[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3672 Reported in House (RH)]

<DOC>





                                                 Union Calendar No. 167
119th CONGRESS
  1st Session
                                H. R. 3672

                          [Report No. 119-204]

   To amend the Securities Act of 1933 to expand the research report 
    exception to include reports about any issuer that undertakes a 
                proposed offering of public securities.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              June 2, 2025

   Mr. Williams of Texas (for himself and Mr. Fields) introduced the 
   following bill; which was referred to the Committee on Financial 
                                Services

                             July 15, 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 June 2, 
                                 2025]


_______________________________________________________________________

                                 A BILL


 
   To amend the Securities Act of 1933 to expand the research report 
    exception to include reports about any issuer that undertakes a 
                proposed offering of public securities.


 


    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 ``Securities Research Modernization 
Act''.

SEC. 2. PROVISION OF RESEARCH REPORT.

    Section 2(a)(3) of the Securities Act of 1933 (15 U.S.C. 77b(a)(3)) 
is amended--
     (a) by striking ``an emerging growth company'' and inserting ``an 
issuer'';
    (b) by striking ``the common equity'' and inserting ``any''; and
    (c) by striking ``such emerging growth company'' and inserting 
``such issuer''.
                                                 Union Calendar No. 167

119th CONGRESS

  1st Session

                               H. R. 3672

                          [Report No. 119-204]

_______________________________________________________________________

                                 A BILL

   To amend the Securities Act of 1933 to expand the research report 
    exception to include reports about any issuer that undertakes a 
                proposed offering of public securities.

_______________________________________________________________________

                             July 15, 2025

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