US HB3382

SEC must conduct a study within 1 year of enactment, and again 5 years later, examining whether the definition of "small entity" under securities laws aligns with the Regulatory Flexibility Act and accounts for U.S. financial market growth

Study must evaluate how to define "small entity" to ensure a meaningful number of entities qualify, and the SEC must submit a report to Congress with specific recommendations to expand coverage

SEC must revise its rules through public notice and comment rulemaking consistent with each study's results

After finalizing rule revisions, SEC must adjust any dollar thresholds in the small entity definition every 5 years for inflation based on the Consumer Price Index for All Urban Consumers

Passed the House of Representatives on July 21, 2025