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119-s-4034119th CongressWALLET

ELEVATE Act of 2026

Sponsored By: Senator Ricketts, Pete [R-NE]

Introduced

Summary

Creates a confidential review pathway that would let issuers submit draft registration statements to the SEC for nonpublic review and tightens some disclosure rules for Emerging Growth Companies.

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  • Emerging Growth Companies: The bill would change how required registration items are organized and limit one disclosure to covering no more than the two preceding fiscal years.
  • Issuers: Any issuer could confidentially submit a draft registration for SEC review, but the initial confidential submission and any amendments must be publicly filed no later than 10 days before the security lists on a national securities exchange.
  • SEC and records: The SEC would not be compelled to disclose information provided under this pathway. Material from these confidential reviews would be treated as exempt from public release under 5 U.S.C. 552 and as confidential under section 24.

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Bill Overview

Analyzed Economic Effects

2 provisions identified: 2 benefits, 0 costs, 0 mixed.

Confidential SEC review for issuers

If enacted, any issuer would be able to give the SEC a draft registration privately for staff review before publicly filing. The draft and any changes would have to be filed publicly no later than 10 days before the security lists on a national exchange. The SEC would treat those drafts and related information as confidential and would not be compelled to disclose them under FOIA or section 24. This would take effect upon enactment.

Less financial history for emerging companies

If enacted, an emerging growth company would only need to include financial statements covering not more than the two preceding fiscal years in its registration. This change would apply only when the issuer qualifies as an emerging growth company. This would take effect upon enactment.

Sponsors & CoSponsors

Sponsor

Ricketts, Pete [R-NE]

NE • R

Cosponsors

  • Sen. Cortez Masto, Catherine [D-NV]

    NV • D

    Sponsored 3/10/2026

Roll Call Votes

No roll call votes available for this bill.

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