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Securities Research Modernization Act
H. R. 3672 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.
Summary
The Securities Research Modernization Act amends the Securities Act of 1933 to expand the research report exception that allows analysts to publish research about securities offerings. Currently, the exception applies only to research about emerging growth companies and their common equity securities. The bill expands this exception to apply to research reports about any issuer that undertakes a proposed offering of any type of public securities, not just common equity. This change broadens the ability of securities analysts and research firms to publish reports about a wider range of companies and security types during public offerings.
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)
1 cosponsor
- Rep. Fields, Cleo [D-LA-6] (D-LA)
Money behind the sponsor
Top reported contributors to Roger Williams’s campaign committee (2024 cycle) — who funds the bill’s sponsor, not a claim about this bill. Data from FEC.
- NULL $31,350
- DOUBLE EAGLE $16,000
- PIERSON & PATTERSON $13,200
- LENDERS & MEMBERS SERVICE GROUP $13,200
- LUTHER KING CAPITAL MANAGEMENT $11,600
Organizations whose employees gave the most — itemized individual contributions grouped by the donor’s reported employer (FEC Schedule A). Full finance for Roger Williams → · Outside spending →
Actions (6)
- Jul 15, 2025 Placed on the Union Calendar, Calendar No. 167. · house
- Jul 15, 2025 Reported (Amended) by the Committee on Financial Services. H. Rept. 119-204. · house
- Jun 10, 2025 Ordered to be Reported (Amended) by the Yeas and Nays: 31 - 19. · house
- Jun 10, 2025 Committee Consideration and Mark-up Session Held · house
- Jun 2, 2025 Referred to the House Committee on Financial Services. · house
- Jun 2, 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
June 2, 2025
Mr. Williams of Texas (for himself and Mr. Fields) introduced the following bill; which was referred to the Committee on Financial Services
July 15, 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 June 2, 2025]
A BILL
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.
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 “Securities Research Modernization Act”.
SEC. 2. PROVISION OF RESEARCH REPORT.
Section 2(a)(3) of the Securities Act of 1933 (15 U.S.C. 77b(a)(3)) is amended—
(a) by striking “an emerging growth company” and inserting “an issuer”;
(b) by striking “the common equity” and inserting “any”; and
(c) by striking “such emerging growth company” and inserting “such issuer”. Union Calendar No. 167
119th CONGRESS
1st Session
H. R. 3672
[Report No. 119-204]
A BILL
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.
July 15, 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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