To amend the Securities Exchange Act of 1934 to require the Securities and Exchange Commission to disclose and report on non-material disclosure mandates, and for other purposes.

HR 4628 requires the Securities and Exchange Commission (SEC) to publicly list all disclosure mandates under federal securities laws that demand non-material information (information not affecting investment decisions). The SEC must explain why each such mandate exists and submit a 5-year report to Congress justifying the list. This bill also clarifies that failing to disclose non-material information won't create private legal liability for companies or individuals. The bill directly affects publicly traded companies and their disclosure practices by increasing transparency around non-essential reporting requirements.