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HR 3672 · 119th Congress · Finance and Financial Sector

Securities Research Modernization Act

Introduced June 02, 2025 Latest action July 15, 2025 1 cosponsor

Sponsor

Latest action

Placed on the Union Calendar, Calendar No. 167.

Action timeline

Every recorded action on this bill, newest first. Stage badges color-code the legislative path.

Jul 15, 2025
committee Reported (Amended) by the Committee on Financial Services. H. Rept. 119-204.
Financial Services Committee
Jul 15, 2025
other Placed on the Union Calendar, Calendar No. 167.
Jun 10, 2025
committee Committee Consideration and Mark-up Session Held
Financial Services Committee
Jun 10, 2025
committee Ordered to be Reported (Amended) by the Yeas and Nays: 31 - 19.
Financial Services Committee
Jun 02, 2025
introduced Introduced in House

Text versions

Each stage of the bill — official text published by GPO. Click any format to read on congress.gov / govinfo.

Jul 15, 2025 Reported in House
XML
Jun 02, 2025 Introduced in House
XML

CRS summaries

Plain-English summaries written by the Congressional Research Service — neutral, nonpartisan staff who summarize bills as they advance through stages. The authoritative description of what each version of the bill does.

via Congressional Research Service · published through congress.gov

Changelog
ⓘ

How a bill moves through Congress. Each stage produces a new official text. The diff between them shows what changed at that step.

  1. ih / is — Introduced in House / Senate. First filed version.
  2. rfh / rfs — Referred to a committee for review.
  3. rh / rs — Reported back by the committee to the floor (often with amendments — this is where most language changes happen).
  4. pcs / pch — Placed on Calendar for floor consideration.
  5. eh / es — Engrossed. Passed by the originating chamber. Text is now what was actually voted on.
  6. rdh / rds — Received by the other chamber.
  7. eah / eas — Engrossed Amendment. The other chamber passed an amended version.
  8. ath / ats — Agreed to. Both chambers settled on the same text.
  9. enr — Enrolled. Final reconciled text, sent to the President.
  10. pl — Public Law. Signed by the President. It's now law.
  11. 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.

→
+38 −3 25 unchanged
--- Introduced (House)
+++ Reported (House)
@@ -1,11 +1,14 @@
[From the U.S. Government Publishing Office]
-[H.R. 3672 Introduced in House (IH)]
+[H.R. 3672 Reported in House (RH)]
<DOC>
+Union Calendar No. 167
119th CONGRESS
1st Session
H. R. 3672
+
+[Report No. 119-204]
To amend the Securities Act of 1933 to expand the research report
exception to include reports about any issuer that undertakes a
@@ -20,6 +23,15 @@
Mr. Williams of Texas (for himself and Mr. Fields) introduced the
following bill; which was referred to the Committee on Financial
Services
+
+July 15, 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 June 2,
+2025]
_______________________________________________________________________
@@ -37,7 +49,7 @@
This Act may be cited as the ``Securities Research Modernization
Act''.
-SEC. 2. PROVISION OF RESEARCH.
+SEC. 2. PROVISION OF RESEARCH REPORT.
Section 2(a)(3) of the Securities Act of 1933 (15 U.S.C. 77b(a)(3))
is amended--
@@ -46,4 +58,27 @@
(b) by striking ``the common equity'' and inserting ``any''; and
(c) by striking ``such emerging growth company'' and inserting
``such issuer''.
-<all>
+Union Calendar No. 167
+
+119th CONGRESS
+
+1st Session
+
+H. R. 3672
+
+[Report No. 119-204]
+
+_______________________________________________________________________
+
+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.
+
+_______________________________________________________________________
+
+July 15, 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

Organizations whose LDA filings reference this bill, ranked by filing count. Position not disclosed — LDA does not require lobbyists to report support / oppose / monitor. Bill-number references can be stale (lobbyists sometimes copy text year-over-year), so verify against the filing description.

CHAMBER OF COMMERCE OF THE U.S.A.
FIN
3
filings · 2025 Q3
AMERICANS FOR FINANCIAL REFORM
FIN
1
filings · 2025 Q2

via Senate LDA · self-reported quarterly. Filing count = filings mentioning this bill (no position required), not money spent on it. Click a client to see all bills they've filed on.

Cosponsors (1)

Members who signed on to support this bill.

Fields D