Roger Williams (R-TX)
Securities Research Modernization Act
A Republican bill with 1 Democratic cosponsor · See the cosponsor
Last activity — Placed on the Union Calendar, Calendar No. 167.
Cleared committee, waiting for its first floor vote
A committee approved it and it is on the calendar of the chamber it started in.
This is further than most bills get, and still no promise of a vote: the calendar is a queue, and the majority leadership decides what is called. A bill can sit here until the Congress ends.
Its path through Congress
- Introduced
- On Calendar
What this bill would do
This bill is called the "Securities Research Modernization Act." It seeks to change the Securities Act of 1933. The goal is to expand the research report exception. This expansion would cover reports about any issuer that proposes an offering of public securities.
Yes· 3 of 11
- Scored +2
Would business owners be better off under this?
More information for investors may make it easier to gain investment for business owners
- Scored +1
Would middle-income households be better off under this?
More investment information could lead to better investments for the middle class.
- Scored +1
Would high-income households be better off under this?
More investment information could lead to better investments for high-income households.
The opposite
No question was scored the opposite.
Who it would affect, and how
Potential Positive Impacts for People
-
Expanded Research Access: By changing "an emerging growth company" to "an issuer" in Section 2(a), the bill expands the research report exception to a broader group of entities.
-
Broader Security Coverage: By changing "the common equity" to "any" in Section 2(b), the exception applies to more types of securities.
Potential Negative Impacts for People
- No negative impacts for people are explicitly mentioned in the provided text.
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.
- Demographic And Interest Groups
- Would business owners be better off under this? — More information for investors may make it easier to gain investment for business owners Would billionaires be better off under this? — More investment information could lead to better investments for billionaires. Would high-income households be better off under this? — More investment information could lead to better investments for high-income households. Would people with substantial wealth be better off under this? — More investment information could lead to better investments for high net worth individuals. Would middle-income households be better off under this? — More investment information could lead to better investments for the middle class. Would retired people be better off under this? — More investment information could lead to better returns for retirees. Would the very wealthiest people be better off under this? — More investment information could lead to better investments for ultra-high net worth individuals.
- Economy And Finance
- Does this give people more protection from unfair business practices? — More information for investors leads to better consumer protection. Is this likely to grow the economy? — The bill could help improve economic growth by providing investors with more information. Does this make it easier to run a small business? — The bill could improve small business support by allowing research reports to be published more easily. Is this likely to create jobs? — The bill aims to provide more information to investors, which could lead to more investment and job creation.
- 7/15/2025
- Reported (Amended) by the Committee on Financial Services. H. Rept. 119-204.
- Placed on the Union Calendar, Calendar No. 167.
- 6/10/2025
- Committee Consideration and Mark-up Session Held
- Ordered to be Reported (Amended) by the Yeas and Nays: 31 - 19.
- 6/2/2025
- Referred to the House Committee on Financial Services.
- 1 Cosponsor added.
- Introduced in House
Cleo FieldsDemocrat · Louisiana