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Business Owners Protection Act of 2025
H. R. 3484 To terminate unused authorities of the Securities and Exchange Commission that were established pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Summary
The bill repeals several regulatory authorities that the Securities and Exchange Commission received under the 2010 Dodd-Frank Act. It eliminates the SEC's authority to restrict mandatory predispute arbitration agreements in securities transactions, removes the SEC's ability to establish fiduciary duty standards for brokers and investment advisers, and repeals the SEC's rulemaking authority regarding standards of conduct for securities professionals. The bill's intent is to rescind what it characterizes as unused SEC powers granted by Dodd-Frank.
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)
- Rep. Barr, Andy [R-KY-6] (R-KY)
7 cosponsors
Money behind the sponsor
Top reported contributors to Andy Barr’s campaign committee (2024 cycle) — who funds the bill’s sponsor, not a claim about this bill. Data from FEC.
- NULL $274,323
- BANC OF CALIFORNIA $60,083
- APOLLO GLOBAL MANAGEMENT $32,200
- BLACKSTONE $28,900
- WELLS FARGO $23,366
Organizations whose employees gave the most — itemized individual contributions grouped by the donor’s reported employer (FEC Schedule A). Full finance for Andy Barr → · Outside spending →
Actions (6)
- Nov 4, 2025 Placed on the Union Calendar, Calendar No. 315. · house
- Nov 4, 2025 Reported (Amended) by the Committee on Financial Services. H. Rept. 119-363. · house
- Sep 16, 2025 Ordered to be Reported (Amended) by the Yeas and Nays: 26 - 24. · house
- Sep 16, 2025 Committee Consideration and Mark-up Session Held · house
- May 19, 2025 Referred to the House Committee on Financial Services. · house
- May 19, 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).
Similar bills (6)
Bills with similar text or summary — includes reintroductions across Congresses. Ranked by semantic similarity of the bill text (computed locally); a neutral discovery aid, not a claim the bills are duplicates.
Text versions (2)
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
IN THE HOUSE OF REPRESENTATIVES
May 19, 2025
Mr. Barr (for himself, Mr. Emmer, Mr. Westerman, and Mrs. Hinson) introduced the following bill; which was referred to the Committee on Financial Services
November 4, 2025
Additional sponsors: Mr. Hudson, Mr. Baumgartner, Mr. Williams of Texas, and Mr. Sessions
November 4, 2025
Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed [Strike out all after the enacting clause and insert the part printed in italic] [For text of introduced bill, see copy of bill as introduced on May 19, 2025]
A BILL
To terminate unused authorities of the Securities and Exchange Commission that were established pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act.
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 “Business Owners Protection Act of 2025”.
SEC. 2. REPEAL OF CERTAIN UNUSED AUTHORITY TO RESTRICT MANDATORY PREDISPUTE ARBITRATION.
(a) In General.—Section 15 of the Securities Exchange Act of 1934 (15 U.S.C. 78o) is amended by repealing subsection (o).
(b) Conforming Amendment.—Section 921 of the Investor Protection and Securities Reform Act of 2010 is amended by striking subsection
(a).
SEC. 3. REMOVAL OF CERTAIN AUTHORITY RELATED TO FIDUCIARY DUTIES.
(a) Securities Exchange Act of 1934.—The second subsection (l) of section 15 of the Securities Exchange Act of 1934 (15 U.S.C. 78o; relating to “Other matters”) is amended—
(1) by striking “Commission shall” and all that follows through “(1) facilitate” and inserting “Commission shall facilitate”;
(2) in paragraph (1), by striking “; and” and inserting a period; and
(3) by striking paragraph (2).
(b) Investment Advisers Act of 1940.—Section 211(h) of the Investment Advisers Act of 1940 (15 U.S.C. 80b-11(h)) is amended—
(1) by striking “Commission shall” and all that follows through “(1) facilitate” and inserting “Commission shall facilitate”;
(2) in paragraph (1), by striking “; and” and inserting a period; and
(3) by striking paragraph (2).
SEC. 4. REPEAL OF CERTAIN UNUSED AUTHORITY RELATED TO STANDARDS OF CONDUCT.
Section 15 of the Securities Exchange Act of 1934 (15 U.S.C. 78o) is amended by repealing the second subsection (k) (relating to “Standard of Conduct”). Union Calendar No. 315
119th CONGRESS
1st Session
H. R. 3484
[Report No. 119-363]
A BILL
To terminate unused authorities of the Securities and Exchange Commission that were established pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act.
November 4, 2025
Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed
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