Bill · H.R. 3381· House(119-HR-3381)
Encouraging Public Offerings Act of 2025
- Introduced
- 5/14/2025
- 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
- Ann Wagner
- Cosponsors
- - 1 - 1
- Introduced
- Passed House
- In Senate committee
What this bill would do
The Encouraging Public Offerings Act of 2025 seeks to amend the Securities Act of 1933. It expands the ability for issuers to use "testing the waters" communications. The bill also changes the rules regarding the confidential review of draft registration statements. Under the new rules, any issuer may confidentially submit draft registration statements to the Commission for nonpublic review prior to public filing. These changes apply to initial public offerings, initial registrations of securities, and follow-on offerings.
Yes· 3 of 5
Is this likely to grow the economy?+3
Expanding public offering capabilities can stimulate capital formation and economic activity.
Would business owners be better off under this?+3
The bill provides more flexibility and efficiency for companies looking to go public or issue new securities.
Is this likely to create jobs?+2
By facilitating easier access to public markets, the bill may indirectly support company growth and hiring.
The opposite
Does this give people more protection from unfair business practices?-1
The expansion of testing the waters and confidential reviews may slightly reduce the immediate transparency available to potential investors.
Does this make what the government does easier for the public to see?-1
The ability to submit draft registration statements confidentially may reduce immediate market transparency.
Who it would affect, and how
Potential Positive Impacts for People
-
Expanded access to "testing the waters": By striking the restriction that limited these communications to emerging growth companies and replacing it with "an issuer," the bill allows a broader range of issuers to engage in oral or written communications (Section 2).
-
Confidential review of draft registration statements: Any issuer may now confidentially submit a draft registration statement to the Commission for nonpublic review before a public filing occurs (Section 3).
-
Flexible timelines for confidential submissions: The bill establishes specific deadlines for when these initial confidential submissions and amendments must be publicly filed, covering initial public offerings, initial registrations under section 12(b), and offerings after an initial public offering (Section 3).
Potential Negative Impacts for People
-
New regulatory authority for the Commission: The Commission is granted the power to promulgate regulations, subject to public notice and comment, to impose additional terms, conditions, or requirements on issuers that are not emerging growth companies (Section 2 and Section 3).
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Requirement for reports to Congress: The Commission must submit a report to Congress containing findings that support the basis of any new rulemaking it performs regarding these additional requirements (Section 2 and Section 3).
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 Economic Growth+3Improves Small Business Support+2Increases Job Creation+2Improves Consumer Protection-1
- Demographic And Interest Groups
- Good For Business Owners+3
- Governance And Ideology
- Increases Federal Power+2Improves Government Transparency-1
- 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 H2872-2873)
- On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H2872-2873)
- DEBATE - The House proceeded with forty minutes of debate on H.R. 3381.
- Considered under suspension of the rules. (consideration: CR H2872-2873)
- 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. 119-116.
- Placed on the Union Calendar, Calendar No. 86.
- 5/20/2025
- Committee Consideration and Mark-up Session Held
- Ordered to be Reported (Amended) by the Yeas and Nays: 48 - 2.
- 5/14/2025
- Referred to the House Committee on Financial Services.
- 2 Cosponsors added.
- Introduced in House
Gregory MeeksDemocrat · New York
Pete SessionsRepublican · Texas