Bill · H.R. 7127· House(119-HR-7127)
Restoring the Secondary Trading Market Act
- Introduced
- 1/16/2026
- Last activity
- 3/25/2026 — Placed on the Union Calendar, Calendar No. 493.
- Sponsored by
- Daniel Meuser
- Cosponsors
- None
- Introduced
- On Calendar
What this bill would do
This bill, known as the "Restoring the Secondary Trading Market Act," aims to amend the Securities Act of 1933. It focuses on exempting off-exchange secondary trading from State regulation. This exemption applies when the trading involves securities of an issuer that makes certain current information publicly available. The information includes specific periodic and current reports or documents required by federal regulations.
Yes
Would business owners be better off under this?+4
The bill provides more flexibility for issuers and trading entities by exempting them from state-level trading restrictions.
Would people with substantial wealth be better off under this?+4
The bill facilitates easier secondary trading of securities which may benefit high-net-worth investors.
Does this make it easier to run a small business?+3
The bill reduces regulatory burdens on off-exchange secondary trading for specific issuers.
The opposite
Does this leave more decisions to the states?-6
The bill limits state authority to regulate off-exchange secondary trading for certain issuers.
Does this give people more protection from unfair business practices?-4
The bill removes the ability of states to prohibit or limit off-exchange secondary trading, which may reduce state-level consumer protections.
Who it would affect, and how
Potential Positive Impacts for People
-
Exemption from State Regulation: The bill seeks to prevent States from prohibiting, limiting, or imposing conditions on off-exchange secondary trading for specific types of issuers (Sec. 2). This change could provide more freedom in how these securities are traded outside of a formal exchange.
-
Information Availability: The provision applies to trading involving issuers that make current information publicly available, such as those providing specific periodic and current reports (Sec. 2, paragraph 4, sub-paragraphs A and B). This ensures that the trading pertains to companies that are meeting certain disclosure requirements.
Potential Negative Impacts for People
- Removal of State Oversight: By amending the Securities Act of 1933, the bill would prevent States from regulating or placing conditions on off-exchange secondary trading for certain issuers (Sec. 2). This removes the ability of State authorities to prohibit or limit such trading activities.
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+4Good For High Net Worth Individuals+4
- Governance And Ideology
- Increase States Rights-6
- Economy And Finance
- Improves Small Business Support+3Improves Consumer Protection-4
- 3/25/2026
- Reported (Amended) by the Committee on Financial Services. H. Rept. 119-573.
- Placed on the Union Calendar, Calendar No. 493.
- 3/4/2026
- Committee Consideration and Mark-up Session Held
- Ordered to be Reported by the Yeas and Nays: 26 - 17.
- 1/16/2026
- Referred to the House Committee on Financial Services.
- Introduced in House