← Back to Bills
H.R. 2576House118th Congress (2023-2025)In Committee

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.

Sponsored by Roger WilliamsRep. Roger Williams (R-TX)
Introduced April 13, 2023

AI-Generated Summary

Updated January 20, 2026 at 6:13 AM UTC

The bill changes the Securities Act of 1933 to broaden the research‑report exemption. It lets analysts publish reports about any company that is planning a public securities offering without the report being treated as a solicitation. This affects issuers planning offerings, research analysts, and investors who rely on those reports.

Key Provisions

  • Amends Section 2(a)(3) of the Securities Act by replacing the phrase “an emerging growth company” with “an issuer”.
  • Changes the wording “the common equity” to “any”, expanding the types of securities covered.
  • Replaces “such emerging growth company” with “such issuer”, further extending the exemption to all issuers proposing public offerings.

Legislative Activity

Stay on top of the latest movement without scrolling through every action

1 earlier action
HouseIntro Referral Latest Action

Referred to the House Committee on Financial Services.

Financial Services Committee

April 13, 2023

View full timeline
HouseIntro Referral

Introduced in House

April 13, 2023

HouseIntro Referral

Referred to the House Committee on Financial Services.

Financial Services Committee

April 13, 2023

Bill Text

Latest available legislative text

Reading Mode
Latest
Raw Text PDF XML
Introduced in HouseIssued April 13, 2023

I

118th CONGRESS

1st Session

H. R. 2576

IN THE HOUSE OF REPRESENTATIVES

April 13, 2023

Mr. Williams of Texas 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.

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.