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HR3672119th CongressWALLET

Securities Research Modernization Act

Sponsored By: Representative Williams, Roger [R-TX-25]

In Committee

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.

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Bill Overview

Analyzed Economic Effects

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

Broader research-report rules for investors

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. Investors might see more research and quicker updates, but there could also be more promotional reports that are not full prospectuses.

Sponsors & CoSponsors

Sponsor

Williams, Roger [R-TX-25]

TX • R

Cosponsors

  • Rep. Fields, Cleo [D-LA-6]

    LA • D

    Sponsored 6/2/2025

Roll Call Votes

No roll call votes available for this bill.

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