SIFMA Joins Industry Coalition Urging Senate Banking Committee to Advance Capital Formation Legislation, Including E-Delivery and 403(b) Reforms

Washington, D.C., June 23, 2026 - Today, SIFMA, along with SIFMA's Asset Management Group (SIFMA AMG), the American Securities Association (ASA), the Financial Services Institute (FSI), Investment Adviser Association (IAA), Investment Company Institute (ICI), Managed Funds Association (MFA), and U.S. Chamber of Commerce, submitted a letter commending the Senate Banking Committee for its work to advance capital formation legislation and urging it to pass a comprehensive package this year. Building on the momentum of the House's December 2025 passage of the bipartisan INVEST Act, the coalition is calling on the Committee to pass a robust capital formation package to modernize U.S. securities laws, reduce burdens on market participants, promote continued innovation in our capital markets, and strengthen investor protections.

SIFMA's top priorities include electronic delivery (e-delivery) of investor documents and expanded retirement investment options for 403(b) plans, both of which have broad bipartisan support and a clear path forward through the Senate Banking Committee:

• The Improving Disclosure for Investors Act, which would require the SEC to adopt rules that would allow electronic delivery to be the default method of transmitting investor documents, with appropriate safeguards, opt-out rights, and transition rules. E-delivery modernizes how investors receive real-time, secure access to their financial information while reducing costs and environmental impact. The bill currently has 10 Senate cosponsors, including 6 Democrats and 4 Republicans.
• The Retirement Fairness for Charities and Educational Institutions Act of 2025, which would amend securities laws to expand investment options for 403(b) retirement plans covering employees of nonprofits and educational institutions, establishing long-overdue parity with other retirement plan types. The bill has garnered 19 Senate cosponsors, including 9 Democrats and 10 Republicans.

"We respectfully encourage the Committee to introduce a capital formation legislative package as soon as possible this year that includes the provisions highlighted in this letter," the letter states. "We share your goal of strengthening access to U.S. capital markets to support economic growth across the country, and as such, we look forward to continuing to work with you as the Committee advances this critical legislation."

Other key recommendations include:

• The Increasing Investor Opportunities Act, which would expand closed-end investment companies' ability to invest in private funds and add protections for closed-end fund investors.
• The Encouraging Public Offerings Act of 2025, which would allow all issuers of public securities to take advantage of the testing of the waters and confidential draft registration submission provisions of the JOBS Act, encouraging more companies to go public.
• The Access to Small Business Investor Capital Act, which would allow investment funds to provide more accurate fee and expense information by omitting potentially misleading BDC-related disclosures.
• The Expanding Well-Known Seasoned Issuer (WKSI) Eligibility Act, which would update the WKSI definition and expand the universe of eligible users, increasing flexibility in registration and investor communications.
• The Senior Security Act of 2025, which would create a Senior Investor Task Force at the SEC to reinforce senior investor protection.

The full letter is available here.

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SIFMA is the leading trade association for broker-dealers, investment banks and asset managers operating in the U.S. and global capital markets. On behalf of our industry's one million employees, we advocate on legislation, regulation and business policy affecting retail and institutional investors, equity and fixed income markets and related products and services. We serve as an industry coordinating body to promote fair and orderly markets, informed regulatory compliance, and efficient market operations and resiliency. We also provide a forum for industry policy and professional development. SIFMA, with offices in New York and Washington, D.C., is the U.S. regional member of the Global Financial Markets Association (GFMA).