STUDY REGARDING FINANCIAL LITERACY AMONG INVESTORS.

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.124 STAT. 1837