H.R. 3672 Reported by committee Finance and Financial Sector

Securities Research Modernization Act

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.

  1. Introduced
  2. Committee
  3. Passed House
  4. Passed Senate
  5. To President
  6. Became law
Sponsor Rep. Williams, Roger [R-TX-25] Introduced June 2, 2025 Cosponsors 1 (1 D) Latest action July 15, 2025

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.

Summary by the Congressional Research Service, Library of Congress.

Congress.gov

Actions

  1. Jul 15, 2025 Placed on the Union Calendar, Calendar No. 167.
  2. Jul 15, 2025 Reported (Amended) by the Committee on Financial Services. H. Rept. 119-204.
  3. Jun 10, 2025 Ordered to be Reported (Amended) by the Yeas and Nays: 31 - 19.
  4. Jun 10, 2025 Committee Consideration and Mark-up Session Held
  5. Jun 2, 2025 Referred to the House Committee on Financial Services.
  6. Jun 2, 2025 Introduced in House

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