Encouraging Public Offerings Act of 2026
Sponsored By: Senator Budd, Ted [R-NC]
Introduced
Summary
Expands confidential pre-IPO review and "testing the waters" to all issuers rather than only emerging growth companies. It would let any company submit draft registration statements to the SEC for confidential staff review before an IPO and within 1 year after an IPO, while tying new SEC rule changes to public notice, comment, and a required report to Congress explaining the rulemaking basis.
Show full summary
- Issuers: Any company preparing an initial public offering could submit draft registration statements confidentially and must publicly file the initial confidential submission and any amendments no later than 15 days before a road show or the requested effective date.
- Investors: The bill broadens which pre-offering communications are allowed, potentially increasing permitted outreach to investors beyond just emerging growth companies.
- SEC and rulemaking: The Securities and Exchange Commission could impose additional terms or conditions by notice-and-comment rulemaking, but must first provide Congress a report with findings that justify the proposed rules.
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 0 benefits, 0 costs, 1 mixed.
More private filing options for companies
If enacted, this bill would let any issuer confidentially submit a draft registration statement to the SEC for nonpublic staff review before an IPO. The confidential initial filing and any amendments would have to be publicly filed at least 15 days before a road show, or 15 days before the requested effective date if there is no road show. The bill would also let any issuer use oral or written "testing-the-waters" communications to gauge investor interest before filing. The SEC could adopt rules adding other terms or conditions, but it would first have to take public comments and send Congress a report listing the findings that justify the rulemaking.
Sponsors & CoSponsors
Sponsor
Budd, Ted [R-NC]
NC • R
Cosponsors
Raphael Warnock
GA • D
Sponsored 6/4/2026
Sen. Tillis, Thomas [R-NC]
NC • R
Sponsored 6/4/2026
Sen. Van Hollen, Chris [D-MD]
MD • D
Sponsored 6/4/2026
Sen. Alsobrooks, Angela D. [D-MD]
MD • D
Sponsored 6/4/2026
Roll Call Votes
No roll call votes available for this bill.
View on Congress.gov