In an era where we pay bills, order food, and manage nearly every aspect of our lives online, it’s time to ask: Why are investors still receiving stacks of paper in the mail for disclosures from mutual funds and other financial accounts?
Like most Americans, I check my email far more often than my mailbox. Yet outdated regulations require asset managers to send paper copies of regulatory documents unless investors explicitly opt in to electronic delivery. This policy is inefficient, environmentally wasteful, and out of step with how people access information today.
It’s time for Congress to modernize financial communication by making e-delivery the default for investment documents. The House of Representatives passed bipartisan legislation to do this last year, but the Senate did not take action. As the Chairman and Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs, Sens. Tim Scott (R-SC) and Elizabeth Warren (D-MA) have an opportunity to fundamentally transform and modernize investor communications by passing this bill and working with their House counterparts to get it enacted into law.
E-delivery provides investors with immediate access to critical financial information anytime, anywhere. Whether reviewing an important disclosure on a smartphone at a coffee shop or checking mutual fund documents on a tablet at home, digital access empowers informed decision-making at the speed of life.
The environmental benefits are clear. Every year, tons of paper are wasted printing disclosures that often go straight to the trash—or at best, the recycling bin—without ever being read. Reducing unnecessary paper mail lowers costs, cuts down on waste, and helps preserve natural resources.
E-delivery also promotes inclusivity. Digital documents can be adapted for screen readers, adjustable fonts, and even translation tools—accommodations that paper simply cannot provide. Ensuring every investor has accessible, timely financial information should be a priority.
Importantly, this legislation wouldn’t take away choice. Investors who prefer paper documents—such as some seniors—could still opt in to receive them by mail. Making e-delivery the default simply removes unnecessary administrative hurdles and reflects the preferences of modern investors, more than 95% of whom have internet access.
Consumer advocates across the country should support this commonsense reform. Aligning financial regulations with the digital age isn’t just convenient—it’s essential for protecting investor access, reducing costs, and embracing sustainability.
Congress has a chance to bring financial communication into the 21st century. I encourage Chairman Scott and Ranking Member Warren to take the next step forward and make e-delivery the standard for investment disclosures. Our future will thank us.
