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H.R. 7127119th CongressPlaced on the calendarLatest action Mar 25, 2026Decoded by AI · checked against the record
Official title: Restoring the Secondary Trading Market Act
Introduced:
Read the official bill on Congress.govThe plain-language version leads. The official text is always the reference.
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
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.
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.
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.
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. 493.