To amend the Securities Exchange Act of 1934 to require the Securities and Exchange Commission to disclose and report on non-material disclosure mandates, and for other purposes.

“(e) Non-Material disclosure mandates

“(1) Disclosure—The Commission shall maintain a list on the website of the Commission that contains—

“(A) each mandate under the Federal securities laws and regulations that requires the disclosure of non-material information; and

“(B) for each such disclosure mandate, an explanation of why the mandate is required.

“(2) Study and report—The Commission shall, every 5 years, issue a report to the Congress justifying each disclosure contained on the list required under paragraph (1).

“(3) No private liability for failing to make a non-material disclosure—A person who fails to disclose non-material information required to be disclosed under the Federal securities laws or regulations shall not be liable for such failure in any private action.”