PlainBillCongress, translated.Legislation. Context. Public interest.Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Congressional Research Service
Version 00 · Introduced in House · May 14, 2025
Encouraging Public Offerings Act of 2025
This bill provides statutory authority for all issuers of securities to use certain offering procedures that are available to emerging growth companies.
Specifically, the bill allows under statute issuers of securities to communicate with potential investors to ascertain interest in a contemplated securities offering, either before or after the filing of a registration statement (i.e., test the waters).
Additionally, issuers are allowed under statute to submit to the Securities and Exchange Commission, with respect to an initial public offering, initial registration, or follow-on offering, a confidential draft registration statement for review prior to public filing.
People & committees
Rep. Wagner, Ann [R-MO-2] · R–MO
Legislative record
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Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Motion to reconsider laid on the table Agreed to without objection.
On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H2872-2873)
Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H2872-2873)
DEBATE - The House proceeded with forty minutes of debate on H.R. 3381.
Considered under suspension of the rules. (consideration: CR H2872-2873)
Mrs. Wagner moved to suspend the rules and pass the bill, as amended.
Placed on the Union Calendar, Calendar No. 86.
Reported (Amended) by the Committee on Financial Services. H. Rept. 119-116.
Reported (Amended) by the Committee on Financial Services. H. Rept. 119-116.
Ordered to be Reported (Amended) by the Yeas and Nays: 48 - 2.
Committee Consideration and Mark-up Session Held
Referred to the House Committee on Financial Services.
Introduced in House
Introduced in House
Primary sources
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No related bills are listed in this snapshot. This does not establish whether the proposal has appeared in earlier Congresses.
Source last updated: Jul 13, 2026. Consult Congress.gov for the current record.
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Analyze H.R.3381 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.
Examine H.R.3381 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.
Examine H.R.3381 through a conservative lens, focusing on fiscal responsibility, institutional stability, federalism, and the scope of government. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and any provisions that challenge this perspective.
Examine H.R.3381 through a civil-liberties and limited-government lens. Consider individual rights, privacy, voluntary choice, accountability, and government power. Explain tradeoffs, possible safeguards, and the strongest counterarguments without assuming the proposal is beneficial or harmful.