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119-hr-3959119th CongressWALLET

Protecting Private Job Creators Act

Sponsored By: Representative Downing, Troy [R-MT-2]

In Committee

Summary

Would exempt quotations of fixed-income securities from SEC rule 17 CFR 240.15c2-11, removing that rule's quotation requirements for bonds and similar debt instruments. It defines “fixed-income security” to include notes, bonds, debentures, certificates of deposit, asset-backed securities, and any of those that are convertible or that carry a warrant or right to buy equity.

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Bill Overview

Analyzed Economic Effects

1 provisions identified: 0 benefits, 0 costs, 1 mixed.

Fewer SEC rules for bond quotes

This bill would make SEC Rule 240.15c2-11 not apply to quotations of fixed-income securities. It would define fixed-income securities to include notes, bonds, debentures, certificates of deposit, asset-backed securities, and other evidence of indebtedness. It would also cover those securities if they are convertible into equity or carry warrants or rights to buy equity. Broker-dealers and market firms would no longer have the rule's quote-verification obligations for these instruments. Investors would have fewer of the verification and disclosure protections that the rule currently supports.

Sponsors & CoSponsors

Sponsor

Downing, Troy [R-MT-2]

MT • R

Cosponsors

  • Rep. Fields, Cleo [D-LA-6]

    LA • D

    Sponsored 6/12/2025

  • Rep. Gottheimer, Josh [D-NJ-5]

    NJ • D

    Sponsored 9/30/2025

  • Rep. Scott, David [D-GA-13]

    GA • D

    Sponsored 10/8/2025

  • Rep. Wagner, Ann [R-MO-2]

    MO • R

    Sponsored 10/10/2025

  • Rep. Sessions, Pete [R-TX-17]

    TX • R

    Sponsored 12/16/2025

  • Rep. Moore, Tim [R-NC-14]

    NC • R

    Sponsored 12/18/2025

  • Rep. Lawler, Michael [R-NY-17]

    NY • R

    Sponsored 1/9/2026

Roll Call Votes

No roll call votes available for this bill.

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