[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3484 Reported in House (RH)]

<DOC>





                                                 Union Calendar No. 315
119th CONGRESS
  1st Session
                                H. R. 3484

                          [Report No. 119-363]

    To terminate unused authorities of the Securities and Exchange 
Commission that were established pursuant to the Dodd-Frank Wall Street 
                  Reform and Consumer Protection Act.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 19, 2025

   Mr. Barr (for himself, Mr. Emmer, Mr. Westerman, and Mrs. Hinson) 
 introduced the following bill; which was referred to the Committee on 
                           Financial Services

                            November 4, 2025

   Additional sponsors: Mr. Hudson, Mr. Baumgartner, Mr. Williams of 
                        Texas, and Mr. Sessions

                            November 4, 2025

  Reported with an amendment, committed to the Committee of the Whole 
       House on the State of the Union, and ordered to be printed
 [Strike out all after the enacting clause and insert the part printed 
                               in italic]
[For text of introduced bill, see copy of bill as introduced on May 19, 
                                 2025]


_______________________________________________________________________

                                 A BILL


 
    To terminate unused authorities of the Securities and Exchange 
Commission that were established pursuant to the Dodd-Frank Wall Street 
                  Reform and Consumer Protection Act.


 


    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Business Owners Protection Act of 
2025''.

SEC. 2. REPEAL OF CERTAIN UNUSED AUTHORITY TO RESTRICT MANDATORY 
              PREDISPUTE ARBITRATION.

    (a) In General.--Section 15 of the Securities Exchange Act of 1934 
(15 U.S.C. 78o) is amended by repealing subsection (o).
    (b) Conforming Amendment.--Section 921 of the Investor Protection 
and Securities Reform Act of 2010 is amended by striking subsection 
(a).

SEC. 3. REMOVAL OF CERTAIN AUTHORITY RELATED TO FIDUCIARY DUTIES.

    (a) Securities Exchange Act of 1934.--The second subsection (l) of 
section 15 of the Securities Exchange Act of 1934 (15 U.S.C. 78o; 
relating to ``Other matters'') is amended--
            (1) by striking ``Commission shall'' and all that follows 
        through ``(1) facilitate'' and inserting ``Commission shall 
        facilitate'';
            (2) in paragraph (1), by striking ``; and'' and inserting a 
        period; and
            (3) by striking paragraph (2).
    (b) Investment Advisers Act of 1940.--Section 211(h) of the 
Investment Advisers Act of 1940 (15 U.S.C. 80b-11(h)) is amended--
            (1) by striking ``Commission shall'' and all that follows 
        through ``(1) facilitate'' and inserting ``Commission shall 
        facilitate'';
            (2) in paragraph (1), by striking ``; and'' and inserting a 
        period; and
            (3) by striking paragraph (2).

SEC. 4. REPEAL OF CERTAIN UNUSED AUTHORITY RELATED TO STANDARDS OF 
              CONDUCT.

    Section 15 of the Securities Exchange Act of 1934 (15 U.S.C. 78o) 
is amended by repealing the second subsection (k) (relating to 
``Standard of Conduct'').
                                                 Union Calendar No. 315

119th CONGRESS

  1st Session

                               H. R. 3484

                          [Report No. 119-363]

_______________________________________________________________________

                                 A BILL

    To terminate unused authorities of the Securities and Exchange 
Commission that were established pursuant to the Dodd-Frank Wall Street 
                  Reform and Consumer Protection Act.

_______________________________________________________________________

                            November 4, 2025

  Reported with an amendment, committed to the Committee of the Whole 
       House on the State of the Union, and ordered to be printed