S4690Referred to Committee

A bill to amend the Securities Act of 1933 to expand the ability to use testing the waters and confidential draft registration submissions, and for other purposes.

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Introduced
In Committee
3
Passed One Chamber
4
Passed Both
5
Signed into Law
119th
Congress
2026-06-04
Introduced
4
Cosponsors
S
ⓘ
Type

Sponsor

Ted Budd
Ted Budd
Republican · NC · Senator
Votes with party: 32.5% (317 recorded votes)

Full profile: /officials/B001305

Source: Congress.gov · FEC

Cosponsors (4)

Members who have signed on to support this bill since introduction. Source: Congress.gov.

Latest Action

The most recent step in the bill's legislative path. Committee Activity below shows referrals and reports; the full action-by-action history including floor proceedings lives at Congress.gov →

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

2026-06-04

Source: Congress.gov

Committee Activity

Currently in

Plain-English Summary

This bill would make it easier for companies to go public by allowing them to test investor interest in their stock offerings before officially registering with the Securities and Exchange Commission, and to submit draft registration documents confidentially rather than publicly. These changes would give companies more flexibility to prepare for going public while keeping their plans private during early stages, though it could reduce public transparency during the process. The bill primarily affects private companies planning to become publicly traded and the investors who might eventually buy their stock.

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.

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