To amend the Securities Act of 1933 to expand the ability to use testing the waters and confidential draft registration submissions, and for other purposes.
Encouraging Public Offerings Act of 2025
This bill provides statutory authority for all issuers of securities to use certain offering procedures that are available to emerging growth companies.
Specifically, the bill allows under statute issuers of securities to communicate with potential investors to ascertain interest in a contemplated securities offering, either before or after the filing of a registration statement (i.e., test the waters).
Additionally, issuers are allowed under statute to submit to the Securities and Exchange Commission, with respect to an initial public offering, initial registration, or follow-on offering, a confidential draft registration statement for review prior to public filing.
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
Committee Consideration and Mark-up Session Held
Ordered to be Reported (Amended) by the Yeas and Nays: 48 - 2.
Reported (Amended) by the Committee on Financial Services. H. Rept. 119-116.
Reported (Amended) by the Committee on Financial Services. H. Rept. 119-116.
Placed on the Union Calendar, Calendar No. 86.
Mrs. Wagner moved to suspend the rules and pass the bill, as amended.
Considered under suspension of the rules. (consideration: CR H2872-2873)
DEBATE - The House proceeded with forty minutes of debate on H.R. 3381.
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)
Motion to reconsider laid on the table Agreed to without objection.
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
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