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
Small Entity Update Act
This bill requires the Securities and Exchange Commission (SEC) to study approaches to reduce the impact of SEC rules on small businesses and other small entities, make appropriate recommendations, and revise applicable rules.
Specifically, the bill requires the SEC to evaluate the current definition of small entity with respect to SEC rules.
Under the bill, the SEC must provide specific and detailed recommendations to Congress on how the SEC can revise the definition of small entity to (1) align with specified statutory goals, including reducing unnecessary burdens on small entities; and (2) expand the number of entities covered. In addition, the SEC must adjust for inflation every five years any dollar amounts used to define small entities.
The SEC must also revise the applicable rules to implement these recommendations.
People & committees
Rep. Wagner, Ann [R-MO-2] · R–MO
Legislative record
A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.
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 H3500)
Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H3500)
DEBATE - The House proceeded with forty minutes of debate on H.R. 3382.
Considered under suspension of the rules. (consideration: CR H3500-3501)
Mr. Hill (AR) moved to suspend the rules and pass the bill, as amended.
Placed on the Union Calendar, Calendar No. 95.
Reported (Amended) by the Committee on Financial Services. H. Rept. 119-125.
Reported (Amended) by the Committee on Financial Services. H. Rept. 119-125.
Ordered to be Reported (Amended) by the Yeas and Nays: 51 - 0.
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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Source last updated: Jul 18, 2026. Consult Congress.gov for the current record.
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Analyze H.R.3382 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.3382 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.3382 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.
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