119 HR 3672 RH: Securities Research Modernization Act U.S. House of Representatives 2025-07-15 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. 167119th CONGRESS1st SessionH. R. 3672[Report No. 119–204]IN THE HOUSE OF REPRESENTATIVESJune 2, 2025Mr. Williams of Texas (for himself and Mr. Fields) introduced the following bill; which was referred to the Committee on Financial ServicesJuly 15, 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 June 2, 2025A BILLTo 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.

1.

Short title

This Act may be cited as the Securities Research Modernization Act.

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.

July 15, 2025Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed