Bill · H.R. 3301· House(119-HR-3301)
ELEVATE Act of 2025
- Introduced
- 5/8/2025
- Last activity
- 6/24/2025 — Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- Sponsored by
- Zachary Nunn
- Cosponsors
- - 0 - 1
- Introduced
- Passed House
- In Senate committee
What this bill would do
The "Encouraging Local Emerging Ventures and Economic Growth Act of 2025" aims to amend the Securities Exchange Act of 1934. It modifies the requirements for registration statement contents specifically for emerging growth companies. The act also allows issuers to file draft registration statements with the Securities and Exchange Commission for confidential review. These draft statements must be publicly filed within 10 days before a company lists on a national securities exchange. Additionally, the bill provides protections regarding the disclosure of information shared during this confidential review process.
Yes· 3 of 4
Would business owners be better off under this?+6
The bill provides significant benefits to business owners of emerging growth companies by easing disclosure requirements.
Does this make it easier to run a small business?+5
The bill specifically aids emerging growth companies by reducing the historical reporting requirements and allowing confidential draft reviews.
Is this likely to grow the economy?+4
The easing of registration requirements and confidential review processes is intended to encourage local emerging ventures and overall economic growth.
The opposite
Does this make what the government does easier for the public to see?-2
The bill allows for confidential nonpublic review of registration statements, which could potentially reduce transparency regarding company information.
Who it would affect, and how
Potential Positive Impacts for People
-
Modified Registration Requirements: Emerging growth companies would only need to provide certain information for not more than the two preceding years, rather than a longer period of years. This change is found in Section 2, paragraph (1) (Section s 12(b)(1)(K)).
-
Confidential Review Process: Issuers are permitted to submit draft registration statements to the Commission for confidential, nonpublic review before any public filing occurs. This is found in Section 2, paragraph (2).
-
Information Protection: The Commission cannot be compelled to disclose information provided to or obtained through the confidential submission process. This is found in Section 2, paragraph (2).
Potential Negative Impacts for People
- Public Filing Deadline: Even with a confidential review, the initial submission and all amendments must be publicly filed no later than 10 days before listing on a national securities exchange. This is found in Section 2, paragraph (2).
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Hover a score for the reason it gave.
- Economy And Finance
- Improves Small Business Support+5Improves Economic Growth+4Increases Job Creation+3
- Demographic And Interest Groups
- Good For Business Owners+6
- Governance And Ideology
- Improves Government Transparency-2
- 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 H2871)
- On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H2871)
- DEBATE - The House proceeded with forty minutes of debate on H.R. 3301.
- Considered under suspension of the rules. (consideration: CR H2871-2872)
- 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. 119-121.
- Placed on the Union Calendar, Calendar No. 91.
- 5/20/2025
- Committee Consideration and Mark-up Session Held
- Ordered to be Reported (Amended) by the Yeas and Nays: 50 - 1.
- 5/8/2025
- Referred to the House Committee on Financial Services.
- 1 Cosponsor added.
- Introduced in House
Janelle BynumDemocrat · Oregon