H.R. 3672 · Where this bill is now
Waiting for a House vote
Approved by committee Jul 15, 2025; no House vote yet
What this bill does
In plain words · AI-written from the official summaryExpands research report exemption for brokers
Right now, investment firms can publish research reports about upcoming stock offerings by emerging growth companies without having to register those reports as official sales offers. This bill would expand that same exception to let brokers and dealers publish research reports about upcoming offerings by any company, not just emerging growth companies.
How it affects you
If you invest in stocks or follow market research, you may see more analysis and reports about companies planning to go public, since brokers would have fewer regulatory hurdles to publishing these reports. The change mainly affects investment professionals and brokers rather than individual investors directly.
Read the official summary (Reported to House, Jul 15, 2025)
Securities Research Modernization Act
This bill allows a securities broker or dealer to publish or distribute a research report on a proposed public offering by any issuer without it being considered an offer to sell securities for purposes of registration requirements. Currently, only reports published or distributed regarding a proposed public offering by an emerging growth company fall under this exception.
Written by AI (Claude) using only the official summary by the Congressional Research Service, the Library of Congress’s nonpartisan research staff. It can miss nuance, so check the official summary and the bill text for details.
1st SessionH. R. 3672
A BILL
Securities Research Modernization Act
Sponsor: Rep. Roger Williams (R-TX-25) · Introduced Jun 2, 2025 · Finance and Financial Sector · 2 versions of the text
Sources: Congress.gov actions and votes · bill text from GovInfo · latest official action Jul 15, 2025: “Placed on the Union Calendar, Calendar No. 167.”
Sections
The wording of this bill hasn’t changed across its 2 official versions.