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H.R. 3382

U.S. House•In Senate Committee

Summary

H.R. 3382, the Small Entity Update Act, was introduced in the House on May 14, 2025 by Rep. Ann Wagner (R) with 7 co-sponsors. It was referred to Banking, Housing, And Urban Affairs, and last saw action on Jul 22, 2025: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Record

Text

H.R. 3382 has 7 co-sponsors.

hb3382/engrossed-in-house.txt
119 HR 3382 EH: Small Entity Update Act
 U.S. House of Representatives
 text/xml
 EN
 Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
 IB
 119th CONGRESS  1st Session
 H. R. 3382
 IN THE HOUSE OF REPRESENTATIVES
 AN ACT
To require the Securities and Exchange Commission to carry out a study and rulemaking on the definition of the term  small entity  under the securities laws for purposes of  chapter 6  of title 5, United States Code, and for other purposes.
1.
Short title
This Act may be cited as the   Small Entity Update Act  .
2.
Studies, reports, and rules regarding small entities
(a)
Definitions
In this section—
(1)
the term  Commission  means the Securities and Exchange Commission; and
(2)
the term  small entity —
(A)
has the meaning given the term in section 601 of title 5, United States Code, with respect to the activities of the Commission; and
(B)
includes any definition established by the Commission of the term  small business ,  small organization ,  small governmental jurisdiction , or  small entity  under paragraph (3), (4), (5), or (6), respectively, of section 601 of title 5, United States Code, with respect to the activities of the Commission.
(b)
Studies and reports
Not later than 1 year after the date of enactment of this Act, and again 5 years thereafter, the Commission shall—
(1)
conduct a study of the definition of the term  small entity  with respect to the activities of the Commission for the purposes of  chapter 6  of title 5, United States Code, which shall consider—
(A)
the extent to which the definition of the term  small entity , as in effect during the period in which the study is conducted, aligns with the findings and declarations made under section 2(a) of the Regulatory Flexibility Act ( 5 U.S.C. 601  note);
(B)
the amount by which financial markets in the United States have grown since the last time the Commission amended the definition of the term  small entity , if applicable; and
(C)
how the Commission should define the term  small entity  to ensure that a meaningful number of entities would fall under that definition; and
(2)
submit to Congress a report that includes—
(A)
the results of the applicable study conducted under paragraph (1); and
(B)
specific and detailed recommendations on the ways in which the Commission could amend the definition of the term  small entity  to—
(i)
be consistent with the results described in subparagraph (A); and
(ii)
expand the number of entities covered by such definition.
(c)
Rulemaking
Concurrently with, or after the completion of, each study required under subsection (b), the Commission shall, subject to public notice and comment, revise the rules of the Commission consistent with the results of such study.
(d)
Inflation adjustments
After the Commission issued the final rule revisions required under subsection (c), and every 5 years thereafter, the Commission shall adjust any dollar figures under the definition of small entity established by the Commission to reflect the change in the Consumer Price Index for All Urban Consumers published by the Bureau of Labor Statistics of the Department of Labor.
    Passed the House of Representatives July 21, 2025.  Kevin F. McCumber,  Clerk.

Tracker

The tracker indicates the progress of this legislation as it moves through the legislative process.

  1. Introduced2025-05-14
  2. Passed House2025-07-21
  3. Passed Senate
  4. Conference
  5. To President
  6. Became Law

CRS Summary

The summaries are the Congressional Research Service’s, one per stage. Read them in full.

Introduced in House May 14, 2025

hb3382/introduced-in-house.md

Shown Here:
Introduced in House (05/14/2025)

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.

Sponsors

Rep. Ann Wagner (R) sponsors H.R. 3382, and 7 members have co-sponsored it, 4 of them from the day it was introduced.

Committees

H.R. 3382 went before 2 committees: Banking, Housing, and Urban Affairs and Financial Services.

Banking, Housing, and Urban Affairs
Banking, Housing, and Urban Affairs
Referred To · Jul 22, 2025 · 465 Bills
Financial Services
Financial Services
Reported By · Jun 3, 2025 · 559 Bills

Reports

1 committee report has been filed on H.R. 3382, the latest H. Rept. 119-125.

Actions

H.R. 3382 has taken 13 actions since May 14, 2025, the latest on Jul 22, 2025.

ChamberAction
Jul 22, 2025
Senate
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.Banking, Housing, and Urban Affairs Committee
Jul 21, 202516:47
House
Mr. Hill (AR) moved to suspend the rules and pass the bill, as amended.
Jul 21, 202516:48
House
Considered under suspension of the rules. (consideration: CR H3500-3501)
Jul 21, 202516:48
House
DEBATE - The House proceeded with forty minutes of debate on H.R. 3382.
Jul 21, 202516:56
House
On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H3500)

Votes

H.R. 3382 has not gone to a roll call.

1 bill is related to H.R. 3382.

Titles

H.R. 3382 goes by 7 titles, 4 of them short titles.

  • To require the Securities and Exchange Commission to carry out a study and rulemaking on the definition of the term "small entity" under the securities laws for purposes of chapter 6 of title 5, United States Code, and for other purposes. — Official Titles from EH (Engrossed in House) bill text
  • Small Entity Update Act — Short Titles from RFS (Referred to Senate) bill text
  • Small Entity Update Act — Display Title
  • Small Entity Update Act — Short Title(s) as Passed House
  • Small Entity Update Act — Short Title(s) as Reported to House
  • Small Entity Update Act — Short Title(s) as Introduced
  • To require the Securities and Exchange Commission to carry out a study and rulemaking on the definition of the term "small entity" under the securities laws for purposes of chapter 6 of title 5, United States Code, and for other purposes. — Official Title as Introduced

Cost estimate

The Congressional Budget Office has filed 1 estimate for H.R. 3382, the latest on Jul 16, 2025.

Lobbying

4 clients hired 4 firms and 120 registered lobbyists who named H.R. 3382 in 11 quarterly filings, 2025 to 2026. Reported under the Lobbying Disclosure Act; a filing’s income covers everything its registrant worked that quarter, so the amounts below are the filings’, not this bill’s.

Filed under Small Business, Budget/Appropriations, Copyright/Patent/Trademark, Health Issues, Homeland Security, Taxation/Internal Revenue Code, Trade (domestic/foreign), Banking.

Clients

Who paid to be heard, by how many filings named the bill.

ClientBusinessStateFirmsFilingsReported
CHAMBER OF COMMERCE OF THE U.S.A.—District of Columbia16—
BIOTECHNOLOGY INNOVATION ORGANIZATION—District of Columbia12—
SMALL BUSINESS & ENTREPRENEURSHIP COUNCIL (SBE COUNCIL)—Virginia12—
CHARLES SCHWAB CORPORATION—District of Columbia11—

Firms

Registrants who filed on the bill, by filings.

RegistrantClientsFilingsReported
CHAMBER OF COMMERCE OF THE U.S.A.16—
BIOTECHNOLOGY INNOVATION ORGANIZATION12—
SMALL BUSINESS & ENTREPRENEURSHIP COUNCIL (SBE COUNCIL)12—
THE CHARLES SCHWAB CORPORATION11—

Lobbyists

Named on the filings that cite the bill. The 20 named most often, of 120.

LobbyistFirmsClientsFilings
ABELARDO TORRES116
ALEXA BRANSON116
ANDREA PORWOLL116
ASHLEY GUM116
BRADLEY WATTS116
BRINCE MANNING116
BROOKE MILLER116
CASSIA CARVALHO116
CHAD WHITEMAN116
CHANTEL SHEAKS116
CHRISTOPHER CRENSHAW116
CHRISTOPHER EYLER116
CHRISTOPHER GUITH116
CHRISTOPHER ROBERTI116
CLARK JACKSON116
DAN BYERS116
ERIN DELANEY116
ESPERANZA JELALIAN116
FOXHALL PARKER116
GARY LITMAN116

Filings

The documents themselves, on the Senate’s Lobbying Disclosure site, largest reported first.

ClientRegistrantPeriodReportedDocument
CHAMBER OF COMMERCE OF THE U.S.A.CHAMBER OF COMMERCE OF THE U.S.A.2026 first_quarter$19.8M1st Quarter - Amendme…
CHAMBER OF COMMERCE OF THE U.S.A.CHAMBER OF COMMERCE OF THE U.S.A.2026 first_quarter$19.8M1st Quarter - Report
CHAMBER OF COMMERCE OF THE U.S.A.CHAMBER OF COMMERCE OF THE U.S.A.2025 second_quarter$19.3M2nd Quarter - Report
CHAMBER OF COMMERCE OF THE U.S.A.CHAMBER OF COMMERCE OF THE U.S.A.2025 fourth_quarter$18M4th Quarter - Report
CHAMBER OF COMMERCE OF THE U.S.A.CHAMBER OF COMMERCE OF THE U.S.A.2026 second_quarter$17M2nd Quarter - Report
CHAMBER OF COMMERCE OF THE U.S.A.CHAMBER OF COMMERCE OF THE U.S.A.2025 third_quarter$13.7M3rd Quarter - Report
BIOTECHNOLOGY INNOVATION ORGANIZATIONBIOTECHNOLOGY INNOVATION ORGANIZATION2026 second_quarter$2.4M2nd Quarter - Report
BIOTECHNOLOGY INNOVATION ORGANIZATIONBIOTECHNOLOGY INNOVATION ORGANIZATION2026 first_quarter$1.6M1st Quarter - Report
CHARLES SCHWAB CORPORATIONTHE CHARLES SCHWAB CORPORATION2026 first_quarter$680K1st Quarter - Report
SMALL BUSINESS & ENTREPRENEURSHIP COUNCIL (SBE COUNCIL)SMALL BUSINESS & ENTREPRENEURSHIP COUNCIL (SBE COUNCIL)2025 second_quarter$65K2nd Quarter - Report
SMALL BUSINESS & ENTREPRENEURSHIP COUNCIL (SBE COUNCIL)SMALL BUSINESS & ENTREPRENEURSHIP COUNCIL (SBE COUNCIL)2025 third_quarter$55K3rd Quarter - Report

Classification

The Congressional Research Service files H.R. 3382 under Finance and Financial Sector, one of its 31 policy areas, and gives it 5 legislative subjects.

CRS Subjects

CRS assigns every bill one policy area from its 31; H.R. 3382’s is Finance and Financial Sector.

hr3382/policy-areas.txt
Finance and Financial SectorAgriculture and FoodAnimalsArmed Forces and National SecurityArts, Culture, ReligionCivil Rights and Liberties, Minority IssuesCommerceCongressCrime and Law EnforcementEconomics and Public FinanceEducationEmergency ManagementEnergyEnvironmental ProtectionFamiliesForeign Trade and International FinanceGovernment Operations and PoliticsHealthHousing and Community DevelopmentImmigrationInternational AffairsLabor and EmploymentLawNative AmericansPublic Lands and Natural ResourcesScience, Technology, CommunicationsSocial WelfareSports and RecreationTaxationTransportation and Public WorksWater Resources Development

Legislative Subjects

H.R. 3382 carries 5 of CRS’s legislative subjects, from Administrative law and regulatory procedures to Small business.

hr3382/subjects.txt
Administrative law and regulatory proceduresCongressional oversightGovernment studies and investigationsSecurities and Exchange Commission (SEC)Small business

Constitutional authority

The clause the sponsor cites as Congress’s power to enact H.R. 3382, as entered in the Congressional Record.

[Congressional Record Volume 171, Number 81 (Wednesday, May 14, 2025)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mrs. WAGNER:H.R. 3382.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8 of the U.S. Constitution[Page H2052]

Source: congress.gov · legiscan.com