# 119-s-4690: Encouraging Public Offerings Act of 2026

119-s-4690, Encouraging Public Offerings Act of 2026, is a 119th Congress bill sponsored by Sen. Budd, Ted [R-NC] (R-NC); status introduced; PRIA reads it as touching household money (as of 2026-08-06).

- Canonical: https://policyrisk.com/legislation/119-s-4690
- As of: 2026-08-06
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Bill: 119-s-4690
- Congress: 119
- Title: Encouraging Public Offerings Act of 2026
- Status: introduced
- Introduced: 2026-06-04
- Sponsor: Sen. Budd, Ted [R-NC] (R-NC)
- Cosponsors: 5
- Policy area: Finance and Financial Sector
- Touches household money: yes
- Last recorded action: 2026-08-06

## Summary

**This bill would expand confidential draft registration and testing-the-waters communications to all issuers, not just emerging growth companies.** It would set firm 15-day public-filing deadlines tied to a road show or requested effective date and require the Securities and Exchange Commission to report to Congress before issuing new rules that impose conditions on these practices. - Private companies and issuers within 1 year after an IPO could confidentially submit draft registration statements for staff review, with initial submissions and amendments publicly filed no later than 15 days before a road show or the requested effective date. - The testing-the-waters framework would be available to all issuers, widening pre-offering investor outreach while allowing the Commission to add terms, conditions, or requirements. - Before the Commission issues any rulemaking that imposes new conditions on these communications or submissions for non-emerging growth companies, it must report to Congress explaining the basis for that rulemaking.

## Cosponsors (5)

- Sen. Warnock, Raphael G. [D-GA] (D-GA), 2026-06-04T00:00:00.000Z
- Sen. Tillis, Thomas [R-NC] (R-NC), 2026-06-04T00:00:00.000Z
- Sen. Van Hollen, Chris [D-MD] (D-MD), 2026-06-04T00:00:00.000Z
- Sen. Alsobrooks, Angela D. [D-MD] (D-MD), 2026-06-04T00:00:00.000Z
- Sen. McCormick, David [R-PA] (R-PA), 2026-08-04T00:00:00.000Z

## Provisions PRIA read

- All companies can test investor interest: mixed, medium. This bill would let any company use oral or written testing-the-waters communications with potential investors during a registration process. That permission would no longer be limited to emerging growth companies. The SEC could later write rules adding terms or limits on testing-the-waters for com…
- More private IPO filings for companies: mixed, medium. This bill would let any company privately submit a draft registration statement to the SEC for staff review before a public filing. It would apply before a company's initial public offering and within one year after an IPO or exchange registration. The initial confidential submission and any amendm…

## Related bills

- 119-s-5066: Health Equity and Accountability Act of 2026
- 119-s-1241: Sanctioning Russia Act of 2025
- 119-s-1816: Improving Seniors’ Timely Access to Care Act of 2025
- 119-s-1261: CONNECT for Health Act of 2025
- 119-s-1532: A bill to amend the Internal Revenue Code of 1986 to modify the railroad track maintenance credit.
- 119-s-1289: 25th Anniversary of 9/11 Commemorative Coin Act

## Sources
- [119-s-4690 on Congress.gov](https://www.congress.gov/bill/119th-congress/senate-bill/4690)

## Related
- [119-s-5066: Health Equity and Accountability Act of 2026](https://policyrisk.com/legislation/119-s-5066)
- [119-s-1241: Sanctioning Russia Act of 2025](https://policyrisk.com/legislation/119-s-1241)
- [119-s-1816: Improving Seniors’ Timely Access to Care Act of 2025](https://policyrisk.com/legislation/119-s-1816)
- [119-s-1261: CONNECT for Health Act of 2025](https://policyrisk.com/legislation/119-s-1261)
- [119-s-1532: A bill to amend the Internal Revenue Code of 1986 to modify the railroad track…](https://policyrisk.com/legislation/119-s-1532)
- [119-s-1289: 25th Anniversary of 9/11 Commemorative Coin Act](https://policyrisk.com/legislation/119-s-1289)
- [All bills in Congress](https://policyrisk.com/legislation)

Source: PRIA, https://policyrisk.com/legislation/119-s-4690 (as of 2026-08-06).