119 HR 3672 IH: Securities Research Modernization Act U.S. House of Representatives 2025-06-02 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.

I119th CONGRESS1st SessionH. R. 3672IN 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 ServicesA 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

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.