HR 3484
· 119th Congress
· Finance and Financial Sector
Business Owners Protection Act of 2025
Sponsor
Latest action
Placed on the Union Calendar, Calendar No. 315.
Action timeline
Every recorded action on this bill, newest first. Stage badges color-code the legislative path.
Nov 04, 2025
committee
Reported (Amended) by the Committee on Financial Services. H. Rept. 119-363.
Financial Services Committee
Nov 04, 2025
other
Placed on the Union Calendar, Calendar No. 315.
Sep 16, 2025
committee
Committee Consideration and Mark-up Session Held
Financial Services Committee
Sep 16, 2025
committee
Ordered to be Reported (Amended) by the Yeas and Nays: 26 - 24.
Financial Services Committee
May 19, 2025
introduced
Introduced in House
May 19, 2025
introduced
Referred to the House Committee on Financial Services.
Financial Services Committee
Text versions
Each stage of the bill — official text published by GPO. Click any format to read on congress.gov / govinfo.
Changelog
ⓘ
How a bill moves through Congress. Each stage produces a new official text. The diff between them shows what changed at that step.
ih / is — Introduced in House / Senate. First filed version.rfh / rfs — Referred to a committee for review.rh / rs — Reported back by the committee to the floor (often with amendments — this is where most language changes happen).pcs / pch — Placed on Calendar for floor consideration.eh / es — Engrossed. Passed by the originating chamber. Text is now what was actually voted on.rdh / rds — Received by the other chamber.eah / eas — Engrossed Amendment. The other chamber passed an amended version.ath / ats — Agreed to. Both chambers settled on the same text.enr — Enrolled. Final reconciled text, sent to the President.pl — Public Law. Signed by the President. It's now law.pp — Public Print. Official printing post-enactment.
Most bills die before eh/es. Going from pcs → enr is the full path through both chambers.
ⓘ
How a bill moves through Congress. Each stage produces a new official text. The diff between them shows what changed at that step.
ih/is— Introduced in House / Senate. First filed version.rfh/rfs— Referred to a committee for review.rh/rs— Reported back by the committee to the floor (often with amendments — this is where most language changes happen).pcs/pch— Placed on Calendar for floor consideration.eh/es— Engrossed. Passed by the originating chamber. Text is now what was actually voted on.rdh/rds— Received by the other chamber.eah/eas— Engrossed Amendment. The other chamber passed an amended version.ath/ats— Agreed to. Both chambers settled on the same text.enr— Enrolled. Final reconciled text, sent to the President.pl— Public Law. Signed by the President. It's now law.pp— Public Print. Official printing post-enactment.
Most bills die before eh/es. Going from pcs → enr is the full path through both chambers.
Line-level diff between text versions of this bill — what actually changed at each legislative stage.
+76
−25
20 unchanged
--- Introduced (House)
+++ Reported (House)
@@ -1,11 +1,14 @@
[From the U.S. Government Publishing Office]
-[H.R. 3484 Introduced in House (IH)]
+[H.R. 3484 Reported in House (RH)]
<DOC>
+Union Calendar No. 315
119th CONGRESS
1st Session
H. R. 3484
+
+[Report No. 119-363]
To terminate unused authorities of the Securities and Exchange
Commission that were established pursuant to the Dodd-Frank Wall Street
@@ -20,6 +23,20 @@
Mr. Barr (for himself, Mr. Emmer, Mr. Westerman, and Mrs. Hinson)
introduced the following bill; which was referred to the Committee on
Financial Services
+
+November 4, 2025
+
+Additional sponsors: Mr. Hudson, Mr. Baumgartner, Mr. Williams of
+Texas, and Mr. Sessions
+
+November 4, 2025
+
+Reported with an amendment, committed to the Committee of the Whole
+House on the State of the Union, and ordered to be printed
+[Strike out all after the enacting clause and insert the part printed
+in italic]
+[For text of introduced bill, see copy of bill as introduced on May 19,
+2025]
_______________________________________________________________________
@@ -37,28 +54,62 @@
This Act may be cited as the ``Business Owners Protection Act of
2025''.
-SEC. 2. TERMINATION OF CERTAIN UNUSED AUTHORITIES OF SECURITIES AND
-EXCHANGE COMMISSION.
+SEC. 2. REPEAL OF CERTAIN UNUSED AUTHORITY TO RESTRICT MANDATORY
+PREDISPUTE ARBITRATION.
-Section 23 of the Securities Exchange Act of 1934 (15 U.S.C. 78w)
-is amended by adding at the end the following:
-``(e) Termination of Certain Unused Authorities.--
-``(1) In general.--With respect to authorities of the
-Commission that were established pursuant to the Dodd-Frank
-Wall Street Reform and Consumer Protection Act (12 U.S.C. 5301
-et seq.), any such authority that provides discretion as to
-whether to establish a requirement for private entities, and
-for which the Commission had not issued a notice of proposed
-rulemaking under section 553 of title 5, United States Code, or
-a guidance document before January 1, 2025, is terminated upon
-the date of enactment of this subsection.
-``(2) Inclusion of authorities.--The reference in paragraph
-(1) to authorities established pursuant to the Dodd-Frank Wall
-Street Reform and Consumer Protection Act (12 U.S.C. 5301 et
-seq.) includes authorities established for the Commission
-through amendments made by such Act to this Act.
-``(3) List of authorities.--Not later than 180 days after
-the date of enactment of this subsection, the Commission shall
-submit to Congress and publish a publicly available list of
-each authority that is terminated under paragraph (1).''.
-<all>
+(a) In General.--Section 15 of the Securities Exchange Act of 1934
+(15 U.S.C. 78o) is amended by repealing subsection (o).
+(b) Conforming Amendment.--Section 921 of the Investor Protection
+and Securities Reform Act of 2010 is amended by striking subsection
+(a).
+
+SEC. 3. REMOVAL OF CERTAIN AUTHORITY RELATED TO FIDUCIARY DUTIES.
+
+(a) Securities Exchange Act of 1934.--The second subsection (l) of
+section 15 of the Securities Exchange Act of 1934 (15 U.S.C. 78o;
+relating to ``Other matters'') is amended--
+(1) by striking ``Commission shall'' and all that follows
+through ``(1) facilitate'' and inserting ``Commission shall
+facilitate'';
+(2) in paragraph (1), by striking ``; and'' and inserting a
+period; and
+(3) by striking paragraph (2).
+(b) Investment Advisers Act of 1940.--Section 211(h) of the
+Investment Advisers Act of 1940 (15 U.S.C. 80b-11(h)) is amended--
+(1) by striking ``Commission shall'' and all that follows
+through ``(1) facilitate'' and inserting ``Commission shall
+facilitate'';
+(2) in paragraph (1), by striking ``; and'' and inserting a
+period; and
+(3) by striking paragraph (2).
+
+SEC. 4. REPEAL OF CERTAIN UNUSED AUTHORITY RELATED TO STANDARDS OF
+CONDUCT.
+
+Section 15 of the Securities Exchange Act of 1934 (15 U.S.C. 78o)
+is amended by repealing the second subsection (k) (relating to
+``Standard of Conduct'').
+Union Calendar No. 315
+
+119th CONGRESS
+
+1st Session
+
+H. R. 3484
+
+[Report No. 119-363]
+
+_______________________________________________________________________
+
+A BILL
+
+To terminate unused authorities of the Securities and Exchange
+Commission that were established pursuant to the Dodd-Frank Wall Street
+Reform and Consumer Protection Act.
+
+_______________________________________________________________________
+
+November 4, 2025
+
+Reported with an amendment, committed to the Committee of the Whole
+House on the State of the Union, and ordered to be printed
Lobbying activity
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4
filings · 2026 Q3
1
filings · 2025 Q3
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Cosponsors (7)
Members who signed on to support this bill.