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HR 3959
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Protecting Private Job Creators Act

H. R. 3959 To except quotations of fixed-income securities from certain regulatory requirements, and for other purposes.

Introduced Jun 12, 2025

Latest action (Feb 25, 2026) Placed on the Union Calendar, Calendar No. 448.

Referred to
Financial Services Committee
Policy area
Finance and Financial Sector
Issues
Economy & Taxes
Legislative subjects (3)
Bank accounts, deposits, capitalFinancial services and investmentsSecurities

Summary
  • Removes the requirement for quotations of fixed-income securities to comply with SEC Rule 15c2-11 regulatory requirements.
  • Defines "fixed-income securities" to include bonds, notes, debentures, and certificates of deposit.
  • Includes asset-backed securities and other debt instruments in the definition of fixed-income securities, as well as convertible securities with warrants or rights to purchase equity.

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)
7 cosponsors

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

  • HR 3633 — Digital Asset Market Clarity Act (shares 3 subjects)
  • HR 8286 — Protecting Americans’ Retirement Savings From Politics Act (shares 3 subjects)
  • HR 7314 — Advancing Commonsense Policies Act (shares 3 subjects)
  • S 3755 — Digital Commodity Intermediaries Act (shares 3 subjects)
  • S 1582 — GENIUS Act (shares 3 subjects)
  • HR 3230 — Financial Institution Regulatory Tailoring Enhancement Act (shares 3 subjects)
  • HR 2392 — STABLE Act of 2025 (shares 3 subjects)
  • HR 185 — Responsible Legislating Act (shares 3 subjects)

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.

  • S 2352 — PROTECTED Act · Introduced Jul 17, 2025 · Cong. 119 65%
  • HR 4554 — Restricted Securities Relief Act of 2014 · Introduced May 22, 2014 · Cong. 113 64%
  • HR 8643 — Financial Access Protection Act · Introduced Apr 30, 2026 · Cong. 119 61%
  • HR 6161 — SEC Data Protection Act · Introduced Nov 19, 2025 · Cong. 119 61%
  • HR 2365 — Securities Clarity Act of 2025 · Introduced Mar 26, 2025 · Cong. 119 61%
  • HR 4626 — SAFE Act Confidentiality and Privilege Enhancement Act · Passed House Jul 30, 2014 · Cong. 113 60%

Text versions (2)
  • Reported in House · Feb 25, 2026
  • Introduced in House · Jun 12, 2025

Committee action

What happened to this bill in committee — the meetings where it was considered and every recorded vote taken on it.

Meetings where this bill was on the agenda

Full text

IN THE HOUSE OF REPRESENTATIVES

June 12, 2025

Mr. Downing (for himself and Mr. Fields) introduced the following bill; which was referred to the Committee on Financial Services

February 25, 2026

Additional sponsors: Mr. Gottheimer, Mr. David Scott of Georgia, Mrs. Wagner, Mr. Sessions, Mr. Moore of North Carolina, and Mr. Lawler

February 25, 2026

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 12, 2025]

A BILL

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

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 “Protecting Private Job Creators Act”.

SEC. 2. EXCEPTION RELATING TO QUOTATIONS OF FIXED-INCOME SECURITIES.

(a) In General.—Section 240.15c2-11 of title 17, Code of Federal Regulations, shall not apply with respect to quotations of fixed-income securities.

(b) Fixed-Income Security Defined.—In this section, the term “fixed-income security” means—

(1) any note, bond, debenture, certificate of deposit for a security, certificate of deposit, asset-backed security, or any other evidence of indebtedness; and

(2) any security described under paragraph (1) that is convertible, with or without consideration, into any equity security or carrying any warrant or right to subscribe to or purchase any equity security. Union Calendar No. 448

119th CONGRESS

2d Session

H. R. 3959

[Report No. 119-523]

A BILL

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

February 25, 2026

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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