[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7127 Reported in House (RH)]

<DOC>





                                                 Union Calendar No. 493
119th CONGRESS
  2d Session
                                H. R. 7127

                          [Report No. 119-573]

 To amend the Securities Act of 1933 to exempt off-exchange secondary 
  trading from State regulation where such trading is with respect to 
 securities of an issuer that makes publicly available certain current 
                  information, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 16, 2026

  Mr. Meuser introduced the following bill; which was referred to the 
                    Committee on Financial Services

                             March 25, 2026

  Reported with an amendment, committed to the Committee of the Whole 
       House on the State of the Union, and ordered to be printed
 [Strike out all after the enacting clause and insert the part printed 
                               in italic]
[For text of introduced bill, see copy of bill as introduced on January 
                               16, 2026]


_______________________________________________________________________

                                 A BILL


 
 To amend the Securities Act of 1933 to exempt off-exchange secondary 
  trading from State regulation where such trading is with respect to 
 securities of an issuer that makes publicly available certain current 
                  information, and for other purposes.


 


    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Restoring the Secondary Trading 
Market Act''.

SEC. 2. EXEMPTION FROM STATE REGULATION.

    Section 18(a) of the Securities Act of 1933 (15 U.S.C. 77r(a)) is 
amended--
            (1) in paragraph (2), by striking ``or'' at the end;
            (2) in paragraph (3), by striking the period at the end and 
        inserting ``; or''; and
            (3) by adding at the end the following:
            ``(4) shall directly or indirectly prohibit, limit, or 
        impose any conditions upon the off-exchange secondary trading 
        (as such term is defined by the Commission) in securities of an 
        issuer that makes current information publicly available, 
        including--
                    ``(A) the information required in the periodic and 
                current reports described under paragraph (b) of 
                section 230.257 of title 17, Code of Federal 
                Regulations; or
                    ``(B) the documents and information specified in 
                paragraph (b) of section 15c2-11 of title 17, Code of 
                Federal Regulations.''.
                                                 Union Calendar No. 493

119th CONGRESS

  2d Session

                               H. R. 7127

                          [Report No. 119-573]

_______________________________________________________________________

                                 A BILL

 To amend the Securities Act of 1933 to exempt off-exchange secondary 
  trading from State regulation where such trading is with respect to 
 securities of an issuer that makes publicly available certain current 
                  information, and for other purposes.

_______________________________________________________________________

                             March 25, 2026

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