Small Entity Update Act

Sponsored byRep. Wagner, Ann [R-MO-2]MO· Introduced 14 May 2025

Open on Congress.gov

Cosponsors

Actions

Amendments

Committees

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Since introduced

Introduced

Committee

Passed Chamber

Passed Both

Enacted

Step 1 of 0

Latest action

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

22 July 2025·1 year ago

Summary

Introduced in House · Updated 18 July 2025

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.

Timeline

15 actions

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
22 July 2025 · IntroReferral
Mr. Hill (AR) moved to suspend the rules and pass the bill, as amended.
21 July 2025 · Floor
DEBATE - The House proceeded with forty minutes of debate on H.R. 3382.
21 July 2025 · Floor
Considered under suspension of the rules. (consideration: CR H3500-3501)
21 July 2025 · Floor
Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H3500)
21 July 2025 · Floor
On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H3500)
21 July 2025 · Floor
Motion to reconsider laid on the table Agreed to without objection.
21 July 2025 · Floor
Reported (Amended) by the Committee on Financial Services. H. Rept. 119-125.
3 June 2025 · Committee
Reported (Amended) by the Committee on Financial Services. H. Rept. 119-125.
3 June 2025 · Committee
Placed on the Union Calendar, Calendar No. 95.
3 June 2025 · Calendars
Committee Consideration and Mark-up Session Held
20 May 2025 · Committee
Ordered to be Reported (Amended) by the Yeas and Nays: 51 - 0.
20 May 2025 · Committee
Referred to the House Committee on Financial Services.
14 May 2025 · IntroReferral
Introduced in House
14 May 2025 · IntroReferral
Introduced in House
14 May 2025 · IntroReferral

Sponsorship

7 cosponsors

Sponsor

Rep. Wagner, Ann [R-MO-2]MO

Cosponsors

Democrat571%
Republican229%

Republican:Rep. Lawler, Michael [R-NY-17]NY
Democrat:Rep. Vindman, Eugene Simon [D-VA-7]VA
Democrat:Rep. Himes, James A. [D-CT-4]CT
Democrat:Rep. Scott, David [D-GA-13]GA
Democrat:Rep. Casten, Sean [D-IL-6]IL
Republican:Rep. Sessions, Pete [R-TX-17]TX
Democrat:Rep. Torres, Ritchie [D-NY-15]NY

Classification

Policy area

Finance and Financial Sector

Legislative subjects

Administrative law and regulatory proceduresCongressional oversightGovernment studies and investigationsSecurities and Exchange Commission (SEC)Small business

Committees

Financial Services Committee
House · Standing
- Referred To14 May 2025
- Markup By20 May 2025
- Reported By3 Jun 2025
Banking, Housing, and Urban Affairs Committee
Senate · Standing
- Referred To22 Jul 2025

Reports

H. Rept. 119-125

Cosponsor momentum

Cumulative over time

Track Small Entity Update Act as it moves through Congress