H.R. 7127Heading to a voteJobs & the economy
Bill would limit state power over off-exchange stock trading rules
Data as of July 11, 2026
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
Decoded
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.
Where does it stand?
- Introduced
- House committee
- House vote — You are here
- Senate
- President's desk
Right now: it's headed for a House floor vote. If the Senate changes it, it goes back to the House before reaching the President.
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Official title
Restoring the Secondary Trading Market Act
- Introduced:
- January 16, 2026
- Latest action:
- March 25, 2026
Placed on the Union Calendar, Calendar No. 493.
Read the official bill on Congress.govMake the call
Three steps: where you stand, your script, the call.