Introduced:
Jun 2, 2025
Policy Area:
Finance and Financial Sector
Congress.gov:
Bill Statistics
8
Actions
1
Cosponsors
1
Summaries
4
Subjects
2
Text Versions
Yes
Full Text
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Latest Action
Jul 15, 2025
Placed on the Union Calendar, Calendar No. 167.
Summaries (1)
Reported to House
- Jul 15, 2025
07
<p><strong>Securities Research Modernization Act</strong></p><p>This bill allows a securities broker or dealer to publish or distribute a research report on a proposed public offering by any issuer without it being considered an offer to sell securities for purposes of registration requirements. Currently, only reports published or distributed regarding a proposed public offering by an emerging growth company fall under this exception.</p>
Actions (8)
Placed on the Union Calendar, Calendar No. 167.
Type: Calendars
| Source: House floor actions
| Code: H12410
Jul 15, 2025
Reported (Amended) by the Committee on Financial Services. H. Rept. 119-204.
Type: Committee
| Source: House floor actions
| Code: H12200
Jul 15, 2025
Reported (Amended) by the Committee on Financial Services. H. Rept. 119-204.
Type: Committee
| Source: Library of Congress
| Code: 5000
Jul 15, 2025
Ordered to be Reported (Amended) by the Yeas and Nays: 31 - 19.
Type: Committee
| Source: House committee actions
| Code: H19000
Jun 10, 2025
Committee Consideration and Mark-up Session Held
Type: Committee
| Source: House committee actions
| Code: H15001
Jun 10, 2025
Referred to the House Committee on Financial Services.
Type: IntroReferral
| Source: House floor actions
| Code: H11100
Jun 2, 2025
Introduced in House
Type: IntroReferral
| Source: Library of Congress
| Code: Intro-H
Jun 2, 2025
Introduced in House
Type: IntroReferral
| Source: Library of Congress
| Code: 1000
Jun 2, 2025
Subjects (4)
Business records
Finance and Financial Sector
(Policy Area)
Financial services and investments
Securities
Cosponsors (1)
(D-LA)
Jun 2, 2025
Jun 2, 2025
Text Versions (2)
Full Bill Text
Length: 2,408 characters
Version: Reported in House
Version Date: Jul 15, 2025
Last Updated: Nov 15, 2025 6:05 AM
[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3672 Reported in House
(RH) ]
<DOC>
Union Calendar No. 167
119th CONGRESS
1st Session
H. R. 3672
[Report No. 119-204]
To amend the Securities Act of 1933 to expand the research report
exception to include reports about any issuer that undertakes a
proposed offering of public securities.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
June 2, 2025
Mr. Williams of Texas (for himself and Mr. Fields) introduced the
following bill; which was referred to the Committee on Financial
Services
July 15, 2025
Reported with an amendment, committed to the Committee of the Whole
House on the State of the Union, and ordered to be printed
[Strike out all after the enacting clause and insert the part printed
in italic]
[For text of introduced bill, see copy of bill as introduced on June 2,
2025]
_______________________________________________________________________
A BILL
To amend the Securities Act of 1933 to expand the research report
exception to include reports about any issuer that undertakes a
proposed offering of public securities.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
[From the U.S. Government Publishing Office]
[H.R. 3672 Reported in House
(RH) ]
<DOC>
Union Calendar No. 167
119th CONGRESS
1st Session
H. R. 3672
[Report No. 119-204]
To amend the Securities Act of 1933 to expand the research report
exception to include reports about any issuer that undertakes a
proposed offering of public securities.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
June 2, 2025
Mr. Williams of Texas (for himself and Mr. Fields) introduced the
following bill; which was referred to the Committee on Financial
Services
July 15, 2025
Reported with an amendment, committed to the Committee of the Whole
House on the State of the Union, and ordered to be printed
[Strike out all after the enacting clause and insert the part printed
in italic]
[For text of introduced bill, see copy of bill as introduced on June 2,
2025]
_______________________________________________________________________
A BILL
To amend the Securities Act of 1933 to expand the research report
exception to include reports about any issuer that undertakes a
proposed offering of public securities.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1.
This Act may be cited as the ``Securities Research Modernization
Act''.
SEC. 2.
Section 2
(a)
(3) of the Securities Act of 1933 (15 U.
(a)
(3) of the Securities Act of 1933 (15 U.S.C. 77b
(a)
(3) )
is amended--
(a) by striking ``an emerging growth company'' and inserting ``an
issuer'';
(b) by striking ``the common equity'' and inserting ``any''; and
(c) by striking ``such emerging growth company'' and inserting
``such issuer''.
Union Calendar No. 167
119th CONGRESS
1st Session
H. R. 3672
[Report No. 119-204]
_______________________________________________________________________
A BILL
To amend the Securities Act of 1933 to expand the research report
exception to include reports about any issuer that undertakes a
proposed offering of public securities.
_______________________________________________________________________
July 15, 2025
Reported with an amendment, committed to the Committee of the Whole
House on the State of the Union, and ordered to be printed