For more than eight decades, materiality has been the lodestar of the public company disclosure regime under the federal securities laws. The longstanding materiality standard—namely, what is important to a reasonable investor focused on investment returns—has instilled in investors and issuers alike a confidence in the accuracy and integrity of information that promotes market efficiency, competition, liquidity, and price discovery. Materiality serves as a constant, regardless of who chairs the Securities and Exchange Commission (SEC), which party occupies the White House, or other political or policy shifts. In short, materiality is a bedrock of the U.S. public capital markets and has long been interpreted to ensure that federal securities regulation and the SEC remain faithful to the SEC’s mission of protecting investors; maintaining fair, orderly, and efficient markets; and facilitating capital formation.