Securities Research Modernization Act
Latest action · Jul 15, 2025 Placed on the Union Calendar, Calendar No. 167.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedJun 2, 2025
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Securities Research Modernization Act
This bill allows a securities broker or dealer to publish or distribute a research report on a proposed public offering by any issuer without it being considered an offer to sell securities for purposes of registration requirements. Currently, only reports published or distributed regarding a proposed public offering by an emerging growth company fall under this exception.
Cosponsors 1
Members who signed on, in the order they did. All signed on Jun 2, 2025.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-LA | Cleo Fields | Original | Jun 2, 2025 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Financial Services Committee | Referred Jun 2, 2025Markup Jun 10, 2025Reported Jul 15, 2025 |
Actions 6
Everything that happened, newest first.
- Jul 15, 2025Reported (Amended) by the Committee on Financial Services. H. Rept. 119-204.
- Jul 15, 2025Placed on the Union Calendar, Calendar No. 167.
- Jun 10, 2025Committee Consideration and Mark-up Session Held
- Jun 10, 2025Ordered to be Reported (Amended) by the Yeas and Nays: 31 - 19.
- Jun 2, 2025Introduced in House
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Committee report
Congressional Budget Office cost estimate
- Oct 31, 2025H.R. 3672, Securities Research Modernization ActAs reported by the House Committee on Financial Services on July 15, 2025
Constitutional authority
The sponsor’s statement, as printed in the Congressional Record, vol. 171, no. 93, June 2, 2025, page H2383.
Titles 3
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- 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.
- Short Title(s) as Introduced
- Securities Research Modernization Act
- Short Title(s) as Reported to House
- Securities Research Modernization Act
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
Text 2
Each version as it was printed, newest first.
- Jul 15, 2025Reported in House
- Jun 2, 2025Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
