HR 3395 Re-checks Congress.gov for new actions and updates the bill's status, and fills in any sponsors, committees, or related bills that are missing. It does not re-pull sponsors/cosponsors/committees/related — those rarely change — and it skips all work if nothing has changed upstream, so it's cheap to click.
Summary
This act requires the Comptroller General of the United States to conduct a study of the costs associated with small and medium-sized companies undertaking initial public offerings (IPOs). The study must examine both direct costs, such as fees for accountants, underwriters, and advisors, and indirect costs related to securities compliance. The Comptroller General must also analyze how IPO costs compare to alternative financing methods, their impact on capital formation, and their effect on the availability of public company securities to retail investors. The study will review IPO trends over an appropriate time period to understand how costs have evolved and what factors influence IPO pricing. A report containing the study's findings and any recommendations must be submitted to Congress within 360 days of the bill's enactment.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
2 cosponsors
Money behind the sponsor
Top reported contributors to James A. Himes’s campaign committee (2024 cycle) — who funds the bill’s sponsor, not a claim about this bill. Data from FEC.
- NULL $19,950
- ANDREESSEN HOROWITZ $19,800
- DIGITAL CURRENCY GROUP $16,100
- FERMAT CAPITAL MANAGEMENT LLC $15,200
- COINBASE $14,200
Organizations whose employees gave the most — itemized individual contributions grouped by the donor’s reported employer (FEC Schedule A). Full finance for James A. Himes → · Outside spending →
Actions (13)
- Jul 22, 2025 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. · senate
- Jul 21, 2025 Motion to reconsider laid on the table Agreed to without objection. · house
- Jul 21, 2025 On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H3511-3512) · house
- Jul 21, 2025 Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H3511-3512)
- Jul 21, 2025 DEBATE - The House proceeded with forty minutes of debate on H.R. 3395. · house
- Jul 21, 2025 Considered under suspension of the rules. (consideration: CR H3511-3513) · house
- Jul 21, 2025 Mr. Hill (AR) moved to suspend the rules and pass the bill, as amended. · house
- Jun 3, 2025 Placed on the Union Calendar, Calendar No. 98. · house
- Jun 3, 2025 Reported (Amended) by the Committee on Financial Services. H. Rept. 119-128. · house
- May 20, 2025 Ordered to be Reported (Amended) by the Yeas and Nays: 50 - 0. · house
- May 20, 2025 Committee Consideration and Mark-up Session Held · house
- May 14, 2025 Referred to the House Committee on Financial Services. · house
- May 14, 2025 Introduced in House
More bills on these subjects (8)
Other bills that carry the most legislative subjects in common with this one (topical discovery — distinct from the procedural related bills above).
Text versions (4)
Bills are re-published as they move (Introduced → Reported → Engrossed → Enrolled …). Each stage below is a separate text; pick two to see what changed. Data from Congress.gov.
Full text
AN ACT
To require the Comptroller General of the United States to carry out a study of the costs associated with small- and medium-sized companies to undertake initial public offerings.
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 “Middle Market IPO Cost Act”.
SEC. 2. STUDY ON IPO FEES.
(a) Study.—The Comptroller General of the United States, in consultation with the Securities and Exchange Commission and the Financial Industry Regulatory Authority, shall carry out a study of the costs associated with small- and medium-sized companies to undertake initial public offerings (“IPOs”). In carrying out such study, the Comptroller General shall—
(1) consider the direct and indirect costs of an IPO, including—
(A) fees of accountants, underwriters, and any other outside advisors with respect to the IPO;
(B) compliance with Federal and State securities laws at the time of the IPO; and
(C) such other IPO-related costs as the Comptroller General may consider;
(2) compare and analyze the costs of an IPO with the costs of obtaining alternative sources of financing and of liquidity;
(3) consider the impact of such costs on capital formation;
(4) analyze the impact of these costs on the availability of public securities of small- and medium-sized companies to retail investors; and
(5) analyze trends in IPOs over a time period the Comptroller General determines is appropriate to analyze IPO pricing practices, considering—
(A) the number of IPOs;
(B) how costs for IPOs have evolved over time for underwriters, investment advisory firms, and other professions for services in connection with an IPO;
(C) the number of brokers and dealers active in underwriting IPOs;
(D) the different types of services that underwriters and related persons provide before and after a small- or medium-sized company IPO and the factors impacting IPOs costs;
(E) changes in the costs and availability of investment research for small- and medium-sized companies; and
(F) the impacts of litigation and its costs on being a public company.
(b) Report.—Not later than the end of the 360-day period beginning on the date of the enactment of this Act, the Comptroller General of the United States shall issue a report to the Congress containing all findings and determinations made in carrying out the study required under subsection (a) and any administrative or legislative recommendations the Comptroller General may have.
Passed the House of Representatives July 21, 2025.
Attest:
Clerk. 119th CONGRESS
1st Session
H. R. 3395
AN ACT
To require the Comptroller General of the United States to carry out a study of the costs associated with small- and medium-sized companies to undertake initial public offerings.
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