H.R. 3382 Passed the House Finance and Financial Sector

Small Entity Update Act

To require the Securities and Exchange Commission to carry out a study and rulemaking on the definition of the term "small entity" under the securities laws for purposes of chapter 6 of title 5, United States Code, and for other purposes.

  1. Introduced
  2. Committee
  3. Passed House
  4. Passed Senate
  5. To President
  6. Became law
Sponsor Rep. Wagner, Ann [R-MO-2] Introduced May 14, 2025 Cosponsors 7 (5 D, 2 R) Latest action July 22, 2025

Summary

Small Entity Update Act
This bill requires the Securities and Exchange Commission (SEC) to study approaches to reduce the impact of SEC rules on small businesses and other small entities, make appropriate recommendations, and revise applicable rules. 
Specifically, the bill requires the SEC to evaluate the current definition of small entity with respect to SEC rules.
Under the bill, the SEC must provide specific and detailed recommendations to Congress on how the SEC can revise the definition of small entity to (1) align with specified statutory goals, including reducing unnecessary burdens on small entities; and (2) expand the number of entities covered. In addition, the SEC must adjust for inflation every five years any dollar amounts used to define small entities.
The SEC must also revise the applicable rules to implement these recommendations.

Summary by the Congressional Research Service, Library of Congress.

Congress.gov

Actions

  1. Jul 22, 2025 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
  2. Jul 21, 2025 Motion to reconsider laid on the table Agreed to without objection.
  3. Jul 21, 2025 On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H3500)
  4. Jul 21, 2025 DEBATE - The House proceeded with forty minutes of debate on H.R. 3382.
  5. Jul 21, 2025 Considered under suspension of the rules. (consideration: CR H3500-3501)
  6. Jul 21, 2025 Mr. Hill (AR) moved to suspend the rules and pass the bill, as amended.
  7. Jun 3, 2025 Placed on the Union Calendar, Calendar No. 95.
  8. Jun 3, 2025 Reported (Amended) by the Committee on Financial Services. H. Rept. 119-125.
  9. May 20, 2025 Ordered to be Reported (Amended) by the Yeas and Nays: 51 - 0.
  10. May 20, 2025 Committee Consideration and Mark-up Session Held
  11. May 14, 2025 Referred to the House Committee on Financial Services.
  12. May 14, 2025 Introduced in House

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