SEC. 917. STUDY REGARDING FINANCIAL LITERACY AMONG INVESTORS.
(a) IN GENERAL.—The Commission shall conduct a study to
identify—
(1) the existing level of financial literacy among retail
investors, including subgroups of investors identified by the
Commission;
(2) methods to improve the timing, content, and format
of disclosures to investors with respect to financial intermediaries,
investment products, and investment services;
(3) the most useful and understandable relevant information
that retail investors need to make informed financial
decisions before engaging a financial intermediary or purchasing
an investment product or service that is typically sold
to retail investors, including shares of open-end companies,
as that term is defined in section 5 of the Investment Company
Act of 1940 (15 U.S.C. 80a–5) that are registered under section
8 of that Act;
(4) methods to increase the transparency of expenses and
conflicts of interests in transactions involving investment services
and products, including shares of open-end companies
described in paragraph (3);
(5) the most effective existing private and public efforts
to educate investors; and
(6) in consultation with the Financial Literacy and Education
Commission, a strategy (including, to the extent practicable,
measurable goals and objectives) to increase the financial
literacy of investors in order to bring about a positive
change in investor behavior.
(b) REPORT.—Not later than 2 years after the date of enactment
of this Act, the Commission shall submit a report on the study
required under subsection (a) to—
(1) the Committee on Banking, Housing, and Urban Affairs
of the Senate; and
(2) the Committee on Financial Services of the House of
Representatives.