# 119-hr-3672: Securities Research Modernization Act

119-hr-3672, Securities Research Modernization Act, is a 119th Congress bill sponsored by Rep. Williams, Roger [R-TX-25] (R-TX); status in_committee; PRIA reads it as touching household money (as of 2026-06-13).

- Canonical: https://policyrisk.com/legislation/119-hr-3672
- As of: 2026-06-13
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Bill: 119-hr-3672
- Congress: 119
- Title: Securities Research Modernization Act
- Status: in_committee
- Introduced: 2025-06-02
- Sponsor: Rep. Williams, Roger [R-TX-25] (R-TX)
- Cosponsors: 1
- Policy area: Finance and Financial Sector
- Touches household money: yes
- Last recorded action: 2026-06-13

## Summary

**Expands the securities research report exemption** so analyst reports can cover any issuer and any class of securities tied to a proposed public offering. The bill would amend Section 2(a)(3) of the Securities Act of 1933 by replacing references to "emerging growth company" and "common equity" with broader terms so the exemption applies to any issuer and any security in an offering.

## Cosponsors (1)

- Rep. Fields, Cleo [D-LA-6] (D-LA), 2025-06-02T00:00:00.000Z

## Provisions PRIA read

- Broader research-report rules for investors: mixed, medium. If enacted, this would broaden the "research report" exemption in the 1933 securities law. Broker-dealers and analysts could publish reports about any issuer and any type of security tied to a planned public offering. It would no longer be limited to emerging growth companies and common stock. Inve…

## Related bills

- 119-hr-6644: 21st Century ROAD to Housing Act
- 119-hr-3151: SHIPS for America Act of 2025
- 119-hr-4669: FEMA Act of 2025
- 119-hr-137: TCJA Permanency Act
- 119-hr-1262: Mikaela Naylon Give Kids a Chance Act
- 119-hr-740: Veterans’ ACCESS Act of 2025

## Sources
- [119-hr-3672 on Congress.gov](https://www.congress.gov/bill/119th-congress/house-bill/3672)

## Related
- [119-hr-6644: 21st Century ROAD to Housing Act](https://policyrisk.com/legislation/119-hr-6644)
- [119-hr-3151: SHIPS for America Act of 2025](https://policyrisk.com/legislation/119-hr-3151)
- [119-hr-4669: FEMA Act of 2025](https://policyrisk.com/legislation/119-hr-4669)
- [119-hr-137: TCJA Permanency Act](https://policyrisk.com/legislation/119-hr-137)
- [119-hr-1262: Mikaela Naylon Give Kids a Chance Act](https://policyrisk.com/legislation/119-hr-1262)
- [119-hr-740: Veterans’ ACCESS Act of 2025](https://policyrisk.com/legislation/119-hr-740)
- [All bills in Congress](https://policyrisk.com/legislation)

Source: PRIA, https://policyrisk.com/legislation/119-hr-3672 (as of 2026-06-13).