H.R. 3959 Reported by committee Finance and Financial Sector

Protecting Private Job Creators Act

To except quotations of fixed-income securities from certain regulatory requirements, and for other purposes.

  1. Introduced
  2. Committee
  3. Passed House
  4. Passed Senate
  5. To President
  6. Became law
Sponsor Rep. Downing, Troy [R-MT-2] Introduced June 12, 2025 Cosponsors 7 (3 D, 4 R) Latest action February 25, 2026

Summary

Protecting Private Job Creators Act
This bill provides statutory authority for an exemption from specified disclosure requirements applicable to fixed-income securities (e.g., corporate bonds or a certificate of deposit).
Under current securities regulations, brokers and dealers are generally prohibited from publishing securities quotations (i.e., the sale price) in over-the-counter (i.e., not on a national exchange) markets unless they have certain information about the securities issuer in their records. The Securities and Exchange Commission issued a series of orders (with the latest order issued in November 2024) granting an exemption to this rule to fixed-income securities that comply with specified safe-harbor rules. The bill provides statutory authority for this exemption.

Summary by the Congressional Research Service, Library of Congress.

Congress.gov

Actions

  1. Feb 25, 2026 Placed on the Union Calendar, Calendar No. 448.
  2. Feb 25, 2026 Reported (Amended) by the Committee on Financial Services. H. Rept. 119-523.
  3. Dec 17, 2025 Ordered to be Reported (Amended) by the Yeas and Nays: 41 - 11.
  4. Dec 17, 2025 Committee Consideration and Mark-up Session Held
  5. Dec 16, 2025 Committee Consideration and Mark-up Session Held
  6. Jun 12, 2025 Referred to the House Committee on Financial Services.
  7. Jun 12, 2025 Introduced in House

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