Ted Budd (R-NC)
Encouraging Public Offerings Act of 2026
A Republican bill with 3 Democratic cosponsors · See all 5 cosponsors
Last activity — Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
In committee
Introduced and handed to a committee in the chamber it started in.
The committee holds it, and most bills are never heard from again. A hearing or a committee vote would be news; silence is the usual outcome, and it kills the bill without anyone voting against it.
Its path through Congress
- Introduced
- In Committee
What this bill would do
This bill is called the Encouraging Public Offerings Act of 2026. It amends the Securities Act of 1933 to expand the ability of issuers to use testing the waters communications and confidential draft registration submissions. Under the text, any issuer, rather than just an emerging growth company, may engage in oral or written communications to gauge market interest before or during a public offering. Additionally, any issuer may confidentially submit a draft registration statement for nonpublic review prior to an initial public offering or within one year after an initial public offering or exchange registration. The text requires these submissions and amendments to be publicly filed at least 15 days before a road show or the requested effective date. The Commission is also granted the power to set additional requirements through regulations and must submit a report of findings to Congress prior to that rulemaking.
Yes· 3 of 7
- Scored +4
Does this make it easier to run a small business?
Broadens access to confidential registration and market testing tools for smaller or non-emerging growth companies looking to enter public markets.
- Scored +4
Would business owners be better off under this?
Benefits business owners and issuers by making the public offering process more flexible and confidential.
- Scored +3
Is this likely to grow the economy?
Expands the ability to use testing the waters and confidential draft registration statements to all issuers, potentially encouraging more companies to go public.
The opposite
No question was scored the opposite.
Who it would affect, and how
Potential Positive Impacts for People
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Section 2: This section expands the ability to use testing the waters and confidential draft registration submissions from just emerging growth companies to any issuer. This might be considered positive because it broadens the availability of these tools for companies looking to go public.
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Section 2: Under section 6(e)(1) and section 6(e)(2), any issuer can confidentially submit a draft registration statement for nonpublic review prior to an initial public offering, or within one year after an initial public offering or exchange registration. This could be beneficial by giving companies a chance for review before making their information public, as long as they file publicly at least 15 days before a road show or effective date.
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Section 2: The text states that before the Commission creates new regulations for issuers other than emerging growth companies, it must submit a report to Congress containing a list of findings supporting the basis of the rulemaking. This ensures accountability and transparency from our officials regarding new rules.
Potential Negative Impacts for People
Based on the provided text, there are no specific sections or provisions identified that outline negative consequences or burdens for individuals or groups of people in the United States.
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
- Does this make it easier to run a small business? — Broadens access to confidential registration and market testing tools for smaller or non-emerging growth companies looking to enter public markets. Is this likely to grow the economy? — Expands the ability to use testing the waters and confidential draft registration statements to all issuers, potentially encouraging more companies to go public.
- Governance And Ideology
- Does this make what the government does easier for the public to see? — Requires the SEC to submit reports to Congress containing findings supporting the basis of any new rulemaking. Does this make it easier to do business across state lines? — Facilitates capital formation and public offerings for businesses across state lines. Does this protect people from being watched or searched? — Allows issuers to confidentially review draft registration statements before public disclosure. Does this give the federal government more power? — Grants the SEC authority to promulgate additional regulations and requires reporting to Congress.
- Demographic And Interest Groups
- Would business owners be better off under this? — Benefits business owners and issuers by making the public offering process more flexible and confidential.
- 8/4/2026
- 1 Cosponsor added.
- 6/4/2026
- Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- 4 Cosponsors added.
- Introduced in Senate
3 bills Congress.gov lists as related to this one — companions in the other chamber, earlier versions, and bills this one absorbed or was folded into.
Angela AlsobrooksDemocrat · Maryland
David McCormickRepublican · Pennsylvania
Thomas TillisRepublican · North Carolina
Chris Van HollenDemocrat · Maryland
Raphael WarnockDemocrat · Georgia