What This Bill Does · Plain English
Summary · Congress.gov
Small Entity Update Act This bill requires the Securities and Exchange Commission (SEC) to study approaches to reduce the impact of SEC rules on small businesses and other small entities, make appropriate recommendations, and revise applicable rules. Specifically, the bill requires the SEC to evaluate the current definition of small entity with respect to SEC rules. Under the bill, the SEC must provide specific and detailed recommendations to Congress on how the SEC can revise the definition of small entity to (1) align with specified statutory goals, including reducing unnecessary burdens on small entities; and (2) expand the number of entities covered. In addition, the SEC must adjust for inflation every five years any dollar amounts used to define small entities. The SEC must also revise the applicable rules to implement these recommendations.
Action Timeline
2025-07-22
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
2025-07-21
Motion to reconsider laid on the table Agreed to without objection.
2025-07-21
On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H3500)
2025-07-21
Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H3500)
2025-07-21
DEBATE - The House proceeded with forty minutes of debate on H.R. 3382.
2025-07-21
Considered under suspension of the rules. (consideration: CR H3500-3501)
2025-07-21
Mr. Hill (AR) moved to suspend the rules and pass the bill, as amended.
2025-06-03
Placed on the Union Calendar, Calendar No. 95.
2025-06-03
Reported (Amended) by the Committee on Financial Services. H. Rept. 119-125.
2025-06-03
Reported (Amended) by the Committee on Financial Services. H. Rept. 119-125.
Frequently Asked Questions
Did HR.3382 pass?
HR.3382 is still alive. Current stage: PASSED_ONE. Pass likelihood: pending.
What does HR.3382 do?
Small Entity Update Act This bill requires the Securities and Exchange Commission (SEC) to study approaches to reduce the impact of SEC rules on small businesses and other small entities, make appropriate recommendations, and revise applicable rules. Specifically, the bill requires the SEC to evaluate the current definition of small entity with respect to SEC rules. Under the bill, the SEC must provide specific and detailed recommendations to Congress on how the SEC can revise the definition of small entity to (1) align with specified statutory goals, including reducing unnecessary burdens on …
Who sponsored HR.3382?
HR.3382 was sponsored by Ann Wagner (R-Missouri).
Full Bill Text
119 HR 3382 EH: Small Entity Update Act U.S. House of Representatives text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. IB 119th CONGRESS 1st Session H. R. 3382 IN THE HOUSE OF REPRESENTATIVES AN ACT To require the Securities and Exchange Commission to carry out a study and rulemaking on the definition of the term small entity under the securities laws for purposes of chapter 6 of title 5, United States Code, and for other purposes. 1. Short title This Act may be cited as the Small Entity Update Act . 2. Studies, reports, and rules regarding small entities (a) Definitions In this section— (1) the term Commission means the Securities and Exchange Commission; and (2) the term small entity — (A) has the meaning given the term in section 601 of title 5, United States Code, with respect to the activities of the Commission; and (B) includes any definition established by the Commission of the term small business , small organization , small governmental jurisdiction , or small entity under paragraph (3), (4), (5), or (6), respectively, of section 601 of title 5, United States Code, with respect to the activities of the Commission. (b) Studies and reports Not later than 1 year after the date of enactment of this Act, and again 5 years thereafter, the Commission shall— (1) conduct a study of the definition of the term small entity with respect to the activities of the Commission for the purposes of chapter 6 of title 5, United States Code, which shall consider— (A) the extent to which the definition of the term small entity , as in effect during the period in which the study is conducted, aligns with the findings and declarations made under section 2(a) of the Regulatory Flexibility Act ( 5 U.S.C. 601 note); (B) the amount by which financial markets in the United States have grown since the last time the Commission amended the definition of the term small entity , if applicable; and (C) how the Commission should define the term small entity to ensure that a meaningful number of entities would fall under that definition; and (2) submit to Congress a report that includes— (A) the results of the applicable study conducted under paragraph (1); and (B) specific and detailed recommendations on the ways in which the Commission could amend the definition of the term small entity to— (i) be consistent with the results described in subparagraph (A); and (ii) expand the number of entities covered by such definition. (c) Rulemaking Concurrently with, or after the completion of, each study required under subsection (b), the Commission shall, subject to public notice and comment, revise the rules of the Commission consistent with the results of such study. (d) Inflation adjustments After the Commission issued the final rule revisions required under subsection (c), and every 5 years thereafter, the Commission shall adjust any dollar figures under the definition of small entity established by the Commission to reflect the change in the Consumer Price Index for All Urban Consumers published by the Bureau of Labor Statistics of the Department of Labor. Passed the House of Representatives July 21, 2025. Kevin F. McCumber, Clerk.
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