Bill · H.R. 3395· House(119-HR-3395)
Middle Market IPO Cost 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
- James Himes
- Cosponsors
- - 0 - 2
- Introduced
- Passed House
- In Senate committee
What this bill would do
This Act, known as the "Middle Market IPO Cost Act," directs the Comptroller General to conduct a study regarding the costs small- and medium-sized companies face when undergoing initial public offerings. The study requires looking at direct and indirect costs, such as fees for advisors and legal compliance. It also mandates a comparison between IPO costs and alternative financing options. Additionally, the study will examine how these costs affect capital formation and the availability of securities for retail investors. The Comptroller General must analyze various IPO trends and pricing practices over a specific time period. Finally, a report containing all findings and any recommendations must be issued to Congress within 360 days of the Act's enactment.
Yes· 3 of 6
Does this make it easier to run a small business?+2
The study aims to identify financial barriers faced by small- and medium-sized companies during the IPO process.
Would business owners be better off under this?+2
The study focuses on the costs small- and medium-sized companies face during IPOs.
Is this likely to grow the economy?+1
The study could lead to recommendations that facilitate better capital formation for growing companies.
The opposite
No question was scored the opposite.
Who it would affect, and how
Potential Positive Impacts for People
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Understanding Financial Barriers: The study aims to look at the direct and indirect costs of an IPO, such as fees for accountants, underwriters, and advisors (Section 2(a)(1)). This could help identify what is making it difficult for smaller companies to go public.
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Improved Access to Investment Opportunities: By analyzing how costs impact the availability of public securities to retail investors (Section 2(a)(4)), the study may shed light on whether everyday investors are being limited in their investment options.
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Better Comparison of Financing Options: The requirement to compare IPO costs with the costs of obtaining alternative sources of financing and liquidity (Section 2(a)(2)) could help companies and investors understand the best ways to fund businesses.
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Potential for Policy Improvements: The Comptroller General is tasked with providing administrative or legislative recommendations to Congress (Section 2(b)). This could lead to future changes that help small- and medium-sized companies grow.
Potential Negative Impacts for People
- No specific negative impacts are explicitly stated in the 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.
- Economy And Finance
- Improves Small Business Support+2Improves Consumer Protection+1Improves Economic Growth+1
- Demographic And Interest Groups
- Good For Business Owners+2Good For Middle Class Households+1
- Governance And Ideology
- Improves Government Transparency+1
- 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 H3511-3512)
- On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H3511-3512)
- DEBATE - The House proceeded with forty minutes of debate on H.R. 3395.
- Considered under suspension of the rules. (consideration: CR H3511-3513)
- 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. 119-128.
- Placed on the Union Calendar, Calendar No. 98.
- 1 Cosponsor added.
- 5/20/2025
- Committee Consideration and Mark-up Session Held
- Ordered to be Reported (Amended) by the Yeas and Nays: 50 - 0.
- 5/19/2025
- 1 Cosponsor added.
- 5/14/2025
- Referred to the House Committee on Financial Services.
- Introduced in House
Michael LawlerRepublican · New York
Pete SessionsRepublican · Texas