Bill would limit state power over off-exchange stock trading rules
Placed on the calendarH.R. 7127Latest action
Sponsor: Daniel Meuser · Representative · PA
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Official title: Restoring the Secondary Trading Market Act
119th Congress
Topics: Jobs & the economy
Introduced:
Read the official bill on Congress.govIn plain words
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States could no longer restrict resale of securities off-exchange once a company meets existing SEC disclosure rules.
40-second read · 4 questions answered below
What does this do?
The bill would bar states from placing restrictions, conditions, or limits on resale of a company's securities in off-exchange secondary markets, as long as the company already provides current public financial information under existing SEC disclosure rules. It would not change what the SEC itself requires companies to disclose, but it would cap what states can add on top of that.
Who does it affect?
This affects companies whose stock trades informally or over-the-counter rather than on major exchanges, investors trading those securities, state securities regulators, and brokers or dealers handling these trades.
Why does it matter?
Shifting authority from states to existing federal SEC standards could ease multistate compliance but also reduce state-level investor protections, particularly for smaller or newer companies not listed on major exchanges.
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Where does it stand?
- IntroducedJan 16, 2026
- House committee
- House voteYou are here · Mar 25, 2026
- Senate
- The president's desk
Right now: it was placed on the , 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. 493.