# 119-hr-3395: Middle Market IPO Cost Act

119-hr-3395, Middle Market IPO Cost Act, is a 119th Congress bill sponsored by Rep. Himes, James A. [D-CT-4] (D-CT); status passed_house; PRIA reads it as touching household money (as of 2026-07-19).

- Canonical: https://policyrisk.com/legislation/119-hr-3395
- As of: 2026-07-19
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Bill: 119-hr-3395
- Congress: 119
- Title: Middle Market IPO Cost Act
- Status: passed_house
- Introduced: 2025-05-14
- Sponsor: Rep. Himes, James A. [D-CT-4] (D-CT)
- Cosponsors: 2
- Policy area: Finance and Financial Sector
- Touches household money: yes
- Last recorded action: 2026-07-19

## Summary

**Directs a federal study of IPO costs for small- and medium-sized companies.** The Comptroller General would work with the SEC and FINRA to measure direct and indirect costs, compare IPO costs to alternative financing, analyze effects on capital formation and retail investor access, and deliver findings and recommendations to Congress within 360 days. - Small- and medium-sized companies: The study would detail direct and indirect IPO expenses, including fees for accountants, underwriters, outside advisors, compliance with Federal and State securities laws, and litigation-related costs. - Retail investors: It would analyze how IPO costs affect the availability of public securities to retail investors. - Market participants: The review would compare IPO costs to other financing options and track trends such as the number of IPOs, evolution of underwriting and advisory fees, the number of brokers and dealers active in underwriting, and changes in investment research availability. - Policymakers and regulators: Congress would receive a Comptroller General report with findings and any administrative or legislative recommendations after the study period.

## Cosponsors (2)

- Rep. Sessions, Pete [R-TX-17] (R-TX), 2025-05-19T00:00:00.000Z
- Rep. Lawler, Michael [R-NY-17] (R-NY), 2025-06-03T00:00:00.000Z

## Provisions PRIA read

- Study of IPO costs for smaller companies: mixed, low. If enacted, the Government Accountability Office would study what it costs small and mid-sized companies to go public. GAO would consult the SEC and FINRA and review both direct and indirect IPO costs, like fees and compliance with federal and state laws. It would compare IPO costs to other ways to…

## Related bills

- 119-hr-6644: 21st Century ROAD to Housing Act
- 119-hr-9237: Take Care of America’s Veterans Act
- 119-hr-2725: Affordable Housing Credit Improvement Act of 2025
- 119-hr-3151: SHIPS for America Act of 2025
- 119-hr-1262: Mikaela Naylon Give Kids a Chance Act
- 119-hr-842: Nancy Gardner Sewell Medicare Multi-Cancer Early Detection Screening Coverage Act

## Sources
- [119-hr-3395 on Congress.gov](https://www.congress.gov/bill/119th-congress/house-bill/3395)

## Related
- [119-hr-6644: 21st Century ROAD to Housing Act](https://policyrisk.com/legislation/119-hr-6644)
- [119-hr-9237: Take Care of America’s Veterans Act](https://policyrisk.com/legislation/119-hr-9237)
- [119-hr-2725: Affordable Housing Credit Improvement Act of 2025](https://policyrisk.com/legislation/119-hr-2725)
- [119-hr-3151: SHIPS for America Act of 2025](https://policyrisk.com/legislation/119-hr-3151)
- [119-hr-1262: Mikaela Naylon Give Kids a Chance Act](https://policyrisk.com/legislation/119-hr-1262)
- [119-hr-842: Nancy Gardner Sewell Medicare Multi-Cancer Early Detection Screening Coverage A…](https://policyrisk.com/legislation/119-hr-842)
- [All bills in Congress](https://policyrisk.com/legislation)

Source: PRIA, https://policyrisk.com/legislation/119-hr-3395 (as of 2026-07-19).