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H.R. 3395

U.S. House•In Senate Committee

Summary

H.R. 3395, the Middle Market IPO Cost Act, was introduced in the House on May 14, 2025 by Rep. James Himes (D) with 2 co-sponsors. It was referred to Banking, Housing, And Urban Affairs, and last saw action on Jul 22, 2025: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Record

Text

H.R. 3395 has 2 co-sponsors.

hb3395/engrossed-in-house.txt
119 HR 3395 EH: Middle Market IPO Cost Act
 U.S. House of Representatives
 text/xml
 EN
 Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
 IB
 119th CONGRESS  1st Session
 H. R. 3395
 IN THE HOUSE OF REPRESENTATIVES
 AN ACT
To require the Comptroller General of the United States to carry out a study of the costs associated with small- and medium-sized companies to undertake initial public offerings.
1.
Short title
This Act may be cited as the   Middle Market IPO Cost Act  .
2.
Study on IPO fees
(a)
Study
The Comptroller General of the United States, in consultation with the Securities and Exchange Commission and the Financial Industry Regulatory Authority, shall carry out a study of the costs associated with small- and medium-sized companies to undertake initial public offerings ( IPOs ). In carrying out such study, the Comptroller General shall—
(1)
consider the direct and indirect costs of an IPO, including—
(A)
fees of accountants, underwriters, and any other outside advisors with respect to the IPO;
(B)
compliance with Federal and State securities laws at the time of the IPO; and
(C)
such other IPO-related costs as the Comptroller General may consider;
(2)
compare and analyze the costs of an IPO with the costs of obtaining alternative sources of financing and of liquidity;
(3)
consider the impact of such costs on capital formation;
(4)
analyze the impact of these costs on the availability of public securities of small- and medium-sized companies to retail investors; and
(5)
analyze trends in IPOs over a time period the Comptroller General determines is appropriate to analyze IPO pricing practices, considering—
(A)
the number of IPOs;
(B)
how costs for IPOs have evolved over time for underwriters, investment advisory firms, and other professions for services in connection with an IPO;
(C)
the number of brokers and dealers active in underwriting IPOs;
(D)
the different types of services that underwriters and related persons provide before and after a small- or medium-sized company IPO and the factors impacting IPOs costs;
(E)
changes in the costs and availability of investment research for small- and medium-sized companies; and
(F)
the impacts of litigation and its costs on being a public company.
(b)
Report
Not later than the end of the 360-day period beginning on the date of the enactment of this Act, the Comptroller General of the United States shall issue a report to the Congress containing all findings and determinations made in carrying out the study required under subsection (a) and any administrative or legislative recommendations the Comptroller General may have.
     Passed the House of Representatives July 21, 2025.  Kevin F. McCumber,  Clerk.

Tracker

The tracker indicates the progress of this legislation as it moves through the legislative process.

  1. Introduced2025-05-14
  2. Passed House2025-07-21
  3. Passed Senate
  4. Conference
  5. To President
  6. Became Law

CRS Summary

The summaries are the Congressional Research Service’s, one per stage. Read them in full.

Introduced in House May 14, 2025

hb3395/introduced-in-house.md

Shown Here:
Introduced in House (05/14/2025)

Middle Market IPO Cost Act

This bill requires the Government Accountability Office to study and report on the costs encountered by small- and medium-sized companies when undertaking initial public offerings.

Sponsors

Rep. James Himes (D) sponsors H.R. 3395, and 2 members have co-sponsored it.

Committees

H.R. 3395 went before 2 committees: Banking, Housing, and Urban Affairs and Financial Services.

Banking, Housing, and Urban Affairs
Banking, Housing, and Urban Affairs
Referred To · Jul 22, 2025 · 465 Bills
Financial Services
Financial Services
Reported By · Jun 3, 2025 · 559 Bills

Reports

1 committee report has been filed on H.R. 3395, the latest H. Rept. 119-128.

Actions

H.R. 3395 has taken 13 actions since May 14, 2025, the latest on Jul 22, 2025.

ChamberAction
Jul 22, 2025
Senate
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.Banking, Housing, and Urban Affairs Committee
Jul 21, 202517:52
House
Mr. Hill (AR) moved to suspend the rules and pass the bill, as amended.
Jul 21, 202517:52
House
Considered under suspension of the rules. (consideration: CR H3511-3513)
Jul 21, 202517:52
House
DEBATE - The House proceeded with forty minutes of debate on H.R. 3395.
Jul 21, 202517:59
House
On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H3511-3512)

Votes

H.R. 3395 has not gone to a roll call.

Titles

H.R. 3395 goes by 7 titles, 4 of them short titles.

  • To require the Comptroller General of the United States to carry out a study of the costs associated with small- and medium-sized companies to undertake initial public offerings. — Official Titles from EH (Engrossed in House) bill text
  • Middle Market IPO Cost Act — Short Titles from RFS (Referred to Senate) bill text
  • Middle Market IPO Cost Act — Display Title
  • Middle Market IPO Cost Act — Short Title(s) as Passed House
  • Middle Market IPO Cost Act — Short Title(s) as Reported to House
  • Middle Market IPO Cost Act — Short Title(s) as Introduced
  • To require the Comptroller General of the United States to carry out a study of the costs associated with small- and medium-sized companies to undertake initial public offerings. — Official Title as Introduced

Cost estimate

The Congressional Budget Office has filed 1 estimate for H.R. 3395, the latest on Jul 16, 2025.

Lobbying

5 clients hired 5 firms and 121 registered lobbyists who named H.R. 3395 in 16 quarterly filings, 2025 to 2026. Reported under the Lobbying Disclosure Act; a filing’s income covers everything its registrant worked that quarter, so the amounts below are the filings’, not this bill’s.

Filed under Banking, Financial Institutions/Investments/Securities, Taxation/Internal Revenue Code, Budget/Appropriations, Retirement, Commodities (big ticket), Small Business, Government Issues.

Clients

Who paid to be heard, by how many filings named the bill.

ClientBusinessStateFirmsFilingsReported
AMERICAN SECURITIES ASSOCIATION—District of Columbia15—
SECURITIES INDUSTRY AND FINANCIAL MARKETS ASSOCIATION—District of Columbia15—
CHAMBER OF COMMERCE OF THE U.S.A.—District of Columbia13—
SMALL BUSINESS & ENTREPRENEURSHIP COUNCIL (SBE COUNCIL)—Virginia12—
AMERICANS FOR FINANCIAL REFORM—District of Columbia11—

Firms

Registrants who filed on the bill, by filings.

RegistrantClientsFilingsReported
AMERICAN SECURITIES ASSOCIATION15—
SECURITIES INDUSTRY AND FINANCIAL MARKETS ASSOCIATION15—
CHAMBER OF COMMERCE OF THE U.S.A.13—
SMALL BUSINESS & ENTREPRENEURSHIP COUNCIL (SBE COUNCIL)12—
AMERICANS FOR FINANCIAL REFORM11—

Lobbyists

Named on the filings that cite the bill. The 20 named most often, of 121.

LobbyistFirmsClientsFilings
BRADLEY EDGELL115
CARTER MCDOWELL115
CHRISTOPHER KILLIAN115
COURTNEY RYAN115
JESSICA BARKER115
JOSEPH CORCORAN115
KELLI MCMORROW115
KENNETH BENTSEN115
KEVIN CARSON115
LESLIE NORWOOD115
LISA BLEIER115
LUCAS WEST115
MELISSA MACGREGOR115
NICHOLAS KEY115
PETER RYAN115
KEVIN RUANE114
PETER MATHESON114
ABELARDO TORRES113
ALEXA BRANSON113
ANDREA PORWOLL113

Filings

The documents themselves, on the Senate’s Lobbying Disclosure site, largest reported first.

ClientRegistrantPeriodReportedDocument
CHAMBER OF COMMERCE OF THE U.S.A.CHAMBER OF COMMERCE OF THE U.S.A.2025 second_quarter$19.3M2nd Quarter - Report
CHAMBER OF COMMERCE OF THE U.S.A.CHAMBER OF COMMERCE OF THE U.S.A.2025 fourth_quarter$18M4th Quarter - Report
CHAMBER OF COMMERCE OF THE U.S.A.CHAMBER OF COMMERCE OF THE U.S.A.2025 third_quarter$13.7M3rd Quarter - Report
SECURITIES INDUSTRY AND FINANCIAL MARKETS ASSOCIATIONSECURITIES INDUSTRY AND FINANCIAL MARKETS ASSOCIATION2025 fourth_quarter$3.2M4th Quarter - Report
SECURITIES INDUSTRY AND FINANCIAL MARKETS ASSOCIATIONSECURITIES INDUSTRY AND FINANCIAL MARKETS ASSOCIATION2025 second_quarter$2.1M2nd Quarter - Report
SECURITIES INDUSTRY AND FINANCIAL MARKETS ASSOCIATIONSECURITIES INDUSTRY AND FINANCIAL MARKETS ASSOCIATION2026 second_quarter$1.9M2nd Quarter - Report
SECURITIES INDUSTRY AND FINANCIAL MARKETS ASSOCIATIONSECURITIES INDUSTRY AND FINANCIAL MARKETS ASSOCIATION2025 third_quarter$1.9M3rd Quarter - Report
SECURITIES INDUSTRY AND FINANCIAL MARKETS ASSOCIATIONSECURITIES INDUSTRY AND FINANCIAL MARKETS ASSOCIATION2026 first_quarter$1.9M1st Quarter - Report
AMERICANS FOR FINANCIAL REFORMAMERICANS FOR FINANCIAL REFORM2025 second_quarter$150K2nd Quarter - Report
AMERICAN SECURITIES ASSOCIATIONAMERICAN SECURITIES ASSOCIATION2025 second_quarter$100K2nd Quarter - Report
AMERICAN SECURITIES ASSOCIATIONAMERICAN SECURITIES ASSOCIATION2026 second_quarter$90K2nd Quarter - Report
AMERICAN SECURITIES ASSOCIATIONAMERICAN SECURITIES ASSOCIATION2026 first_quarter$90K1st Quarter - Report
AMERICAN SECURITIES ASSOCIATIONAMERICAN SECURITIES ASSOCIATION2025 third_quarter$90K3rd Quarter - Report
AMERICAN SECURITIES ASSOCIATIONAMERICAN SECURITIES ASSOCIATION2025 fourth_quarter$80K4th Quarter - Report
SMALL BUSINESS & ENTREPRENEURSHIP COUNCIL (SBE COUNCIL)SMALL BUSINESS & ENTREPRENEURSHIP COUNCIL (SBE COUNCIL)2025 second_quarter$65K2nd Quarter - Report
SMALL BUSINESS & ENTREPRENEURSHIP COUNCIL (SBE COUNCIL)SMALL BUSINESS & ENTREPRENEURSHIP COUNCIL (SBE COUNCIL)2025 third_quarter$55K3rd Quarter - Report

Classification

The Congressional Research Service files H.R. 3395 under Finance and Financial Sector, one of its 31 policy areas, and gives it 6 legislative subjects.

CRS Subjects

CRS assigns every bill one policy area from its 31; H.R. 3395’s is Finance and Financial Sector.

hr3395/policy-areas.txt
Finance and Financial SectorAgriculture and FoodAnimalsArmed Forces and National SecurityArts, Culture, ReligionCivil Rights and Liberties, Minority IssuesCommerceCongressCrime and Law EnforcementEconomics and Public FinanceEducationEmergency ManagementEnergyEnvironmental ProtectionFamiliesForeign Trade and International FinanceGovernment Operations and PoliticsHealthHousing and Community DevelopmentImmigrationInternational AffairsLabor and EmploymentLawNative AmericansPublic Lands and Natural ResourcesScience, Technology, CommunicationsSocial WelfareSports and RecreationTaxationTransportation and Public WorksWater Resources Development

Legislative Subjects

H.R. 3395 carries 6 of CRS’s legislative subjects, from Accounting and auditing to Small business.

hr3395/subjects.txt
Accounting and auditingCongressional oversightFinancial services and investmentsGovernment studies and investigationsSecuritiesSmall business

Constitutional authority

The clause the sponsor cites as Congress’s power to enact H.R. 3395, as entered in the Congressional Record.

[Congressional Record Volume 171, Number 81 (Wednesday, May 14, 2025)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. HIMES:H.R. 3395.Congress has the power to enact this legislation pursuantto the following:Clause 18 of Section 8 of Article I of the Constitution[Page H2052]

Source: congress.gov · legiscan.com