Bill · H.R. 3382· House(119-HR-3382)
Small Entity Update Act
- Introduced
- 5/14/2025
- Last activity
- 7/22/2025 — Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- Sponsored by
- Ann Wagner
- Cosponsors
- - 2 - 5
- Introduced
- Passed House
- In Senate committee
What this bill would do
The Small Entity Update Act requires the Securities and Exchange Commission to perform specific studies regarding the definition of a "small entity." The Commission must conduct a study one year after enactment and every five years thereafter. These studies should look at how the current definition aligns with the Regulatory Flexibility Act and how much financial markets have grown. Following the study, the Commission is required to submit a report to Congress with recommendations for amending the definition. The Act also mandates that the Commission revise its rules based on the study results. Finally, the Commission must adjust dollar figures in the definition every five years to account for inflation.
Yes
Would business owners be better off under this?+3
Small business owners stand to benefit from expanded definitions and inflation-adjusted thresholds.
Does this make it easier to run a small business?+3
The bill seeks to expand the definition of small entities and adjust for inflation to ensure more businesses receive regulatory relief.
The opposite
No question was scored the opposite.
Who it would affect, and how
Potential Positive Impacts for People
-
Expanding coverage of entities: The bill seeks to have the Commission recommend ways to expand the number of entities covered by the "small entity" definition (Section 2(b)(2)(B)(ii)).
-
Ensuring definitions remain meaningful: The study aims to determine how the Commission should define a "small entity" to ensure a meaningful number of entities fall under that definition (Section 2(b)(1)(C)).
-
Adjusting for inflation: The Commission is required to adjust dollar figures within the definition every five years to reflect changes in the Consumer Price Index for All Urban Consumers (Section 2(d)).
Potential Negative Impacts for People
- No specific negative impacts or burdens are explicitly stated within the provided text of the bill.
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Hover a score for the reason it gave.
- Demographic And Interest Groups
- Good For Business Owners+3
- Economy And Finance
- Improves Small Business Support+3
- 7/22/2025
- Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- 7/21/2025
- 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 H3500)
- On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H3500)
- DEBATE - The House proceeded with forty minutes of debate on H.R. 3382.
- Considered under suspension of the rules. (consideration: CR H3500-3501)
- Mr. Hill (AR) moved to suspend the rules and pass the bill, as amended.
- 6/3/2025
- Reported (Amended) by the Committee on Financial Services. H. Rept. 119-125.
- Placed on the Union Calendar, Calendar No. 95.
- 1 Cosponsor added.
- 5/21/2025
- 1 Cosponsor added.
- 5/20/2025
- Committee Consideration and Mark-up Session Held
- Ordered to be Reported (Amended) by the Yeas and Nays: 51 - 0.
- 5/15/2025
- 1 Cosponsor added.
- 5/14/2025
- Referred to the House Committee on Financial Services.
- 4 Cosponsors added.
- Introduced in House
One bill Congress.gov lists as related to this one — companions in the other chamber, earlier versions, and bills this one absorbed or was folded into.
Sean CastenDemocrat · Illinois
James HimesDemocrat · Connecticut
Michael LawlerRepublican · New York
Pete SessionsRepublican · Texas
David ScottDemocrat · Georgia
Ritchie TorresDemocrat · New York
Eugene VindmanDemocrat · Virginia