Defining Dealer Act

Byron Donalds

Republican · FL · Representative

Source: Congress.gov · FEC

No cosponsors on record. Bills can pass without cosponsors — this often means the sponsor introduced the bill alone, either because it's a messaging bill, a chairman's mark, or simply early in the legislative cycle.

Referred to the House Committee on Financial Services.

2026-04-16

Source: Congress.gov

This bill would clarify what counts as a "dealer" under federal securities laws, which affects how financial firms that buy and sell securities are regulated and what rules they must follow. The change could impact investment firms, banks, and other financial companies by either expanding or narrowing which businesses fall under stricter regulatory requirements. The House Financial Services Committee is currently reviewing the proposal.

AI-assisted summary generated from the official bill metadata (title, subjects, actions) sourced from Congress.gov. Cached and reviewed. Always verify against the official text linked below.

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [H.R. 8328 Introduced in House (IH)] <DOC> 119th CONGRESS 2d Session H. R. 8328 To amend the Securities Exchange Act of 1934 to provide a definition for dealer. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES April 16, 2026 Mr. Donalds introduced the following bill; which was referred to the Committee on Financial Services _______________________________________________________________________ A BILL To amend the Securities Exchange Act of 1934 to provide a definition for dealer. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Defining Dealer Act''. SEC. 2. DEFINITION OF THE TERM DEALER. (a) Amendment to Definition of the Term Dealer.-- (1) In general.--Subparagraph (A) of section 3(a)(5) of the Securities Exchange Act of 1934 (15 U.S.C. 78C(a)(5)) is amended to read as follows: ``(A) Definition of dealer.--The term `dealer' means any person engaged in the business of effecting securities transactions for customers both-- ``(i) by buying from their customers securities (not including security-based swaps, other than security-based swaps with or for persons that are not eligible contract participants) for such person's own account through a broker or otherwise with a view of disposing of them elsewhere; and ``(ii) by selling to their customers securities (not including security-based swaps, other than security-based swaps with or for persons that are not eligible contract participants) which they have purchased for their own account elsewhere.''. (2) Effective date.--The amendment made by this subsection shall take effect on the date that is 30 days after the date of the enactment of this Act. (b) Treatment of Certain Orders and Judgments.-- (1) Transition period.--With respect to a covered action entered between the date of the enactment of this Act and the effective date described in subsection (a)(2) that would not have been entered if the amendment described in subsection (a)(1) was in effect at the time such covered action was entered, the applicable court or the Securities and Exchange Commission shall vacate the covered action not later than 5 years after the date of the enactment of this Act. (2) Prior judgments.--With respect to a covered action entered prior to the date of the enactment of this Act that would not have been entered if amendment described in subsection (a)(1) was in effect at the time such covered action was entered, the applicable court or the Securities and Exchange Commission shall vacate the covered action as soon as practicable. (3) Covered action.--In this subsection, the term ``covered action'' means an order or judgment (including a consent order) entered by a court or the Securities and Exchange Commission. <all>

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