The U.S. House Committee on Financial Services announced that the House of Representatives passed 12 bipartisan committee bills, combining capital-markets and investor-protection measures led by the Securities and Exchange Commission (SEC) with new Treasury-related reporting and sanctions provisions focused on illicit finance, China, and Taiwan. On capital formation and SEC oversight, the package includes measures to study middle-market IPO underwriting costs (H.R. 3395), modernize the SEC definition of a “small entity” via a study and rulemaking (H.R. 3382), create an accredited investor qualification exam (H.R. 3339), streamline Emerging Growth Company IPO financial statement requirements to two years of audited statements (H.R. 3343), and require specified disclosures for issuers with multi-class share structures in proxy or consent solicitation materials (H.R. 3357, passed 381-31). Investor protection provisions include establishing a Senior Investor Taskforce within the SEC (H.R. 1469). The package also includes an independent working group to combat terrorism, money laundering, and other illicit finance through financial technologies including digital assets (H.R. 2384), authority for OFAC-licensed firms to conduct nominal transactions with sanctioned entities (H.R. 1450), Treasury reporting requirements on China-related risks and illicit funds (H.R. 1549 and H.R. 1716), and classification of World Bank International Development Association securities as exempted securities subject to SEC-determined reporting requirements (H.R. 1764).
U.S. Financial Services Committee 2025-07-23
U.S. House Committee on Financial Services-backed package of 12 bills passes the House to update SEC investor rules and expand sanctions and illicit finance tools
The U.S. House Committee on Financial Services announced the passage of 12 bipartisan bills by the House, integrating SEC-led capital-markets and investor-protection measures with Treasury-related reporting and sanctions. Key measures include studies on IPO underwriting costs, SEC's "small entity" definition, an accredited investor qualification exam, and streamlined IPO financial statement requirements. The package also addresses illicit finance, China-related risks, and includes provisions for OFAC-licensed firms and World Bank securities.