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Restoring the Secondary Trading Market Act
H. R. 7127 To amend the Securities Act of 1933 to exempt off-exchange secondary trading from State regulation where such trading is with respect to securities of an issuer that makes publicly available certain current information, and for other purposes.
Summary
- Amends the Securities Act of 1933 to preempt state regulation of off-exchange secondary trading in securities.
- Exempts off-exchange secondary trading from state regulation when the securities issuer makes current periodic reports and other required information publicly available.
- Prohibits states from prohibiting, limiting, or imposing conditions on off-exchange secondary trading in securities of issuers that comply with Federal Securities and Exchange Commission information disclosure requirements.
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)
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![Rep. Meuser, Daniel [R-PA-9]](https://media.civicgate.org/people/d/politicians/M001204.thumb.jpg)
Rep. Meuser, Daniel (R-PA) [#9]
Money behind the sponsor
Top reported contributors to Daniel Meuser’s campaign committee (2024 cycle) — who funds the bill’s sponsor, not a claim about this bill. Data from FEC.
- Employer not reported $25,535
- SUNDANCE VACATIONS $9,900
- PACE-O-MATIC $9,900
- PENSKE TRANSPORTATION SOLUTIONS $9,300
- PRIDE-MOBILIT PRODUCTS CORP $6,600
Organizations whose employees gave the most — itemized individual contributions grouped by the donor’s reported employer (FEC Schedule A). Full finance for Daniel Meuser → · Outside spending →
Actions (6)
- Mar 25, 2026 Placed on the Union Calendar, Calendar No. 493. · house
- Mar 25, 2026 Reported (Amended) by the Committee on Financial Services. H. Rept. 119-573. · house
- Mar 4, 2026 Ordered to be Reported by the Yeas and Nays: 26 - 17. · house
- Mar 4, 2026 Committee Consideration and Mark-up Session Held · house
- Jan 16, 2026 Referred to the House Committee on Financial Services. · house
- Jan 16, 2026 Introduced in House
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.
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
January 16, 2026
Mr. Meuser introduced the following bill; which was referred to the Committee on Financial Services
March 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 January 16, 2026]
A BILL
To amend the Securities Act of 1933 to exempt off-exchange secondary trading from State regulation where such trading is with respect to securities of an issuer that makes publicly available certain current information, 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 “Restoring the Secondary Trading Market Act”.
SEC. 2. EXEMPTION FROM STATE REGULATION.
Section 18(a) of the Securities Act of 1933 (15 U.S.C. 77r(a)) is amended—
(1) in paragraph (2), by striking “or” at the end;
(2) in paragraph (3), by striking the period at the end and inserting “; or”; and
(3) by adding at the end the following:
“(4) shall directly or indirectly prohibit, limit, or impose any conditions upon the off-exchange secondary trading (as such term is defined by the Commission) in securities of an issuer that makes current information publicly available, including—
“(A) the information required in the periodic and current reports described under paragraph (b) of section 230.257 of title 17, Code of Federal Regulations; or
“(B) the documents and information specified in paragraph (b) of section 15c2-11 of title 17, Code of Federal Regulations.”. Union Calendar No. 493
119th CONGRESS
2d Session
H. R. 7127
[Report No. 119-573]
A BILL
To amend the Securities Act of 1933 to exempt off-exchange secondary trading from State regulation where such trading is with respect to securities of an issuer that makes publicly available certain current information, and for other purposes.
March 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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