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H.R. 3672

U.S. House•House Floor Calendar

Summary

H.R. 3672, the Securities Research Modernization Act, was introduced in the House on Jun 2, 2025 by Rep. Roger Williams (R) with 1 co-sponsor. It last saw action on Jul 15, 2025: Placed on the Union Calendar, Calendar No. 167.

Record

Text

H.R. 3672 has 1 co-sponsor.

hb3672/introduced-in-house.txt
119 HR 3672 IH: Securities Research Modernization Act
 U.S. House of Representatives
 2025-06-02
 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.
 I  119th CONGRESS  1st Session  H. R. 3672  IN THE HOUSE OF REPRESENTATIVES   June 2, 2025   Mr. Williams of Texas  (for himself and  Mr. Fields ) introduced the following bill; which was referred to the  Committee on Financial Services    A BILL
To amend the Securities Act of 1933 to expand the research report exception to include reports about any issuer that undertakes a proposed offering of public securities.
1.
Short title
This Act may be cited as the   Securities Research Modernization Act  .
2.
Provision of research
Section 2(a)(3) of the Securities Act of 1933 ( 15 U.S.C. 77b(a)(3) ) is amended—
(a)
by striking  an emerging growth company  and inserting  an issuer ;
(b)
by striking  the common equity  and inserting  any ; and
(c)
by striking  such emerging growth company  and inserting  such issuer .

Tracker

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

  1. Introduced2025-06-02
  2. Passed House
  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.

Reported to House Jul 15, 2025

hb3672/reported-to-house.md

Shown Here:
Reported to House (07/15/2025)

Securities Research Modernization Act

This bill allows a securities broker or dealer to publish or distribute a research report on a proposed public offering by any issuer without it being considered an offer to sell securities for purposes of registration requirements. Currently, only reports published or distributed regarding a proposed public offering by an emerging growth company fall under this exception.

Sponsors

Rep. Roger Williams (R) sponsors H.R. 3672, and 1 member has co-sponsored it from the day it was introduced.

Committees

H.R. 3672 went before 1 committee: Financial Services.

Financial Services
Financial Services
Reported By · Jul 15, 2025 · 559 Bills

Reports

1 committee report has been filed on H.R. 3672, the latest H. Rept. 119-204.

Actions

H.R. 3672 has taken 6 actions since Jun 2, 2025, the latest on Jul 15, 2025.

ChamberAction
Jul 15, 2025
House
Reported (Amended) by the Committee on Financial Services. H. Rept. 119-204.Financial Services Committee
Jul 15, 2025
House
Placed on the Union Calendar, Calendar No. 167.
Jun 10, 2025
House
Committee Consideration and Mark-up Session HeldFinancial Services Committee
Jun 10, 2025
House
Ordered to be Reported (Amended) by the Yeas and Nays: 31 - 19.Financial Services Committee
Jun 2, 2025
House
Introduced in House

Votes

H.R. 3672 has not gone to a roll call.

Titles

H.R. 3672 goes by 4 titles, 2 of them short titles.

  • Securities Research Modernization Act — Display Title
  • To amend the Securities Act of 1933 to expand the research report exception to include reports about any issuer that undertakes a proposed offering of public securities. — Official Title as Introduced
  • Securities Research Modernization Act — Short Title(s) as Reported to House
  • Securities Research Modernization Act — Short Title(s) as Introduced

Cost estimate

The Congressional Budget Office has filed 1 estimate for H.R. 3672, the latest on Oct 31, 2025.

Lobbying

3 clients hired 3 firms and 106 registered lobbyists who named H.R. 3672 in 8 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 Budget/Appropriations, Taxation/Internal Revenue Code, Education, Health Issues, Immigration, Banking, Financial Institutions/Investments/Securities, Government Issues.

Clients

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

ClientBusinessStateFirmsFilingsReported
AMERICAN ACADEMY OF FAMILY PHYSICIANS—Kansas14—
CHAMBER OF COMMERCE OF THE U.S.A.—District of Columbia13—
AMERICANS FOR FINANCIAL REFORM—District of Columbia11—

Firms

Registrants who filed on the bill, by filings.

RegistrantClientsFilingsReported
AMERICAN ACADEMY OF FAMILY PHYSICIANS14—
CHAMBER OF COMMERCE OF THE U.S.A.13—
AMERICANS FOR FINANCIAL REFORM11—

Lobbyists

Named on the filings that cite the bill. The 20 named most often, of 106.

LobbyistFirmsClientsFilings
DAVID TULLY114
KATE GILLIARD114
MEGAN MORTIMER114
NATALIE WILLIAMS114
STEPHANIE QUINN114
ABELARDO TORRES113
ALEXA BRANSON113
ANDREA PORWOLL113
ANNA WALDMAN113
ASHLEY GUM113
BRADLEY WATTS113
BRINCE MANNING113
BROOKE MILLER113
CASSIA CARVALHO113
CHAD WHITEMAN113
CHANTEL SHEAKS113
CHRISTOPHER CRENSHAW113
CHRISTOPHER EYLER113
CHRISTOPHER GUITH113
CHRISTOPHER ROBERTI113

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
AMERICAN ACADEMY OF FAMILY PHYSICIANSAMERICAN ACADEMY OF FAMILY PHYSICIANS2026 second_quarter$1M2nd Quarter - Report
AMERICAN ACADEMY OF FAMILY PHYSICIANSAMERICAN ACADEMY OF FAMILY PHYSICIANS2025 third_quarter$760.5K3rd Quarter - Report
AMERICAN ACADEMY OF FAMILY PHYSICIANSAMERICAN ACADEMY OF FAMILY PHYSICIANS2026 first_quarter$684K1st Quarter - Report
AMERICAN ACADEMY OF FAMILY PHYSICIANSAMERICAN ACADEMY OF FAMILY PHYSICIANS2025 fourth_quarter$667.9K4th Quarter - Report
AMERICANS FOR FINANCIAL REFORMAMERICANS FOR FINANCIAL REFORM2025 second_quarter$150K2nd Quarter - Report

Classification

The Congressional Research Service files H.R. 3672 under Finance and Financial Sector, one of its 31 policy areas, and gives it 3 legislative subjects.

CRS Subjects

CRS assigns every bill one policy area from its 31; H.R. 3672’s is Finance and Financial Sector.

hr3672/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. 3672 carries 3 of CRS’s legislative subjects, from Business records to Securities.

hr3672/subjects.txt
Business recordsFinancial services and investmentsSecurities

Constitutional authority

The clause the sponsor cites as Congress’s power to enact H.R. 3672, as entered in the Congressional Record.

[Congressional Record Volume 171, Number 93 (Monday, June 2, 2025)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. WILLIAMS of Texas:H.R. 3672.Congress has the power to enact this legislation pursuantto the following:Article 1, Section 8 of the Constitution of the UnitedStates[Page H2383]

Source: congress.gov · legiscan.com