# 119-hr-3381: Encouraging Public Offerings Act of 2025

119-hr-3381, Encouraging Public Offerings Act of 2025, is a 119th Congress bill sponsored by Rep. Wagner, Ann [R-MO-2] (R-MO); status passed_house; PRIA reads it as touching household money (as of 2026-07-15).

- Canonical: https://policyrisk.com/legislation/119-hr-3381
- As of: 2026-07-15
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Bill: 119-hr-3381
- Congress: 119
- Title: Encouraging Public Offerings Act of 2025
- Status: passed_house
- Introduced: 2025-05-14
- Sponsor: Rep. Wagner, Ann [R-MO-2] (R-MO)
- Cosponsors: 2
- Policy area: Finance and Financial Sector
- Touches household money: yes
- Last recorded action: 2026-07-15

## Summary

**Expand confidential pre-filing review and testing-the-waters communications to all issuers.** This bill would let issuers beyond emerging growth companies (EGCs) use testing-the-waters and allow any issuer to submit draft registration statements to the Securities and Exchange Commission for confidential staff review, subject to SEC rulemaking and required reporting to Congress before any new rules. - Issuers: Non-emerging growth companies could engage in oral or written testing-the-waters communications, although the SEC could impose additional terms or conditions by rule after public notice and comment and must submit a report to Congress listing the findings that support any such rulemaking. - Filing timelines: Any issuer could confidentially submit draft registration statements for IPOs, initial Section 12(b) listings, and follow-on offerings and then must publicly file the initial confidential submission and any amendments by set deadlines: IPOs and initial 12(b) filings 10 days before effectiveness or listing, and follow-ons 48 hours before effectiveness.

## Cosponsors (2)

- Rep. Meeks, Gregory W. [D-NY-5] (D-NY), 2025-05-14T00:00:00.000Z
- Rep. Sessions, Pete [R-TX-17] (R-TX), 2025-05-14T00:00:00.000Z

## Provisions PRIA read

- Easier pre-offering talks and draft filings: benefit, medium. If enacted, more companies would be able to talk with potential investors before filing. It would let any issuer, not just emerging growth companies, use testing-the-waters communications. Any issuer could send draft registration statements to the SEC for confidential staff review before public fil…
- SEC could add rules for talks and drafts: mixed, medium. The SEC could set extra terms or conditions for testing-the-waters talks and confidential draft submissions by issuers that are not emerging growth companies. Any rules would require public notice and a chance to comment. Before proposing such rules, the SEC would need to send Congress a report lis…

## Related bills

- 119-hr-3383: Incentivizing New Ventures and Economic Strength Through Capital Formation Act of 2025
- 119-hr-6644: 21st Century ROAD to Housing Act
- 119-hr-6955: Main Street Capital Access Act
- 119-hr-1422: Enhanced Iran Sanctions Act of 2025
- 119-hr-909: Crime Victims Fund Stabilization Act of 2025
- 119-hr-1229: United States-Israel Defense Partnership Act of 2025

## Sources
- [119-hr-3381 on Congress.gov](https://www.congress.gov/bill/119th-congress/house-bill/3381)

## Related
- [119-hr-3383: Incentivizing New Ventures and Economic Strength Through Capital Formation Act…](https://policyrisk.com/legislation/119-hr-3383)
- [119-hr-6644: 21st Century ROAD to Housing Act](https://policyrisk.com/legislation/119-hr-6644)
- [119-hr-6955: Main Street Capital Access Act](https://policyrisk.com/legislation/119-hr-6955)
- [119-hr-1422: Enhanced Iran Sanctions Act of 2025](https://policyrisk.com/legislation/119-hr-1422)
- [119-hr-909: Crime Victims Fund Stabilization Act of 2025](https://policyrisk.com/legislation/119-hr-909)
- [119-hr-1229: United States-Israel Defense Partnership Act of 2025](https://policyrisk.com/legislation/119-hr-1229)
- [All bills in Congress](https://policyrisk.com/legislation)

Source: PRIA, https://policyrisk.com/legislation/119-hr-3381 (as of 2026-07-15).