Expands the research report exception in the Securities Act of 1933 to cover reports about any issuer that undertakes a proposed offering of public securities.

Official title: Securities Research Modernization Act

Next stop House floor: awaiting a vote

Timeline each lane is a chamber; dates pull from congress.gov actions

House

Introduced 02-JUN-2025

Referred 02-JUN-2025

Approved by committee 10-JUN-2025

Reported 15-JUL-2025

On the calendar 15-JUL-2025

Key points

Titled the Securities Research Modernization Act.
Amends Section 2(a)(3) of the Securities Act of 1933 by replacing references to an emerging growth company with references to an issuer.
Replaces the phrase 'the common equity' with 'any', so the exception is not limited to common equity.
Applies to reports about any issuer that undertakes a proposed offering of public securities.

AI-generated from the Reported in House text of 15-JUL-2025 · verify · report an error

Official CRS summary

Current. The Congressional Research Service's summary covers the bill's latest wording (Reported to House, 15-JUL-2025).

CRS is the Library of Congress's nonpartisan research office. Read it on congress.gov

Committee referrals (1)

Policy area

Finance and Financial Sector

Sponsor Roger Williams (R-TX) Cosponsors · 1

■ 1 D

1 Democrat

congress.gov page Reported in House (15-JUL-2025) Introduced in House (02-JUN-2025)