A Securities and Exchange Commission official faced questions on Capitol Hill Tuesday about the agency\u2019s ongoing use of paper records, even after other federal regulatory bodies moved to digitize many of their permanent documents.<\/p>\n\n\n\n
Lawmakers in the House have introduced bipartisan legislation that would require the SEC to deliver documents to investors in electronic format, except in cases were recipients opt out.<\/p>\n\n\n\n
At the outset, Improving Disclosure for Investors Act wouldn\u2019t yield particularly significant cost savings, according to a Congressional Budget Office estimate, but it perhaps could eliminate costs associated with printing and tedious preparation. Shifting to e-forms would also be more environmentally friendly, said Rep. Wiley Nickel, D-N.C., and Rep. Bill Huizenga<\/a>, R-Mich., two of the bill\u2019s supporters.<\/p>\n\n\n\n \u201cTwo million trees a year we would save with just that one small change,\u201d said Nickel at the Dec. 5 hearing of the House Financial Services Committee.<\/p>\n\n\n\t