119 HR 3301 RH: Encouraging Local Emerging Ventures and Economic Growth Act of 2025 U.S. House of Representatives 2025-06-03 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. 91119th CONGRESS1st SessionH. R. 3301[Report No. 119–121]IN THE HOUSE OF REPRESENTATIVESMay 8, 2025Mr. Nunn of Iowa (for himself and Ms. Bynum) introduced the following bill; which was referred to the Committee on Financial ServicesJune 3, 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 8, 2025A BILLTo amend the Securities Exchange Act of 1934 to specify certain registration statement contents for emerging growth companies, to permit issuers to file draft registration statements with the Securities and Exchange Commission for confidential review, and for other purposes.

1.

Short title

This Act may be cited as the Encouraging Local Emerging Ventures and Economic Growth Act of 2025 or the ELEVATE Act of 2025.

2.

Registration statements

Section 12(b) of the Securities Exchange Act of 1934 (15 U.S.C. 78l(b)) is amended—(1)in paragraph (1)(K), by striking years, and inserting years (or, in the case of an emerging growth company, not more than the two preceding years),; and(2)by adding at the end the following:Any issuer may confidentially submit to the Commission a draft registration statement for confidential nonpublic review by the staff of the Commission prior to public filing, provided that the initial confidential submission and all amendments thereto shall be publicly filed with the Commission not later than 10 days before listing on a national securities exchange. Notwithstanding any other provision of this title, the Commission shall not be compelled to disclose any information provided to or obtained by the Commission pursuant to this subsection. For purposes of section 552 of title 5, this subsection shall be considered a statute described in subsection (b)(3)(B) of such section 552. Information described in or obtained pursuant to this subsection shall be deemed to constitute confidential information for purposes of section 24..

June 3, 2025Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed