Press Releases

Today, the House of Representatives overwhelmingly passed six bipartisan bills from the House Financial Services Committee. Cumulatively, these bills support small businesses, expand access to capital, protect homebuyers, and more.

H.R. 3394 – Fair Investment Opportunities for Professional Experts Act, sponsored by Chairman French Hill (AR-02), passed the House by a bipartisan vote of 397-12. H.R. 3394 expands the definition of “accredited investor” under the Securities Act of 1933 to include individuals with certain licenses, education, or job experience, beyond just those meeting wealth and income thresholds.

• “Before I was in Congress, I helped investors and founders found companies and raise funds through Reg D private placements. I witnessed firsthand how the current accredited investor definition impaired talented, knowledgeable innovators from fully participating in their business formation dream,” said Chairman Hill.

• “With these challenging times overseas, it is nice to see that we recognize that economic security equals national security, and by expanding the qualified investor rule, that will give exactly that – more opportunity to others,” said Rep. Mike Haridopolos (FL-08).

H.R. 910 – Taiwan Non-Discrimination Act of 2025, sponsored by Rep. Young Kim (CA-40), unanimously passed the House by voice vote. H.R. 910 requires the Secretary of the Treasury, on behalf of the United States, to advocate for Taiwan’s membership and meaningful participation at the International Monetary Fund (IMF).

• “Joining the IMF would allow Taiwan to access resources that promote financial resilience and deter China’s economic coercion. It has been the longstanding U.S. policy toward Taiwan to support this membership in international organizations where statehood is not a prerequisite. We must continue to advocate for Taiwan’s voice to be heard where membership is not possible,” said Rep. Kim.

H.R. 1713 – Agricultural Risk Review Act of 2025, sponsored by Rep. Frank Lucas (OK-03), unanimously passed the House by voice vote. H.R. 1713 adds the Secretary of the Department of Agriculture to the Committee on Foreign Investment of the United States (CFIUS) for the purposes of covered transactions related to agriculture. Additionally, H.R. 1713 improves CFIUS’s ability to review agricultural land transactions involving foreign adversaries.

• “Agriculture is too important to our country’s security to be left out. Our geopolitical adversaries are eager to exploit vulnerabilities in critical supply chains, such as our food supply. The inclusion of the Secretary of Agriculture in reviews of ag-related transactions is just plain common sense,” said Rep. Lucas.

H.R. 3301 – ELEVATE Act of 2025, sponsored by Rep. Zach Nunn (IA-03), unanimously passed the House by voice vote. H.R. 3301 clarifies that an emerging growth company (EGC) may present two years, rather than three years, of audited financial statements in both initial public offerings (IPOs) and spin-off transactions. This expands the JOBS Act accommodation currently limited to IPOs.

• “America's businesses deserve an equal opportunity to access the capital they need to grow right on Main Street. These businesses are not backed by billion dollar evaluations or teams of high powered lawyers. What they do have is grit, innovation, and the drive to succeed. They’re not asking for special treatment – just a fair chance to compete,” said Rep. Nunn.

H.R. 3381 – Encouraging Public Offerings Act of 2025, sponsored by Capital Markets Subcommittee Chairman Ann Wagner (MO-02), unanimously passed the House by voice vote. H.R. 3381 codifies SEC Rule 163B, allowing all issuers—not just EGCs—to "test the waters" with potential investors and to submit confidential draft registration statements to the SEC prior to public filing. It also shortens the public filing window before effectiveness to 10 days.

• “This legislation builds on the success of the JOBS Act by making it easier for companies of all sizes to go public while maintaining the transparency and investor protections our markets depend on,” said Rep. Wagner.

H.R. 1190 – Expanding Access to Capital for Rural Job Creators Act, sponsored by Rep. Troy Downing (MT-02), unanimously passed the House by voice vote. H.R. 1190 amends the Securities Exchange Act of 1934 to require the Securities and Exchange Commission’s (SEC) Advocate for Small Business Capital Formation to include rural small businesses among the categories it monitors for capital access challenges.

• “As any small business owner can attest, the number one barrier to growth is access to capital. Through my own experiences, I know how difficult it can be for businesses to secure the funding they need to grow,” said Rep. Downing.

H.R. 2808 – Homebuyers Privacy Protection Act, sponsored by Rep. John Rose (TN-06), unanimously passed the House by voice vote. H.R. 2808 amends the Fair Credit Reporting Act (FCRA) to limit the ability of credit reporting agencies (CRAs) to sell “triggers leads” to mortgage brokers and lenders when a consumer’s credit report is pulled in relation to a mortgage application. 

• “Currently, credit bureaus are notified when a consumer applies for mortgage financing. That information, which is referred to as a ‘trigger lead’, is then often sold by the credit bureaus to data brokers and other lenders without the consumers knowledge or approval… The Homebuyers Privacy Protection Act would dramatically reduce the number of unwanted calls and messages that millions endure during the homebuyer process,” said Rep. Rose.

H.R. 2225 – Access to Small Business Investor Capital Act, sponsored by Rep. Brad Sherman (CA-32), unanimously passed the House by voice vote. H.R. 2225 allows a registered investment company to exclude from the calculation of “acquired fund fees and expenses” (AFFE) those incurred indirectly through investment in a business development company (BDC).

H.R. 3352 – HALOS Act of 2025, sponsored by Rep. Mike Lawler (NY-17), unanimously passed the House by voice vote. H.R. 3352 codifies SEC Rule 148 to ensure that communications made at certain "demo day" events do not constitute general solicitation under federal securities laws. The bill also defines "angel investor group" and clarifies the types of sponsors and conditions under which issuers may present without triggering offering restrictions.

• "We should be doing everything we can to encourage investment, foster innovation, and make it easier – not harder – for entrepreneurs to succeed,” said Rep. Lawler.

H.R. 3422 – Promoting Opportunities for Non-Traditional Capital Formation Act, sponsored by Ranking Member Maxine Waters (CA-43), passed the House by a bipartisan vote of 321-87. H.R. 3422 requires the SEC’s Advocate for Small Business Capital Formation to provide educational resources and host events that promote capital-raising options for traditionally underrepresented small businesses and businesses in rural areas.