[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3381 Introduced in House (IH)]

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119th CONGRESS
  1st Session
                                H. R. 3381

   To amend the Securities Act of 1933 to expand the ability to use 
testing the waters and confidential draft registration submissions, and 
                          for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 14, 2025

 Mrs. Wagner (for herself, Mr. Meeks, and Mr. Sessions) introduced the 
   following bill; which was referred to the Committee on Financial 
                                Services

_______________________________________________________________________

                                 A BILL


 
   To amend the Securities Act of 1933 to expand the ability to use 
testing the waters and confidential draft registration submissions, and 
                          for other purposes.

    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 ``Encouraging Public Offerings Act of 
2025''.

SEC. 2. EXPANDING TESTING THE WATERS.

    Section 5(d) of the Securities Act of 1933 (15 U.S.C. 77e(d)) is 
amended by striking ``an emerging growth company or any person 
authorized to act on behalf of an emerging growth company'' and 
inserting ``an issuer or any person authorized to act on behalf of an 
issuer''.

SEC. 3. CONFIDENTIAL REVIEW OF DRAFT REGISTRATION STATEMENTS.

    Section 6(e) of the Securities Act of 1933 (15 U.S.C. 77f(e)) is 
amended--
            (1) in the heading, by striking ``Emerging Growth 
        Companies'' and inserting ``Confidential Review of Draft 
        Registration Statements''; and
            (2) by striking paragraph (1) and inserting the following:
            ``(1) In general.--Any issuer may, with respect to an 
        initial public offering, initial registration of a security of 
        the issuer under section 12(b) of the Securities Exchange Act 
        of 1934 (15 U.S.C. 78l(b)), or follow-on offering, 
        confidentially submit to the Commission a draft registration 
        statement, for confidential nonpublic review by the staff of 
        the Commission prior to public filing, provided that the 
        initial confidential submission and all amendments thereto 
        shall be publicly filed with the Commission not later than--
                    ``(A) in the case of an initial public offering, 10 
                days before the effective date of such registration 
                statement;
                    ``(B) in the case of an initial registration of a 
                security of the issuer under such section 12(b), 10 
                days before listing on an exchange; or
                    ``(C) in the case of any offering after an initial 
                public offering or an initial registration under such 
                section 12(b), 48 hours before the effective date of 
                such registration statement.''.
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