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H.R. 3672119th CongressPlaced on the calendarLatest action Jul 15, 2025Decoded by AI · checked against the record
Official title: Securities Research Modernization Act
Introduced:
Read the official bill on Congress.govThe plain-language version leads. The official text is always the reference.
The bill expands a research-report exception from small "emerging growth companies" to all issuers and all security types.
40-second read · 4 questions answered below
This bill would broaden a securities law exception that currently allows banks and brokerages to publish research reports on emerging growth companies' common stock during public offerings. It would extend this exception to cover any company and any type of security, including bonds and preferred stock, not just common stock.
Investment banks, brokerage firms, and financial analysts who write research reports would be affected, along with companies of all sizes planning public securities offerings and investors who read analyst research.
Broader publication of research during offerings could give investors more information, but may also raise concerns about analysts producing favorable research to help firms sell securities they are underwriting. The bill does not alter other securities disclosure rules.
AI-drafted summary. Verify it against the official text before you act on it. Read the official bill on Congress.gov
Right now: it was placed on the House floor calendar, and the official record shows no floor action on it since. If the Senate changes it, it goes back to the House before reaching the President.
Latest action: — Placed on the Union Calendar, Calendar No. 167.