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H. Rept. 119-204 1 (2025-07-15)

handle is hein.congrecreports/crptxahne0001 and id is 1 raw text is: AUT-ENTICATED US. GOVERNMENT INFORMATION GP 119TH CONGRESS REPORT 1st Session HOUSE OF REPRESENTATIVES 119-204 SECURITIES RESEARCH MODERNIZATION ACT JULY 15, 2025.-Committed to the Committee of the Whole House on the State of the Union and ordered to be printed Mr. HILL of Arkansas, from the Committee on Financial Services, submitted the following REPORT together with MINORITY VIEWS [To accompany H.R. 3672] The Committee on Financial Services, to whom was referred the bill (H.R. 3672) 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, having consid- ered the same, reports favorably thereon with an amendment and recommends that the bill as amended do pass. CONTENTS Page Purpose and Sum m ary ........................................................................................... . 2 Background and Need for Legislation .................................................................... 2 Com m ittee Consideration ........................................................................................ 2 R elated H earings ..................................................................................................... 3 C om m ittee V otes ..................................................................................................... 3 Com m ittee Oversight Findings ............................................................................... 5 Perform ance Goals and Objectives ......................................................................... 5 Com m ittee Cost Estim ate ....................................................................................... 5 New Budget Authority and CBO Cost Estimate ................................................... 5 Unfunded M andates Statem ent ............................................................................. 5 E arm ark Statem ent ................................................................................................. 5 Federal Advisory Committee Act Statement ......................................................... 5 Applicability to the Legislative Branch ................................................................. 6 Duplication of Federal Program s ............................................................................ 6 Section-by-Section Analysis of the Legislation ...................................................... 6 Changes in Existing Law Made by the Bill, as Reported ................. 6 M inority V iew s ........................................................................................................ 12 The amendment is as follows: Strike all after the enacting clause and insert the following: 59-006