H.R. 3381 Passed the House Finance and Financial Sector

Encouraging Public Offerings Act of 2025

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.

  1. Introduced
  2. Committee
  3. Passed House
  4. Passed Senate
  5. To President
  6. Became law
Sponsor Rep. Wagner, Ann [R-MO-2] Introduced May 14, 2025 Cosponsors 2 (1 D, 1 R) Latest action June 24, 2025

Summary

Encouraging Public Offerings Act of 2025
This bill provides statutory authority for all issuers of securities to use certain offering procedures that are available to emerging growth companies.
Specifically, the bill allows under statute issuers of securities to communicate with potential investors to ascertain interest in a contemplated securities offering, either before or after the filing of a registration statement (i.e., test the waters).
Additionally, issuers are allowed under statute to submit to the Securities and Exchange Commission, with respect to an initial public offering, initial registration, or follow-on offering, a confidential draft registration statement for review prior to public filing.

Summary by the Congressional Research Service, Library of Congress.

Congress.gov

Actions

  1. Jun 24, 2025 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
  2. Jun 23, 2025 Motion to reconsider laid on the table Agreed to without objection.
  3. Jun 23, 2025 On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H2872-2873)
  4. Jun 23, 2025 DEBATE - The House proceeded with forty minutes of debate on H.R. 3381.
  5. Jun 23, 2025 Considered under suspension of the rules. (consideration: CR H2872-2873)
  6. Jun 23, 2025 Mrs. Wagner moved to suspend the rules and pass the bill, as amended.
  7. Jun 3, 2025 Placed on the Union Calendar, Calendar No. 86.
  8. Jun 3, 2025 Reported (Amended) by the Committee on Financial Services. H. Rept. 119-116.
  9. May 20, 2025 Ordered to be Reported (Amended) by the Yeas and Nays: 48 - 2.
  10. May 20, 2025 Committee Consideration and Mark-up Session Held
  11. May 14, 2025 Referred to the House Committee on Financial Services.
  12. May 14, 2025 Introduced in House

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