The American Forest & Paper Association (AF&PA) is pushing back against a proposed U.S. Securities and Exchange Commission (SEC) rule that would make electronic delivery the default method for many investor communications, warning of potential consequences for both investors and the domestic paper sector.
AF&PA Interim Vice President of Industry Affairs Mark Pitts said the proposed Regulation E-Delivery would significantly reduce the role of paper in delivering critical financial information. The association argues that such a shift could disadvantage millions of Americans who continue to rely on printed documents.
“For many investors—particularly seniors, rural communities and individuals with limited or unreliable digital access—paper is not a preference; it is an essential, trusted and secure way to receive and retain important information,” Pitts said.
Concerns over investor access and choice
The proposal would make electronic delivery the default method for many investor communications. AF&PA argues that investors already have the option to choose electronic delivery, making a default switch unnecessary and potentially limiting access to paper for those who depend on it.
The association maintains that preserving investor choice should remain a central principle of any modernization effort involving financial disclosures.
Implications for the paper industry
AF&PA also warned that the proposal could reduce demand for paper-based financial communications, adding pressure to the U.S. printing and writing paper sector.
“This proposal also raises serious concerns for the U.S. printing and writing paper sector, which supports U.S. manufacturing jobs and provides essential products for consumers, businesses and institutions across the country,” Pitts added.
The association said it will continue participating in the SEC's rulemaking process to advocate for investor choice and to ensure paper remains a viable and accessible option for delivering critical financial information.
The American Forest & Paper Association represents manufacturers of paper, packaging, tissue and wood products in the United States. The U.S. forest products industry employs more than 925,000 people, accounts for approximately 4.7% of U.S. manufacturing GDP and produces more than $435 billion in products annually. AF&PA member companies also support the industry's Better Practices, Better Planet 2030 sustainability initiative.
