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US. GOVERNMENT
INFORMATION
GP
119TH CONGRESS REPORT
1st Session HOUSE OF REPRESENTATIVES 119-116
ENCOURAGING PUBLIC OFFERINGS ACT OF 2025
JUNE 3, 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
[To accompany H.R. 3381]
The Committee on Financial Services, to whom was referred the
bill (H.R. 3381) to amend the Securities Act of 1933 to expand the
ability to use testing the waters and confidential draft registration
submissions, and for other purposes, having considered 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 ........................................................................................ 3
R elated H earings ..................................................................................................... 4
C om m ittee V otes ..................................................................................................... 5
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 ................. 9
The amendment is as follows:
Strike all after the enacting clause and insert the following:
SECTION 1. SHORT TITLE.
This Act may be cited as the Encouraging Public Offerings Act of 2025.
SEC. 2. EXPANDING TESTING THE WATERS.
Section 5(d) of the Securities Act of 1933 (15 U.S.C. 77e(d)) is amended-
59-006](ViewImageLocal?handle=hein.congrecreports/crptxahio0001&div=1&collection=&method=preview&ext=.png&size=3)