119 HR 3484 RH: Business Owners Protection Act of 2025 U.S. House of Representatives 2025-11-04 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

IBUnion Calendar No. 315119th CONGRESS1st SessionH. R. 3484[Report No. 119–363]IN THE HOUSE OF REPRESENTATIVESMay 19, 2025Mr. Barr (for himself, Mr. Emmer, Mr. Westerman, and Mrs. Hinson) introduced the following bill; which was referred to the Committee on Financial ServicesNovember 4, 2025Additional sponsors: Mr. Hudson, Mr. Baumgartner, Mr. Williams of Texas, and Mr. SessionsNovember 4, 2025Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printedStrike out all after the enacting clause and insert the part printed in italicFor text of introduced bill, see copy of bill as introduced on May 19, 2025A BILLTo terminate unused authorities of the Securities and Exchange Commission that were established pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act.

1.

Short title

This Act may be cited as the Business Owners Protection Act of 2025.

2.

Repeal of certain unused authority to restrict mandatory predispute arbitration

(a)

In general

Section 15 of the Securities Exchange Act of 1934 (15 U.S.C. 78o) is amended by repealing subsection (o).(b)

Conforming amendment

Section 921 of the Investor Protection and Securities Reform Act of 2010 is amended by striking subsection (a).

3.

Removal of certain authority related to fiduciary duties

(a)

Securities Exchange Act of 1934

The second subsection (l) of section 15 of the Securities Exchange Act of 1934 (15 U.S.C. 78o; relating to Other matters) is amended—(1)by striking Commission shall and all that follows through (1) facilitate and inserting Commission shall facilitate;(2)in paragraph (1), by striking ; and and inserting a period; and(3)by striking paragraph (2).(b)

Investment Advisers Act of 1940

Section 211(h) of the Investment Advisers Act of 1940 (15 U.S.C. 80b–11(h)) is amended—(1)by striking Commission shall and all that follows through (1) facilitate and inserting Commission shall facilitate;(2)in paragraph (1), by striking ; and and inserting a period; and(3)by striking paragraph (2).

4.

Repeal of certain unused authority related to standards of conduct

Section 15 of the Securities Exchange Act of 1934 (15 U.S.C. 78o) is amended by repealing the second subsection (k) (relating to Standard of Conduct).

November 4, 2025Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed