CFA supports H.R. 1815, the SEC Disclosure Effectiveness Testing Act, which would require the Securities and Exchange Commission (SEC) to conduct investor usability testing when developing disclosures that are used and relied upon primarily by retail investors. The SEC has had evidence at least since it conducted its financial literacy study in 2012 that many of the disclosure documents we currently rely on to inform retail investors about important decisions regarding their investments and investment professionals are not well understood by those investors. This legislation would address the SEC’s flawed approach to developing new retail investor disclosures by requiring the SEC to conduct investor usability testing when developing disclosures that are used and relied upon primarily by retail investors.