HR 3381
Passed a chamber
Lets companies of any size, not only emerging growth companies, use testing-the-waters communications and confidentially submit draft registration statements to the SEC for staff review before public filing, while letting the SEC set extra conditions for non-emerging growth issuers only after reporting its findings to Congress.
Official title: Encouraging Public Offerings Act of 2025
Timeline each lane is a chamber; dates pull from congress.gov actions
House
Introduced
14-MAY-2025
Referred
14-MAY-2025
Approved by committee
20-MAY-2025
Reported
03-JUN-2025
On the calendar
03-JUN-2025
Passed
23-JUN-2025
Senate
Received
24-JUN-2025
- Allows any issuer, not only emerging growth companies, to use testing the waters communications with investors
- Allows any issuer to submit draft registration statements confidentially for nonpublic SEC staff review before public filing
- Requires public filing of the initial submission and all amendments 10 days before an IPO's effective date or an exchange listing, or 48 hours before follow-on offerings
- Lets the SEC impose additional rules on non-emerging growth issuers through public notice and comment, after submitting a report to Congress listing the supporting findings
Covers an older version. The newest CRS summary describes the bill as of "Introduced in House" (14-MAY-2025); the text has changed since (Engrossed in House, 23-JUN-2025).
CRS is the Library of Congress's nonpartisan research office. Read it on congress.govFinance and Financial Sector
■ 1 R■ 1 D
1 Democrat
1 Republican