Reported in House
Business Owners Protection Act of 2025
SEC. 1. SHORT TITLETrack this section →
This Act may be cited as the Business Owners Protection Act of 2025.
SEC. 2. TERMINATION OF CERTAIN UNUSED AUTHORITIES OF SECURITIES AND EXCHANGE COMMISSIONRemoved in this versionTrack this section →
Section 23 of the Securities Exchange Act of 1934 (15 U.S.C. 78w) is amended by adding at the end the following: (e) Termination of certain unused authorities (1) In general With respect to authorities of the Commission that were established pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 5301 et seq.), any such authority that provides discretion as to whether to establish a requirement for private entities, and for which the Commission had not issued a notice of proposed rulemaking under section 553 of title 5, United States Code, or a guidance document before January 1, 2025, is terminated upon the date of enactment of this subsection. (2) Inclusion of authorities The reference in paragraph (1) to authorities established pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 5301 et seq.) includes authorities established for the Commission through amendments made by such Act to this Act. (3) List of authorities Not later than 180 days after the date of enactment of this subsection, the Commission shall submit to Congress and publish a publicly available list of each authority that is terminated under paragraph (1)..
SEC. 2. REPEAL OF CERTAIN UNUSED AUTHORITY TO RESTRICT MANDATORY PREDISPUTE ARBITRATIONNew in this versionTrack this section →
(a) In general Section 15 of the Securities Exchange Act of 1934 (15 U.S.C. 78o) is amended by repealing subsection (o). (b) Conforming amendment Section 921 of the Investor Protection and Securities Reform Act of 2010 is amended by striking subsection (a).
SEC. 3. REMOVAL OF CERTAIN AUTHORITY RELATED TO FIDUCIARY DUTIESNew in this versionTrack this section →
(a) Securities Exchange Act of 1934 The second subsection (l) of section 15 of the Securities Exchange Act of 1934 (15 U.S.C. 78o; relating to Other matters) is amended— (1) by striking Commission shall and all that follows through (1) facilitate and inserting Commission shall facilitate; (2) in paragraph (1), by striking; and and inserting a period; and (3) by striking paragraph (2). (b) Investment Advisers Act of 1940 Section 211(h) of the Investment Advisers Act of 1940 (15 U.S.C. 80b–11(h)) is amended— (1) by striking Commission shall and all that follows through (1) facilitate and inserting Commission shall facilitate; (2) in paragraph (1), by striking; and and inserting a period; and (3) by striking paragraph (2).
SEC. 4. REPEAL OF CERTAIN UNUSED AUTHORITY RELATED TO STANDARDS OF CONDUCTNew in this versionTrack this section →
Section 15 of the Securities Exchange Act of 1934 (15 U.S.C. 78o) is amended by repealing the second subsection (k) (relating to Standard of Conduct).