Bill · S. 4034· Senate(119-S-4034)
ELEVATE Act of 2026
- Introduced
- 3/10/2026
- Last activity
- 3/10/2026 — Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- Sponsored by
- Pete Ricketts
- Cosponsors
- - 0 - 1
- Introduced
- In Committee
What this bill would do
This bill is called the Encouraging Local Emerging Ventures and Economic Growth Act of 2026 or the ELEVATE Act of 2026. It was introduced in the Senate on March 10, 2026, by Mr. Ricketts and Ms. Cortez Masto. The legislation amends the Securities Exchange Act of 1934. It specifies certain registration statement contents for emerging growth companies. It also permits issuers to file draft registration statements with the Securities and Exchange Commission for confidential review.
Yes· 3 of 9
Would business owners be better off under this?+5
Significantly benefits business owners and founders of emerging growth companies by lowering compliance and registration barriers.
Does this make it easier to run a small business?+5
The bill reduces financial statement requirements and allows confidential draft submissions for emerging growth companies, easing their path to going public.
Is this likely to grow the economy?+4
The legislation facilitates easier public market entry for emerging ventures, supporting overall economic activity and capital formation.
The opposite
Does this give people more protection from unfair business practices?-2
Allowing confidential draft registration reviews reduces public transparency regarding new securities prior to public filing.
Does this make what the government does easier for the public to see?-2
Limits public access and transparency regarding draft registration statements submitted during confidential SEC review.
Who it would affect, and how
Potential Positive Impacts for People
-
Section 2 amends the law so that emerging growth companies only need to provide financial statements for not more than the two preceding fiscal years in their registration statements. This could be positive because it reduces the paperwork burden on new and growing companies.
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Section 2 allows any issuer to confidentially submit a draft registration statement for confidential nonpublic review by the Securities and Exchange Commission prior to a public filing. This might be considered positive because it lets companies prepare their filings privately before making them public, though they must still file publicly at least 10 days before the security is listed.
Potential Negative Impacts for People
- Section 2 states that the Commission shall not be compelled to disclose any information provided under the confidential review process, and treats this information as confidential under specific statutes. This could be viewed as a negative outcome for public transparency because certain details about draft registrations are kept secret from everyday people until shortly before the security is listed.
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+5Good For High Net Worth Individuals+2Good For Ultra High Net Worth Individuals+2Good For Young Adults+2
- Economy And Finance
- Improves Small Business Support+5Improves Economic Growth+4Increases Job Creation+3Improves Consumer Protection-2
- Governance And Ideology
- Improves Interstate Commerce+3Increases Federal Power+1Improves Government Transparency-2
- 3/10/2026
- Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- 1 Cosponsor added.
- Introduced in Senate
Catherine Cortez MastoDemocrat · Nevada