By Del. Nicole Williams
We’re reaching new levels of innovation and efficiency as a country, but I can’t help but wonder: Why are we still receiving reams of paper in the mail for our financial documents?
From paying bills to ordering pizza, most of us reach for a cell phone or laptop when we need information or want to make a transaction. Like most people, I check my email far more often than my mailbox. Yet current law mandates that asset managers, by default, send paper versions of financial documents unless investors explicitly opt in to electronic delivery. This outdated policy is inefficient, burdensome, and bad for the environment. More simply, it ignores the habits and preferences of today’s investors.
It’s time for Congress to pass legislation making electronic delivery, or e-delivery, the default for financial documents. The House of Representatives has already acted to do this, on a bipartisan basis. The Senate must follow suit. Voters across the country know the benefits of going digital, and we’ve seen how technology improves lives in everything from healthcare to education to community planning. Making e-delivery the default option would align financial regulations with the way we live today.
E-delivery gives investors immediate access to critical information anytime, anywhere. Whether you’re tracking an important disclosure on your smartphone at a coffee shop or reviewing your mutual fund documents on your tablet at home, digital access facilitates rapid, informed decision-making.
Moving to e-delivery is also a win for the environment. Every year, tons of paper are wasted printing disclosures that are tossed in the trash or, at best, left unopened and recycled. By reducing this waste, e-delivery lowers the carbon footprint associated with traditional mail and helps preserve our planet for future generations. Maryland is recognized as one of the most environmentally friendly states, and our elected officials should embrace e-delivery to advance our commitment to sustainability.
It’s important to note that this legislation wouldn’t take away anyone’s choice. All Marylanders, regardless of whether they live in the state’s rural areas, the Baltimore region, or right here in Prince George’s County, can still opt in to receive financial documents via traditional mail. This would remain a protected option under the law. Surveys show:
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79% of fund investors who report only receiving paper copies of financial documents also support an e-delivery default; and
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88% of fund investors agree that “as long as people can still request paper at no cost,” it’s a good idea to make e-delivery the default.
Aligning financial regulations with the digital age isn’t just practical, it’s essential for protecting consumers’ access to information, reducing costs, and embracing sustainability.
Our country has always led the way on innovation and progress. Let’s take another step forward by making e-delivery the standard for financial communication.
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