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      <constitutionalAuthorityStatementText>&lt;pre&gt;[Congressional Record Volume 171, Number 81 (Wednesday, May 14, 2025)][House]From the Congressional Record Online through the Government Publishing Office [&lt;a href="https://www.gpo.gov"&gt;www.gpo.gov&lt;/a&gt;]By Mrs. WAGNER:H.R. 3382.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8 of the U.S. Constitution[Page H2052]&lt;/pre&gt;</constitutionalAuthorityStatementText>
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        <fullName>Rep. Wagner, Ann [R-MO-2]</fullName>
        <firstName>Ann</firstName>
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        <fullName>Rep. Torres, Ritchie [D-NY-15]</fullName>
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        <fullName>Rep. Casten, Sean [D-IL-6]</fullName>
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        <fullName>Rep. Scott, David [D-GA-13]</fullName>
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        <fullName>Rep. Himes, James A. [D-CT-4]</fullName>
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        <fullName>Rep. Vindman, Eugene Simon [D-VA-7]</fullName>
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        <fullName>Rep. Lawler, Michael [R-NY-17]</fullName>
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        <pubDate>2025-07-16T18:42:00Z</pubDate>
        <title>H.R. 3382, Small Entity Update Act</title>
        <url>https://www.cbo.gov/publication/61564</url>
        <description>As reported by the House Committee on Financial Services on June 3, 2025</description>
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          <text>&lt;p&gt;&lt;strong&gt;Small Entity Update Act &lt;/strong&gt;&lt;/p&gt;&lt;p&gt;This bill requires the Securities and Exchange Commission (SEC) to study approaches to reduce the impact of SEC rules on small businesses and other small entities, make appropriate recommendations, and revise applicable rules.&amp;nbsp;&lt;/p&gt;&lt;p&gt;Specifically, the bill requires the SEC to evaluate the current definition of&amp;nbsp;&lt;em&gt;small entity&lt;/em&gt; with respect to SEC rules.&lt;/p&gt;&lt;p&gt;Under the bill, the SEC must provide specific and detailed recommendations to Congress on how the SEC can revise the definition of &lt;em&gt;small entity&lt;/em&gt; to (1) align with specified statutory goals, including reducing unnecessary burdens on small entities; and (2) expand the number of entities covered. In addition, the SEC must adjust for inflation every five years any dollar amounts used to define small entities.&lt;/p&gt;&lt;p&gt;The SEC must also revise the applicable rules to implement these recommendations.&lt;/p&gt;</text>
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        <title>To require the Securities and Exchange Commission to carry out a study and rulemaking on the definition of the term "small entity" under the securities laws for purposes of chapter 6 of title 5, United States Code, and for other purposes.</title>
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