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

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119th CONGRESS
  1st Session
                                H. R. 3672

   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.


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                    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

_______________________________________________________________________

                                 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.

    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''.
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