H.R. 3959 · Where this bill is now
Waiting for a House vote
Approved by committee Feb 25, 2026; no House vote yet
What this bill does
In plain words · AI-written from the official summaryExempts fixed-income securities from disclosure rules
Right now, when brokers and dealers want to quote prices for certain bonds and other fixed-income securities in over-the-counter markets (trades not happening on a national exchange), they have to have certain information about the issuer on file. The Securities and Exchange Commission has been granting exemptions to this rule for fixed-income securities that meet specific safety requirements. This bill would put that exemption into law, making it permanent rather than relying on regulatory orders.
How it affects you
This mainly affects brokers, dealers, and companies that issue fixed-income securities like corporate bonds. For everyday people, the change is indirect—it could potentially make it easier for these financial professionals to quote prices in certain markets, though the official summary doesn't spell out what that means for individual investors or savers.
Read the official summary (Reported to House, Feb 25, 2026)
Protecting Private Job Creators Act
This bill provides statutory authority for an exemption from specified disclosure requirements applicable to fixed-income securities (e.g., corporate bonds or a certificate of deposit).
Under current securities regulations, brokers and dealers are generally prohibited from publishing securities quotations (i.e., the sale price) in over-the-counter (i.e., not on a national exchange) markets unless they have certain information about the securities issuer in their records. The Securities and Exchange Commission issued a series of orders (with the latest order issued in November 2024) granting an exemption to this rule to fixed-income securities that comply with specified safe-harbor rules. The bill provides statutory authority for this exemption.
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. 3959
A BILL
Protecting Private Job Creators Act
Sponsor: Rep. Troy Downing (R-MT-2) · Introduced Jun 12, 2025 · Finance and Financial Sector · 2 versions of the text
Sources: Congress.gov actions and votes · bill text from GovInfo · latest official action Feb 25, 2026: “Placed on the Union Calendar, Calendar No. 448.”