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H.R. 3382 · 119th Congress

Small Entity Update Act

Introduced May 14, 2025Policy area: Finance and Financial Sector

Read the textOn Congress.gov

Status: Passed House

  1. Introduced
  2. Committee
  3. Passed House
  4. Passed Senate
  5. To President
  6. Law

Latest action

: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summary

Small Entity Update Act

This bill requires the Securities and Exchange Commission (SEC) to study approaches to reduce the impact of SEC rules on small businesses and other small entities, make appropriate recommendations, and revise applicable rules.

Specifically, the bill requires the SEC to evaluate the current definition of small entity with respect to SEC rules.

Under the bill, the SEC must provide specific and detailed recommendations to Congress on how the SEC can revise the definition of small entity to (1) align with specified statutory goals, including reducing unnecessary burdens on small entities; and (2) expand the number of entities covered. In addition, the SEC must adjust for inflation every five years any dollar amounts used to define small entities.

The SEC must also revise the applicable rules to implement these recommendations.

Summary by the Congressional Research Service.

Actions

  1. Senate

    Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

  2. House

    Motion to reconsider laid on the table Agreed to without objection.

  3. House

    On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H3500)

  4. House

    DEBATE - The House proceeded with forty minutes of debate on H.R. 3382.

  5. House

    Considered under suspension of the rules. (consideration: CR H3500-3501)

  6. House

    Mr. Hill (AR) moved to suspend the rules and pass the bill, as amended.

  7. House

    Placed on the Union Calendar, Calendar No. 95.

  8. House

    Reported (Amended) by the Committee on Financial Services. H. Rept. 119-125.

  9. House

    Ordered to be Reported (Amended) by the Yeas and Nays: 51 - 0.

  10. House

    Committee Consideration and Mark-up Session Held

  11. House

    Referred to the House Committee on Financial Services.

  12. Introduced in House