On the recordOctober 17, 2019
This isn't a mandate on high to dictate to the SEC what the disclosures should say but rather says that it must do qualitative interviews to confirm that investors understand the disclosure. That is why the AARP has endorsed the bill, as well as the Financial Planning Coalition, the Consumer Federation of America, and the Certified Financial Planner Board of Standards. This is a narrowly tailored bill that applies to a number of disclosure statements that Main Street retail investors rely on. It does not apply to disclosures that are relied on primarily by sophisticated institutional investors. When I was growing up, there was an ad on television for a discount menswear store called Syms. At the end of every commercial, their president, Sy Syms, would say, ``An educated consumer is our best customer.'' We owe nothing less to the American people, and I urge my colleagues to vote ``yes.''
