What This Bill Does · Plain English
Summary · Congress.gov
Securities Research Modernization Act This bill allows a securities broker or dealer to publish or distribute a research report on a proposed public offering by any issuer without it being considered an offer to sell securities for purposes of registration requirements. Currently, only reports published or distributed regarding a proposed public offering by an emerging growth company fall under this exception.
Action Timeline
2025-07-15
Placed on the Union Calendar, Calendar No. 167.
2025-07-15
Reported (Amended) by the Committee on Financial Services. H. Rept. 119-204.
2025-07-15
Reported (Amended) by the Committee on Financial Services. H. Rept. 119-204.
2025-06-10
Ordered to be Reported (Amended) by the Yeas and Nays: 31 - 19.
2025-06-10
Committee Consideration and Mark-up Session Held
2025-06-02
Referred to the House Committee on Financial Services.
2025-06-02
Introduced in House
2025-06-02
Introduced in House
Frequently Asked Questions
Did HR.3672 pass?
HR.3672 is still alive. Current stage: REPORTED. Pass likelihood: pending.
What does HR.3672 do?
Securities Research Modernization Act This bill allows a securities broker or dealer to publish or distribute a research report on a proposed public offering by any issuer without it being considered an offer to sell securities for purposes of registration requirements. Currently, only reports published or distributed regarding a proposed public offering by an emerging growth company fall under this exception.
Who sponsored HR.3672?
HR.3672 was sponsored by Roger Williams (R-Texas).
Full Bill Text
119 HR 3672 RH: Securities Research Modernization Act U.S. House of Representatives 2025-07-15 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 Union Calendar No. 167 119th CONGRESS 1st Session H. R. 3672 [Report No. 119–204] 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. 1. Short title This Act may be cited as the Securities Research Modernization Act . 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 . 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
Loading intelligence layer…