Prioritizing Economic Growth Over Woke Policies Act

This bill, officially titled the GUARDRAIL Act of 2023, would require the Securities and Exchange Commission (SEC) to ensure public companies only disclose information that's material to investment decisions, rather than all information. It mandates the SEC to maintain a list of non-material disclosure requirements with explanations for why they're required, and creates a new Public Company Advisory Committee composed of business leaders to advise the SEC on disclosure rules. The bill also directs the SEC to study how European sustainability reporting directives might impact U.S. companies, consumers, and the economy. These changes would primarily affect public companies that file with the SEC, the SEC itself, and potentially investors who rely on disclosure information.