H.R. 7127

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7127 Reported in House (RH)]

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Union Calendar No. 493
119th CONGRESS
2d Session
H. R. 7127

[Report No. 119-573]

To amend the Securities Act of 1933 to exempt off-exchange secondary 
trading from State regulation where such trading is with respect to 
securities of an issuer that makes publicly available certain current 
information, and for other purposes.

_______________________________________________________________________

IN THE HOUSE OF REPRESENTATIVES

January 16, 2026

Mr. Meuser introduced the following bill; which was referred to the 
Committee on Financial Services

March 25, 2026

Reported with an amendment, committed to the Committee of the Whole 
House on the State of the Union, and ordered to be printed
[Strike out all after the enacting clause and insert the part printed 
in italic]
[For text of introduced bill, see copy of bill as introduced on January 
16, 2026]

_______________________________________________________________________

A BILL

To amend the Securities Act of 1933 to exempt off-exchange secondary 
trading from State regulation where such trading is with respect to 
securities of an issuer that makes publicly available certain current 
information, and for other purposes.

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 ``Restoring the Secondary Trading 
Market Act''.

SEC. 2. EXEMPTION FROM STATE REGULATION.

Section 18(a) of the Securities Act of 1933 (15 U.S.C. 77r(a)) is 
amended--
(1) in paragraph (2), by striking ``or'' at the end;
(2) in paragraph (3), by striking the period at the end and 
inserting ``; or''; and
(3) by adding at the end the following:
``(4) shall directly or indirectly prohibit, limit, or 
impose any conditions upon the off-exchange secondary trading 
(as such term is defined by the Commission) in securities of an 
issuer that makes current information publicly available, 
including--
``(A) the information required in the periodic and 
current reports described under paragraph (b) of 
section 230.257 of title 17, Code of Federal 
Regulations; or
``(B) the documents and information specified in 
paragraph (b) of section 15c2-11 of title 17, Code of 
Federal Regulations.''.
Union Calendar No. 493

119th CONGRESS

2d Session

H. R. 7127

[Report No. 119-573]

_______________________________________________________________________

A BILL

To amend the Securities Act of 1933 to exempt off-exchange secondary 
trading from State regulation where such trading is with respect to 
securities of an issuer that makes publicly available certain current 
information, and for other purposes.

_______________________________________________________________________

March 25, 2026

Reported with an amendment, committed to the Committee of the Whole 
House on the State of the Union, and ordered to be printed