HR 3959
· 119th Congress
· Finance and Financial Sector
Protecting Private Job Creators Act
Sponsor
Latest action
Placed on the Union Calendar, Calendar No. 448.
Action timeline
Every recorded action on this bill, newest first. Stage badges color-code the legislative path.
Feb 25, 2026
committee
Reported (Amended) by the Committee on Financial Services. H. Rept. 119-523.
Financial Services Committee
Feb 25, 2026
other
Placed on the Union Calendar, Calendar No. 448.
Dec 17, 2025
committee
Committee Consideration and Mark-up Session Held
Financial Services Committee
Dec 17, 2025
committee
Ordered to be Reported (Amended) by the Yeas and Nays: 41 - 11.
Financial Services Committee
Dec 16, 2025
committee
Committee Consideration and Mark-up Session Held
Financial Services Committee
Jun 12, 2025
introduced
Introduced in House
Jun 12, 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.
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.
07
Reported to House
Feb 25, 2026
Protecting Private Job Creators Act
This bill provides statutory authority for an exemption from specified disclosure requirements applicable to fixed-income securities (e.g., corporate bonds or a certificate of deposit).
Under current securities regulations, brokers and dealers are generally prohibited from publishing securities quotations (i.e., the sale price) in over-the-counter (i.e., not on a national exchange) markets unless they have certain information about the securities issuer in their records. The Securities and Exchange Commission issued a series of orders (with the latest order issued in November 2024) granting an exemption to this rule to fixed-income securities that comply with specified safe-harbor rules. The bill provides statutory authority for this exemption.
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.
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.
+43
−45
24 unchanged
--- Introduced (House)
+++ Reported (House)
@@ -1,11 +1,14 @@
[From the U.S. Government Publishing Office]
-[H.R. 3959 Introduced in House (IH)]
+[H.R. 3959 Reported in House (RH)]
<DOC>
+Union Calendar No. 448
119th CONGRESS
-1st Session
+2d Session
H. R. 3959
+
+[Report No. 119-523]
To except quotations of fixed-income securities from certain regulatory
requirements, and for other purposes.
@@ -18,6 +21,20 @@
Mr. Downing (for himself and Mr. Fields) introduced the following bill;
which was referred to the Committee on Financial Services
+
+February 25, 2026
+
+Additional sponsors: Mr. Gottheimer, Mr. David Scott of Georgia, Mrs.
+Wagner, Mr. Sessions, Mr. Moore of North Carolina, and Mr. Lawler
+
+February 25, 2026
+
+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
+12, 2025]
_______________________________________________________________________
@@ -34,48 +51,7 @@
This Act may be cited as the ``Protecting Private Job Creators
Act''.
-SEC. 2. FINDINGS.
-
-Congress finds the following:
-(1) On September 16, 2020, the Securities and Exchange
-Commission adopted a final rule amending Rule 15c2-11 under the
-Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) which
-addresses disclosures in the OTC markets and imposes
-requirements upon broker-dealers who publish quotations in such
-markets.
-(2) Rule 15c2-11 was promulgated in 1971, and has generally
-been understood to apply to OTC equity markets since that time.
-(3) The amendments to Rule 15c2-11 were based on the
-economic analysis of OTC equity markets.
-(4) The fixed-income markets are different in structure and
-function than OTC equity markets.
-(5) The fixed-income markets are critical to the ability of
-thousands of businesses' ability to raise capital.
-(6) Rule 144A requires that issuers make their financial
-and operational information available to qualified
-institutional buyers upon request.
-(7) Following No-Action Letters issued on September 24,
-2021, and December 16, 2021, the Securities and Exchange
-Commission indicated that it would apply Rule 15c2-11 to fixed-
-income markets in a manner that made significant changes to
-long-standing regulatory requirements, without a rulemaking
-process, without analysis of the costs and benefits of the
-action, and without regard for the input of the public.
-According to a subsequent No-Action Letter, which was issued on
-November 30, 2022, the Securities and Exchange Commission will
-apply Rule 15c2-11 to fixed-income securities sold pursuant to
-Rule 144A after no-action relief expired on January 4, 2025.
-(8) On October 30, 2023, the Securities and Exchange
-Commission exempted fixed-income securities sold pursuant to
-Rule 144A from Rule 15c2-11 compliance, finding doing so is
-``appropriate in the public interest, and consistent with the
-protection of investors''.
-(9) On November 22, 2024, the Securities and Exchange
-Commission granted exemptive relief from Rule 15c2-11
-compliance to all fixed-incomes securities that meet certain
-criteria.
-
-SEC. 3. EXCEPTION RELATING TO QUOTATIONS OF FIXED-INCOME SECURITIES.
+SEC. 2. EXCEPTION RELATING TO QUOTATIONS OF FIXED-INCOME SECURITIES.
(a) In General.--Section 240.15c2-11 of title 17, Code of Federal
Regulations, shall not apply with respect to quotations of fixed-income
@@ -89,4 +65,26 @@
convertible, with or without consideration, into any equity
security or carrying any warrant or right to subscribe to or
purchase any equity security.
-<all>
+Union Calendar No. 448
+
+119th CONGRESS
+
+2d Session
+
+H. R. 3959
+
+[Report No. 119-523]
+
+_______________________________________________________________________
+
+A BILL
+
+To except quotations of fixed-income securities from certain regulatory
+requirements, and for other purposes.
+
+_______________________________________________________________________
+
+February 25, 2026
+
+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.
4
filings · 2026 Q3
4
filings · 2026 Q3
4
filings · 2026 Q3
3
filings · 2025 Q3
2
filings · 2026 Q4
2
filings · 2025 Q3
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 (6)
Members who signed on to support this bill.