Daniel Meuser (R-PA)
Restoring the Secondary Trading Market Act
A Republican bill with no cosponsors
Last activity — Placed on the Union Calendar, Calendar No. 493.
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, known as the "Restoring the Secondary Trading Market Act," aims to amend the Securities Act of 1933. It focuses on exempting off-exchange secondary trading from State regulation. This exemption applies when the trading involves securities of an issuer that makes certain current information publicly available. The information includes specific periodic and current reports or documents required by federal regulations.
Yes
- Scored +4
Would business owners be better off under this?
The bill provides more flexibility for issuers and trading entities by exempting them from state-level trading restrictions.
- Scored +4
Would people with substantial wealth be better off under this?
The bill facilitates easier secondary trading of securities which may benefit high-net-worth investors.
- Scored +3
Does this make it easier to run a small business?
The bill reduces regulatory burdens on off-exchange secondary trading for specific issuers.
The opposite
- Scored -6
Does this leave more decisions to the states?
The bill limits state authority to regulate off-exchange secondary trading for certain issuers.
- Scored -4
Does this give people more protection from unfair business practices?
The bill removes the ability of states to prohibit or limit off-exchange secondary trading, which may reduce state-level consumer protections.
Who it would affect, and how
Potential Positive Impacts for People
-
Exemption from State Regulation: The bill seeks to prevent States from prohibiting, limiting, or imposing conditions on off-exchange secondary trading for specific types of issuers (Sec. 2). This change could provide more freedom in how these securities are traded outside of a formal exchange.
-
Information Availability: The provision applies to trading involving issuers that make current information publicly available, such as those providing specific periodic and current reports (Sec. 2, paragraph 4, sub-paragraphs A and B). This ensures that the trading pertains to companies that are meeting certain disclosure requirements.
Potential Negative Impacts for People
- Removal of State Oversight: By amending the Securities Act of 1933, the bill would prevent States from regulating or placing conditions on off-exchange secondary trading for certain issuers (Sec. 2). This removes the ability of State authorities to prohibit or limit such trading activities.
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? — The bill provides more flexibility for issuers and trading entities by exempting them from state-level trading restrictions. Would people with substantial wealth be better off under this? — The bill facilitates easier secondary trading of securities which may benefit high-net-worth investors.
- Governance And Ideology
- Does this leave more decisions to the states? — The bill limits state authority to regulate off-exchange secondary trading for certain issuers.
- Economy And Finance
- Does this make it easier to run a small business? — The bill reduces regulatory burdens on off-exchange secondary trading for specific issuers. Does this give people more protection from unfair business practices? — The bill removes the ability of states to prohibit or limit off-exchange secondary trading, which may reduce state-level consumer protections.
- 3/25/2026
- Reported (Amended) by the Committee on Financial Services. H. Rept. 119-573.
- Placed on the Union Calendar, Calendar No. 493.
- 3/4/2026
- Committee Consideration and Mark-up Session Held
- Ordered to be Reported by the Yeas and Nays: 26 - 17.
- 1/16/2026
- Referred to the House Committee on Financial Services.
- Introduced in House