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H.R. 4430

U.S. House•In Senate Committee

Summary

H.R. 4430, the Expanding WKSI Eligibility Act, was introduced in the House on Jul 16, 2025 by Rep. Bryan Steil (R) with 3 co-sponsors. It was referred to Banking, Housing, And Urban Affairs, and last saw action on Dec 2, 2025: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Record

Text

H.R. 4430 has 3 co-sponsors.

hb4430/engrossed-in-house.txt
119 HR 4430 EH: Expanding WKSI Eligibility 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. 4430
 IN THE HOUSE OF REPRESENTATIVES
 AN ACT
To lower the aggregate market value of voting and non-voting common equity necessary for an issuer to qualify as a well-known seasoned issuer.
1.
Short title
This Act may be cited as the   Expanding WKSI Eligibility Act  .
2.
Definition of well-known seasoned issuer
(a)
In general
For purposes of the Federal securities laws, and regulations issued thereunder, an issuer shall be a  well-known seasoned issuer  if—
(1)
the aggregate market value of the voting and non-voting common equity held by non-affiliates of the issuer is $400,000,000 or more (as determined under Form S–3 general instruction I.B.1. as in effect on the date of enactment of this Act); and
(2)
the issuer otherwise satisfies the requirements of the definition of  well-known seasoned issuer  contained in section 230.405 of title 17, Code of Federal Regulations (as in effect on the date of enactment of this Act) without reference to any requirement in such definition relating to minimum worldwide market value of outstanding voting and non-voting common equity held by non-affiliates.
(b)
Report on withdrawn applications related to well-known seasoned issuer status
The Securities and Exchange Commission shall, not later than 90 days after the end of each calendar year, publish the total number of applications submitted during such calendar year where the applicant—
(1)
submitted the application under section 230.405 of title 17, Code of Federal Regulations, for a determination by the Commission that the applicant not be considered an ineligible issuer under such section;
(2)
requested such determination in order to meet the definition of a well-known seasoned issuer under such section; and
(3)
withdrew the application.
    Passed the House of Representatives December 1, 2025.  Kevin F. McCumber,  Clerk.

Tracker

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

  1. Introduced2025-07-16
  2. Passed House2025-12-01
  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 Jul 16, 2025

hb4430/introduced-in-house.md

Shown Here:
Introduced in House (07/16/2025)

This bill reduces the required aggregate market value of voting and non-voting common equity shares for an issuer of securities to qualify as a well-known seasoned issuer. A well-known seasoned issuer is allowed to make expedited public offerings of securities through automatic shelf registrations.

Sponsors

Rep. Bryan Steil (R) sponsors H.R. 4430, and 3 members have co-sponsored it.

Committees

H.R. 4430 went before 2 committees: Banking, Housing, and Urban Affairs and Financial Services.

Banking, Housing, and Urban Affairs
Banking, Housing, and Urban Affairs
Referred To · Dec 2, 2025 · 465 Bills
Financial Services
Financial Services
Reported By · Sep 8, 2025 · 559 Bills

Reports

1 committee report has been filed on H.R. 4430, the latest H. Rept. 119-247.

Actions

H.R. 4430 has taken 13 actions since Jul 16, 2025, the latest on Dec 2, 2025.

ChamberAction
Dec 2, 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
Dec 1, 202518:26
House
Mr. Davidson moved to suspend the rules and pass the bill, as amended.
Dec 1, 202518:26
House
Considered under suspension of the rules. (consideration: CR H4952-4953)
Dec 1, 202518:26
House
DEBATE - The House proceeded with forty minutes of debate on H.R. 4430.
Dec 1, 202518:33
House
On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H4952)

Votes

H.R. 4430 has not gone to a roll call.

1 bill is related to H.R. 4430, as Identical bill.

Titles

H.R. 4430 goes by 6 titles, 3 of them short titles.

  • Expanding WKSI Eligibility Act — Display Title
  • Expanding WKSI Eligibility Act — Short Titles from RFS (Referred to Senate) bill text
  • Expanding WKSI Eligibility Act — Short Title(s) as Passed House
  • To lower the aggregate market value of voting and non-voting common equity necessary for an issuer to qualify as a well-known seasoned issuer. — Official Titles from EH (Engrossed in House) bill text
  • Expanding WKSI Eligibility Act — Short Title(s) as Reported to House
  • To lower the aggregate market value of voting and non-voting common equity necessary for an issuer to qualify as a well-known seasoned issuer. — Official Title as Introduced

Lobbying

3 clients hired 3 firms and 115 registered lobbyists who named H.R. 4430 in 8 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 Budget/Appropriations, Health Issues, Taxation/Internal Revenue Code, Banking, Financial Institutions/Investments/Securities, Copyright/Patent/Trademark, Homeland Security, Housing.

Clients

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

ClientBusinessStateFirmsFilingsReported
CHAMBER OF COMMERCE OF THE U.S.A.—District of Columbia15—
AMERICANS FOR FINANCIAL REFORM—District of Columbia12—
BIOTECHNOLOGY INNOVATION ORGANIZATION—District of Columbia11—

Firms

Registrants who filed on the bill, by filings.

RegistrantClientsFilingsReported
CHAMBER OF COMMERCE OF THE U.S.A.15—
AMERICANS FOR FINANCIAL REFORM12—
BIOTECHNOLOGY INNOVATION ORGANIZATION11—

Lobbyists

Named on the filings that cite the bill. The 20 named most often, of 115.

LobbyistFirmsClientsFilings
ABELARDO TORRES115
ALEXA BRANSON115
AMANDA MAYS115
ANDREA PORWOLL115
ASHLEY GUM115
BRADLEY WATTS115
BRINCE MANNING115
BROOKE MILLER115
CASSIA CARVALHO115
CHAD WHITEMAN115
CHANTEL SHEAKS115
CHRISTOPHER CRENSHAW115
CHRISTOPHER EYLER115
CHRISTOPHER GUITH115
CHRISTOPHER ROBERTI115
CLARK JACKSON115
DAN BYERS115
ERIN DELANEY115
ESPERANZA JELALIAN115
FOXHALL PARKER115

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 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
AMERICANS FOR FINANCIAL REFORMAMERICANS FOR FINANCIAL REFORM2025 fourth_quarter$150K4th Quarter - Report
AMERICANS FOR FINANCIAL REFORMAMERICANS FOR FINANCIAL REFORM2025 third_quarter$150K3rd Quarter - Report

Classification

The Congressional Research Service files H.R. 4430 under Finance and Financial Sector, one of its 31 policy areas, and gives it 3 legislative subjects.

CRS Subjects

CRS assigns every bill one policy area from its 31; H.R. 4430’s is Finance and Financial Sector.

hr4430/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. 4430 carries 3 of CRS’s legislative subjects, from Business investment and capital to Securities.

hr4430/subjects.txt
Business investment and capitalCorporate finance and managementSecurities

Constitutional authority

The clause the sponsor cites as Congress’s power to enact H.R. 4430, as entered in the Congressional Record.

[Congressional Record Volume 171, Number 122 (Wednesday, July 16, 2025)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. STEIL:H.R. 4430.Congress has the power to enact this legislation pursuantto the following:Article I, section 8, clause 3 of the US Constitution: ``Toregulate commerce with foreign nations, and among the severalstates, and with the Indian tribes.''[Page H3368]

Source: congress.gov · legiscan.com