Small Entity Update Act
Introduced May 14, 2025 by Rep. Ann Wagner
The House passed it. The Senate has to pass it before it can reach the President.
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.
No recorded roll-call vote on this bill — it may have passed by voice vote or unanimous consent, which don't record individual votes.
- Jul 22, 2025Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- Jul 21, 2025Motion to reconsider laid on the table Agreed to without objection.
- Jul 21, 2025On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H3500)
- Jul 21, 2025Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H3500)
- Jul 21, 2025DEBATE - The House proceeded with forty minutes of debate on H.R. 3382.
- Jul 21, 2025Considered under suspension of the rules. (consideration: CR H3500-3501)
- Jul 21, 2025Mr. Hill (AR) moved to suspend the rules and pass the bill, as amended.
- Jun 3, 2025Placed on the Union Calendar, Calendar No. 95.
- Jun 3, 2025Reported (Amended) by the Committee on Financial Services. H. Rept. 119-125.
- May 20, 2025Ordered to be Reported (Amended) by the Yeas and Nays: 51 - 0.
- May 20, 2025Committee Consideration and Mark-up Session Held
- May 14, 2025Referred to the House Committee on Financial Services.
- May 14, 2025Introduced in House