[Report No. 119–204]
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
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. Short title
This Act may be cited as the Securities Research Modernization Act
.
Sec. 2. Provision of research report
Section 2(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
.