All Aboard Act of 2025

House Bill

H.R. 4790

119th Congress

All Aboard Act of 2025

In Committee

Introduced:Jul 29, 2025

Primary Sponsor

Christopher R. Deluzio

Representative

Democratic

PA-17

Cosponsors

3

Quick Stats

Policy Area

Finance and Financial Sector

Summary

The All Aboard Act of 2025 aims to limit the disclosures required by companies when issuing securities. It would require the Securities and Exchange Commission (SEC) to ensure that companies only have to disclose information that is deemed 'material' to investment or voting decisions. The bill also establishes a Public Company Advisory Committee to provide input to the SEC on regulatory priorities and corporate governance issues.

Latest Action

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

SponsorChristopher R. Deluzio (D-PA)

Introduced7/29/2025

StatusReferred to the Subcommittee on Railroads, Pipelines, and Hazardous Materials.

ChamberHouse

Data from Congress.gov

See this page through your district lens

Enter ZIP to personalize representatives and vote context.

Stay on top of this issue

Subscribe for weekly bill and representative updates.

Vote Prediction

All Aboard Act of 2025

The All Aboard Act of 2025 aims to limit the disclosures required by companies when issuing securities. It would require the Securities and Exchange Commission (SEC) to ensure that companies only have to disclose information that is deemed 'material' to invest

Community Breakdown

Pass

0%

Fail

0%

0 predictions

The All Aboard Act of 2025 aims to limit the disclosures required by companies when issuing securities. It would require the Securities and Exchange Commission (SEC) to ensure that companies only have to disclose information that is deemed 'material' to investment or voting decisions. The bill also establishes a Public Company Advisory Committee to provide input to the SEC on regulatory priorities and corporate governance issues.

Bill Number: 4790
Sponsor: Christopher R. Deluzio (D-PA)
Introduced: 7/29/2025
Status: Referred to the Subcommittee on Railroads, Pipelines, and Hazardous Materials.
Policy Area: Finance and Financial Sector

Data from Congress.gov

AI-generated summary

Fact Sheet

Title: All Aboard Act of 2025
Bill Number: 4790
Sponsor: Christopher R. Deluzio (D-PA)
Status: Referred to the Subcommittee on Railroads, Pipelines, and Hazardous Materials.
Introduced: 7/29/2025
Summary: The All Aboard Act of 2025 aims to limit the disclosures required by companies when issuing securities. It would require the Securities and Exchange Commission (SEC) to ensure that companies only have to disclose information that is deemed 'material' to investment or voting decisions. The bill also

Data from Congress.gov

AI Summary

Plain-English explanation of this bill

The All Aboard Act of 2025 aims to limit the disclosures required by companies when issuing securities. It would require the Securities and Exchange Commission (SEC) to ensure that companies only have to disclose information that is deemed 'material' to investment or voting decisions. The bill also establishes a Public Company Advisory Committee to provide input to the SEC on regulatory priorities and corporate governance issues.

Last updated: 12/30/2025

Official Summary

Congressional Research Service summary

Guiding Uniform and Responsible Disclosure Requirements and Information Limits Act of 2023 or the GUARDRAIL Act of 2023This bill limits the disclosures required by issuers of securities as a result of a rulemaking and establishes the Public Company Advisory Committee.First, the bill requires the Securities and Exchange Commission (SEC) to limit issuer disclosure requirements made in a rulemaking. Specifically, the SEC must provide that an issuer of securities is only required to disclose information in response to a rulemaking if the issuer determines that this information is material with respect to a voting or investment decision regarding the issuer’s securities.The bill also requires the SEC to report on its website each required disclosure of nonmaterial information under current federal securities laws and regulations and a justification for the disclosure. The SEC must report this information to Congress every five years. The bill also establishes that a person's failure to disclose such nonmaterial information is not a liability in a private action.Further, the bill establishes the Public Company Advisory Committee within the SEC. The committee must advise the SEC on regulatory priorities, public reporting and corporate governance of public companies, shareholder meetings and the proxy process, and other topics. The committee must be comprised of individuals who are officials of public companies, have senior managerial responsibility in associations that represent the interests of public companies, or provide professional advice and services to public companies.  Finally, the bill requires the SEC to report on the effects of the European Union's directives on corporate sustainability, particularly on U.S. companies, consumers, and investors.

Key Points

Main provisions of the bill

The bill would limit the SEC's ability to require companies to disclose information that is not deemed 'material' to investment or voting decisions.
It would establish a Public Company Advisory Committee to advise the SEC on regulatory priorities and corporate governance issues.
The bill would require the SEC to report on the effects of the European Union's directives on corporate sustainability, particularly on U.S. companies, consumers, and investors.

How This Impacts Americans

Potential effects on citizens and communities

If this bill becomes law, it would impact public companies in the U.S. by reducing the amount of information they are required to disclose to investors and the public. This could benefit companies by lowering compliance costs, but could also reduce transparency for investors and consumers. The establishment of the Public Company Advisory Committee would give businesses more influence over the SEC's regulatory agenda.

Policy Areas

Primary Policy Area

Finance and Financial Sector

Related Subjects

Administrative law and regulatory procedures

Advisory bodies

Business records

Congressional oversight

Consumer affairs

Corporate finance and management

European Union

Financial services and investments

Foreign and international corporations

Government studies and investigations

+3 more

Scope & Jurisdiction

Jurisdiction Level

federal

Congressional Session

119th Congress

Citation Reference

4790, 119th Congress (2025). "All Aboard Act of 2025". Source: Voter's Right Platform. https://votersright.org/bills/118-hr-4790

Public Opinions

Community submissions related to this bill.

Share your opinion

No public opinions yet. Be the first to submit one for this bill.

Related Bills in Finance and Financial Sector

HR 2225

Access to Small Business Investor Capital Act

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban A

S 1381

Protecting Employees and Retirees in Business Bankruptcies Act of 2025

Read twice and referred to the Committee on the Judiciary. (text: CR S2523-2527: 2)

S 780

SAFE Lending Act of 2025

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

HR 2152

AI PLAN Act

Referred to the House Committee on Financial Services.