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119th Congress
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HOUSEH.R. 3672· 119th Congress

Bill to Expand Research Report Exemption from Securities Registration

Securities Research Modernization Act

Sponsor
Roger Williams (R-TX)
Introduced
Jun 2, 2025
Last Action
Jul 15, 2025

Recorded legislative actions. Future votes are not implied.

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Introduced
Jun 2, 2025
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In Committee
Jun 2, 2025
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Passed Committee
Jun 10, 2025

AI-assisted analysis based on the official CRS summary. Source version: Sep 3, 2025. Analysis updated: Sep 15, 2026.

01 — The Text

What.

  • The bill allows securities brokers and dealers to publish research reports on proposed public offerings without those reports being treated as offers to sell securities requiring registration.
  • Currently, this exemption applies only to research reports about proposed public offerings by emerging growth companies.
  • The bill extends the exemption to research reports on proposed public offerings by any issuer, regardless of company classification.
  • The bill does not modify other securities registration requirements or broker-dealer obligations.
  • As of July 15, 2025, the bill was reported (amended) by the House Committee on Financial Services and placed on the Union Calendar.
02 — The Stakes

So what?

  • The documented effect is that brokers and dealers would have expanded ability to publish research on a broader category of proposed public offerings without triggering registration requirements.
  • The bill's impact on market access, research availability, investor protection, or issuer costs is not established in the official summary.
  • No specific economic effects, implementation timeline, or regulatory impacts are documented.
  • The summary does not indicate which provisions were amended by the Committee or what amendments were made.
03 — The Path

Now what?

  • Committee on Financial Services reported the amended bill and ordered it reported on June 10, 2025 by vote of 31-19.
  • The amended bill was reported by the Committee on Financial Services on July 15, 2025 (H. Rept. 119-204).
  • The bill was placed on the Union Calendar as Calendar No. 167 on July 15, 2025.
  • No scheduled floor vote or further legislative action is documented.
Legislative History

Actions.

  • Jul 15, 2025 — Placed on the Union Calendar, Calendar No. 167.
  • Jul 15, 2025 — Reported (Amended) by the Committee on Financial Services. H. Rept. 119-204.
  • Jul 15, 2025 — Reported (Amended) by the Committee on Financial Services. H. Rept. 119-204.
  • Jun 10, 2025 — Ordered to be Reported (Amended) by the Yeas and Nays: 31 - 19.
  • Jun 10, 2025 — Committee Consideration and Mark-up Session Held
  • Jun 2, 2025 — Referred to the House Committee on Financial Services.
  • Jun 2, 2025 — Introduced in House
  • Jun 2, 2025 — Introduced in House