After 19 days of public hearings producing a 10,000-page record, the Commission concluded that NEPA did not require the SEC to mandate such disclosures, and the courts later agreed.[7] While the SEC in the 1971 release had limited disclosure to “material matters,” in 1975 the Commission mandated disclosure of all environmental proceedings to which a government was a party, whether or not the amounts at issue were material. [read post]