S. 3216

119 S3216 IS: Greenlighting Growth Act
 U.S. Senate
 2025-11-19
 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.
 II  119th CONGRESS  1st Session  S. 3216  IN THE SENATE OF THE UNITED STATES   November 19, 2025   Mr. Kennedy  introduced the following bill; which was read twice and referred to the  Committee on Banking, Housing, and Urban Affairs    A BILL
To amend the Federal securities laws to specify the periods for which financial statements are required to be provided by an emerging growth company, and for other purposes.
1.
Short title
This Act may be cited as the   Greenlighting Growth Act  .
2.
Financial statement reporting requirements for emerging growth companies
(a)
Securities Act of 1933
Section 7(a)(2) of the Securities Act of 1933 ( 15 U.S.C. 77g(a)(2) ) is amended—
(1)
in subparagraph (A), by striking  and  at the end;
(2)
by redesignating subparagraph (B) as subparagraph (C); and
(3)
by inserting after subparagraph (A) the following:
(B)
need not present acquired company financial statements or information otherwise required under section 210.3–05 or 210.8–04 of title 17, Code of Federal Regulations, or any successor regulation, for any period prior to the earliest audited period of the emerging growth company presented in connection with its initial public offering and, thereafter, in no event shall an issuer that was an emerging growth company but is no longer an emerging growth company be required to present financial statements of the issuer (or acquired company financial statements or information otherwise required under section 210.3–05 or 210.8–04 of title 17, Code of Federal Regulations, or any successor regulation) for any period prior to the earliest audited period of the emerging growth company presented in connection with its initial public offering; and
 .
(b)
Securities Exchange Act of 1934
Section 12(b)(1)(K) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78l(b)(1)(K) ) is amended by striking  firm;  and inserting  firm, provided that the application of an emerging growth company need not present acquired company financial statements or information otherwise required under section 210.3–05 or 210.8–04 of title 17, Code of Federal Regulations, or any successor regulation, for any period prior to the earliest audited period of the emerging growth company presented in connection with its application and, thereafter, in no event shall an issuer that was an emerging growth company but is no longer an emerging growth company be required to present financial statements of the issuer (or acquired company financial statements or information otherwise required under section 210.3–05 or 210.8–04 of title 17, Code of Federal Regulations, or any successor regulation) for any period prior to the earliest audited period of the emerging growth company presented in connection with any application under this subsection; .