 2025, a common-sense proposal to modernize investor communications by making electronic delivery the default for required disclosures, while preserving the option for paper delivery for those who prefer it.
Mandated paper delivery of investor documents consumes enormous resources. According to SIFMA, more than 830 million pages are printed and mailed each year. Using the Environmental Paper Network’s Paper Calculator™, a publicly available tool that estimates the environmental impacts of paper use, advocates have calculated that this level of consumption uses over 101,000 trees and generates greenhouse gas emissions equivalent to nearly 7,000 cars annually. The Paper Calculator highlights the potential environmental savings from reducing paper use, offering a clear picture of the resources saved by avoiding unnecessary printing and mailing – including wood, pollution, energy, water, and solid waste.
According to Senator Thom Tillis, “Nearly 80% of surveyed Americans already utilize electronic delivery, and this commonsense legislation will heighten efficiency and cut down on unwanted paper while still preserving investors’ ability to receive printed hard copies if they wish.” As Financial Regulation News notes, the SEC has not comprehensively updated this framework in over 20 years – making this proposal a long-overdue modernization.
With investor preferences already shifting toward digital delivery, this bipartisan legislation offers a timely and meaningful step toward more sustainable, efficient, and consumer-friendly communication.
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