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H.R. 3422

U.S. House•In Senate Committee

Summary

H.R. 3422, the Promoting Opportunities for Non-Traditional Capital Formation Act, was introduced in the House on May 15, 2025 by Rep. Maxine Waters (D) with 1 co-sponsor. It was referred to Banking, Housing, And Urban Affairs, and last saw action on Jun 24, 2025: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Record

Text

H.R. 3422 has 1 co-sponsor and 1 roll call.

hb3422/engrossed-in-house.txt
119 HR 3422 EH: Promoting Opportunities for Non-Traditional Capital Formation 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. 3422
 IN THE HOUSE OF REPRESENTATIVES
 AN ACT
To amend the Securities Exchange Act of 1934 to require the Advocate for Small Business Capital Formation to provide educational resources and host events to promote capital raising options for traditionally underrepresented small businesses, and for other purposes.
1.
Short title
This Act may be cited as the   Promoting Opportunities for Non-Traditional Capital Formation Act  .
2.
Promoting capital raising options for traditionally underrepresented small businesses
Section 4(j)(4) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78d(j)(4) ) is amended—
(1)
in subparagraph (G), by striking  and  at the end;
(2)
in subparagraph (H), by striking the period at the end and inserting a semicolon; and
(3)
by adding at the end the following:
(I)
provide educational resources and host or participate in events for small businesses and small business investors, including to raise awareness of capital raising options for—
(i)
underrepresented small businesses, including women-owned small businesses and minority-owned small businesses;
(ii)
businesses located in rural areas; and
(iii)
small businesses affected by hurricanes or other natural disasters; and
(J)
at least annually, meet with representatives of State securities commissions to discuss opportunities for collaboration and coordination with respect to efforts to assist small businesses and small business investors.
 .
    Passed the House of Representatives June 23, 2025.  Kevin F. McCumber,  Clerk.

Tracker

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

  1. Introduced2025-05-15
  2. Passed House2025-06-23
  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 15, 2025

hb3422/introduced-in-house.md

Shown Here:
Introduced in House (05/15/2025)

Promoting Opportunities for Non-Traditional Capital Formation Act

This bill expands the functions of the Securities and Exchange Commission's Office of the Advocate for Small Business Capital Formation.

Specifically, the office must (1) provide educational resources and host (or participate in) events to promote capital-raising options for underrepresented small businesses, businesses in rural areas, and businesses affected by natural disasters; and (2) meet annually with representatives of state securities commissions to discuss opportunities for collaboration and coordination.

Sponsors

Rep. Maxine Waters (D) sponsors H.R. 3422, and 1 member has co-sponsored it.

Committees

H.R. 3422 went before 2 committees: Banking, Housing, and Urban Affairs and Financial Services.

Banking, Housing, and Urban Affairs
Banking, Housing, and Urban Affairs
Referred To · Jun 24, 2025 · 465 Bills
Financial Services
Financial Services
Reported By · Jun 3, 2025 · 559 Bills

Reports

1 committee report has been filed on H.R. 3422, the latest H. Rept. 119-117.

  • H. Rept. 119-117 — PROMOTING OPPORTUNITIES FOR NON-TRADITIONAL CAPITAL FORMATION ACT

Actions

H.R. 3422 has taken 15 actions since May 15, 2025, the latest on Jun 24, 2025.

ChamberAction
Jun 24, 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
Jun 23, 202517:34
House
Mr. Downing moved to suspend the rules and pass the bill, as amended.
Jun 23, 202517:35
House
Considered under suspension of the rules. (consideration: CR H2875-2876)
Jun 23, 202517:35
House
DEBATE - The House proceeded with forty minutes of debate on H.R. 3422.
Jun 23, 202517:42
House
At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.

Votes

H.R. 3422 went to 1 roll call in the House, the latest on Jun 23, 2025 at 321–87.

ChamberQuestion
Yea
Nay
Jun 23, 2025
House
On Motion to Suspend the Rules and Pass, as Amended
321
87

1 bill is related to H.R. 3422, as Identical bill.

Titles

H.R. 3422 goes by 7 titles, 4 of them short titles.

  • To amend the Securities Exchange Act of 1934 to require the Advocate for Small Business Capital Formation to provide educational resources and host events to promote capital raising options for traditionally underrepresented small businesses, and for other purposes. — Official Titles from EH (Engrossed in House) bill text
  • Promoting Opportunities for Non-Traditional Capital Formation Act — Short Titles from RFS (Referred to Senate) bill text
  • Promoting Opportunities for Non-Traditional Capital Formation Act — Short Title(s) as Passed House
  • Promoting Opportunities for Non-Traditional Capital Formation Act — Short Title(s) as Reported to House
  • Promoting Opportunities for Non-Traditional Capital Formation Act — Display Title
  • Promoting Opportunities for Non-Traditional Capital Formation Act — Short Title(s) as Introduced
  • To amend the Securities Exchange Act of 1934 to require the Advocate for Small Business Capital Formation to provide educational resources and host events to promote capital raising options for traditionally underrepresented small businesses, and for other purposes. — Official Title as Introduced

Lobbying

3 clients hired 3 firms and 101 registered lobbyists who named H.R. 3422 in 6 quarterly filings, 2025. 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 Budget/Appropriations, Government Issues, Labor Issues/Antitrust/Workplace, Civil Rights/Civil Liberties, Health Issues, Immigration, Transportation, 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 Columbia13—
SERVICE EMPLOYEES INTERNATIONAL UNION CTW-CLC—District of Columbia12—
AMERICANS FOR FINANCIAL REFORM—District of Columbia11—

Firms

Registrants who filed on the bill, by filings.

RegistrantClientsFilingsReported
CHAMBER OF COMMERCE OF THE U.S.A.13—
SERVICE EMPLOYEES INTERNATIONAL UNION CTW-CLC12—
AMERICANS FOR FINANCIAL REFORM11—

Lobbyists

Named on the filings that cite the bill. The 20 named most often, of 101.

LobbyistFirmsClientsFilings
ABELARDO TORRES113
ALEXA BRANSON113
ANDREA PORWOLL113
ASHLEY GUM113
BRADLEY WATTS113
BRINCE MANNING113
BROOKE MILLER113
CASSIA CARVALHO113
CHAD WHITEMAN113
CHANTEL SHEAKS113
CHRISTOPHER CRENSHAW113
CHRISTOPHER EYLER113
CHRISTOPHER GUITH113
CHRISTOPHER ROBERTI113
CLARK JACKSON113
DAN BYERS113
ERIN DELANEY113
ESPERANZA JELALIAN113
FOXHALL PARKER113
GARY LITMAN113

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.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.2025 third_quarter$13.7M3rd Quarter - Report
SERVICE EMPLOYEES INTERNATIONAL UNION CTW-CLCSERVICE EMPLOYEES INTERNATIONAL UNION CTW-CLC2025 fourth_quarter$255K4th Quarter - Amendme…
SERVICE EMPLOYEES INTERNATIONAL UNION CTW-CLCSERVICE EMPLOYEES INTERNATIONAL UNION CTW-CLC2025 fourth_quarter$215K4th Quarter - Report
AMERICANS FOR FINANCIAL REFORMAMERICANS FOR FINANCIAL REFORM2025 second_quarter$150K2nd Quarter - Report

Classification

The Congressional Research Service files H.R. 3422 under Commerce, one of its 31 policy areas, and gives it 6 legislative subjects.

CRS Subjects

CRS assigns every bill one policy area from its 31; H.R. 3422’s is Commerce.

hr3422/policy-areas.txt
CommerceAgriculture and FoodAnimalsArmed Forces and National SecurityArts, Culture, ReligionCivil Rights and Liberties, Minority IssuesCongressCrime and Law EnforcementEconomics and Public FinanceEducationEmergency ManagementEnergyEnvironmental ProtectionFamiliesFinance and Financial SectorForeign 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. 3422 carries 6 of CRS’s legislative subjects, from Business investment and capital to Small business.

hr3422/subjects.txt
Business investment and capitalEconomic developmentEconomic performance and conditionsNatural disastersRural conditions and developmentSmall business

Constitutional authority

The clause the sponsor cites as Congress’s power to enact H.R. 3422, as entered in the Congressional Record.

[Congressional Record Volume 171, Number 82 (Thursday, May 15, 2025)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Ms. WATERS:H.R. 3422.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8, Clause 3 provides Congress with thepower to ``regulate commerce with foreign nations, and amongthe several states, and with the Indian tribes.''[Page H2104]

Source: congress.gov · legiscan.com