Ann Wagner (R-MO)
Encouraging Public Offerings Act of 2025
A Republican bill with 1 Democratic cosponsor · See all 2 cosponsors
Last activity — Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
In the other chamber's committee
Passed one chamber and has been handed to a committee in the other.
The committee decides whether it goes any further, and most bills that reach a committee never leave it. A committee that simply does nothing kills a bill without anyone ever voting against it, so no news from here is usually the news.
Its path through Congress
- Introduced
- Passed House voice vote
- In Senate committee
The House by voice vote (members called out yes or no together): no member's position on it was recorded.
What this bill would do
The Encouraging Public Offerings Act of 2025 seeks to amend the Securities Act of 1933. It expands the ability for issuers to use "testing the waters" communications. The bill also changes the rules regarding the confidential review of draft registration statements. Under the new rules, any issuer may confidentially submit draft registration statements to the Commission for nonpublic review prior to public filing. These changes apply to initial public offerings, initial registrations of securities, and follow-on offerings.
Yes· 3 of 5
- Scored +3
Is this likely to grow the economy?
Expanding public offering capabilities can stimulate capital formation and economic activity.
- Scored +3
Would business owners be better off under this?
The bill provides more flexibility and efficiency for companies looking to go public or issue new securities.
- Scored +2
Is this likely to create jobs?
By facilitating easier access to public markets, the bill may indirectly support company growth and hiring.
The opposite
- Scored -1
Does this give people more protection from unfair business practices?
The expansion of testing the waters and confidential reviews may slightly reduce the immediate transparency available to potential investors.
- Scored -1
Does this make what the government does easier for the public to see?
The ability to submit draft registration statements confidentially may reduce immediate market transparency.
Who it would affect, and how
Potential Positive Impacts for People
-
Expanded access to "testing the waters": By striking the restriction that limited these communications to emerging growth companies and replacing it with "an issuer," the bill allows a broader range of issuers to engage in oral or written communications (Section 2).
-
Confidential review of draft registration statements: Any issuer may now confidentially submit a draft registration statement to the Commission for nonpublic review before a public filing occurs (Section 3).
-
Flexible timelines for confidential submissions: The bill establishes specific deadlines for when these initial confidential submissions and amendments must be publicly filed, covering initial public offerings, initial registrations under section 12(b), and offerings after an initial public offering (Section 3).
Potential Negative Impacts for People
-
New regulatory authority for the Commission: The Commission is granted the power to promulgate regulations, subject to public notice and comment, to impose additional terms, conditions, or requirements on issuers that are not emerging growth companies (Section 2 and Section 3).
-
Requirement for reports to Congress: The Commission must submit a report to Congress containing findings that support the basis of any new rulemaking it performs regarding these additional requirements (Section 2 and Section 3).
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Tap or hover a score for the reason it gave.
- Economy And Finance
- Is this likely to grow the economy? — Expanding public offering capabilities can stimulate capital formation and economic activity. Does this make it easier to run a small business? — Expanding the ability to test the waters and conduct confidential reviews provides more flexibility for various issuers. Is this likely to create jobs? — By facilitating easier access to public markets, the bill may indirectly support company growth and hiring. Does this give people more protection from unfair business practices? — The expansion of testing the waters and confidential reviews may slightly reduce the immediate transparency available to potential investors.
- Demographic And Interest Groups
- Would business owners be better off under this? — The bill provides more flexibility and efficiency for companies looking to go public or issue new securities.
- Governance And Ideology
- Does this give the federal government more power? — The bill grants the Commission additional authority to promulgate regulations for certain issuers. Does this make what the government does easier for the public to see? — The ability to submit draft registration statements confidentially may reduce immediate market transparency.
- 6/24/2025
- Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- 6/23/2025
- Motion to reconsider laid on the table Agreed to without objection.
- Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H2872-2873)
- On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H2872-2873)
- DEBATE - The House proceeded with forty minutes of debate on H.R. 3381.
- Considered under suspension of the rules. (consideration: CR H2872-2873)
- Mrs. Wagner moved to suspend the rules and pass the bill, as amended.
- 6/3/2025
- Reported (Amended) by the Committee on Financial Services. H. Rept. 119-116.
- Placed on the Union Calendar, Calendar No. 86.
- 5/20/2025
- Committee Consideration and Mark-up Session Held
- Ordered to be Reported (Amended) by the Yeas and Nays: 48 - 2.
- 5/14/2025
- Referred to the House Committee on Financial Services.
- 2 Cosponsors added.
- Introduced in House
Gregory MeeksDemocrat · New York
Pete SessionsRepublican · Texas