To require the Securities and Exchange Commission to carry out a study and rulemaking on the definition of the term small entity under the securities laws for purposes of chapter 6 of title 5, United States Code, and for other purposes.
Sponsors
Legislative Progress
Passed HouseReceived; read twice and referred to the Committee on Banking, …
Passed House (inferred from eh version)
Additional sponsors: Mr. Himes, Mr. Vindman, and Mr. Lawler
Reported with an amendment, committed to the Committee of the …
Mrs. Wagner (for herself, Mr. Torres of New York, Mr. …
Summary
What This Bill Does
Requires SEC to study and update its definition of "small entity" for regulatory flexibility purposes within 1 year, and again 5 years later, to ensure definitions align with market growth.
Who Benefits and How
Small businesses gain updated definitions that reflect current market conditions. Regulatory Flexibility Act protections become more meaningful. SEC regulations better target actual small entities.
Who Bears the Burden and How
SEC must conduct studies and potentially revise definitions.
Key Provisions
- SEC study of small entity definition within 1 year
- Second study 5 years later
- Must consider market growth since last revision
- Must align with Regulatory Flexibility Act purposes
Evidence Chain:
This summary is derived from the structured analysis below. See "Detailed Analysis" for per-title beneficiaries/burden bearers with clause-level evidence links.
Primary Purpose
Requires SEC study and update of small entity definitions
Policy Domains
Legislative Strategy
"Modernize regulatory definitions to protect small entities"
Bill Structure & Actor Mappings
Who is "The Secretary" in each section?
- "commission"
- → SEC
We use a combination of our own taxonomy and classification in addition to large language models to assess meaning and potential beneficiaries. High confidence means strong textual evidence. Always verify with the original bill text.
Learn more about our methodology