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U.S. GOVERNMENT
INFORMATION 4
119TH CONGRESS REPORT
2d Session J HOUSE OF REPRESENTATIVES 119-573
RESTORING THE SECONDARY TRADING MARKET ACT
MARCH 25, 2026.-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. 7127]
The Committee on Financial Services, to whom was referred the
bill (H.R. 7127) to amend the Securities Act of 1933 to exempt off-
exchange secondary trading from State regulation where such trad-
ing is with respect to securities of an issuer that makes publicly
available certain current information, and for other purposes, hav-
ing considered the same, reports favorably thereon with an amend-
ment 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 ........................................................................................ 3
R elated H earings ..................................................................................................... 3
C om m ittee V otes ..................................................................................................... 4
Com m ittee Oversight Findings ............................................................................... 7
Perform ance Goals and Objectives ......................................................................... 7
Com m ittee Cost Estim ate ....................................................................................... 7
New Budget Authority and CBO Cost Estimate ................................................... 7
Unfunded M andates Statem ent ............................................................................. 7
E arm ark Statem ent ................................................................................................. 7
Federal Advisory Committee Act Statement ......................................................... 8
Applicability to the Legislative Branch ................................................................. 8
Duplication of Federal Program s ............................................................................ 8
Section-by-Section Analysis of the Legislation ...................................................... 8
Changes in Existing Law Made by the Bill, as Reported ................. 8
M inority V iew s ........................................................................................................ 13
The amendment is as follows:
69-006](ViewImageLocal?handle=hein.congrecreports/crptxaiei0001&div=1&collection=&method=preview&ext=.png&size=3)