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US. GOVERNMENT
INFORMATION
GP
119TH CONGRESS REPORT
1st Session HOUSE OF REPRESENTATIVES 119-128
MIDDLE MARKET IPO COST ACT
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. 3395]
The Committee on Financial Services, to whom was referred the
bill (H.R. 3395) to require the Comptroller General of the United
States to carry out a study of the costs associated with small- and
medium-sized companies to undertake initial public offerings, 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 ........................................................................................ 2
R elated H earings ..................................................................................................... 3
C om m ittee V otes ..................................................................................................... 4
Com m ittee Oversight Findings ............................................................................... 6
Perform ance Goals and Objectives ......................................................................... 6
New Budget Authority and CBO Cost Estimate ................................................... 6
Unfunded M andates Statem ent .............................................................................. 6
E arm ark Statem ent ................................................................................................. 6
Federal Advisory Committee Act Statement ......................................................... 6
Applicability to the Legislative Branch ................................................................. 7
Duplication of Federal Program s ............................................................................ 7
Section-by-Section Analysis of the Legislation ...................................................... 7
Changes in Existing Law Made by the Bill, as Reported ................. 7
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 Middle Market IPO Cost Act.
SEC. 2. STUDY ON IPO FEES.
(a) STUDY.-The Comptroller General of the United States, in consultation with
the Securities and Exchange Commission and the Financial Industry Regulatory
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