S. 4034

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 4034 Introduced in Senate (IS)]

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119th CONGRESS
2d Session
S. 4034

To amend the Securities Exchange Act of 1934 to specify certain 
registration statement contents for emerging growth companies, to 
permit issuers to file draft registration statements with the 
Securities and Exchange Commission for confidential review, and for 
other purposes.

_______________________________________________________________________

IN THE SENATE OF THE UNITED STATES

March 10, 2026

Mr. Ricketts (for himself and Ms. Cortez Masto) introduced the 
following bill; which was read twice and referred to the Committee on 
Banking, Housing, and Urban Affairs

_______________________________________________________________________

A BILL

To amend the Securities Exchange Act of 1934 to specify certain 
registration statement contents for emerging growth companies, to 
permit issuers to file draft registration statements with the 
Securities and Exchange Commission for confidential review, 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 ``Encouraging Local Emerging Ventures 
and Economic Growth Act of 2026'' or the ``ELEVATE Act of 2026''.

SEC. 2. REGISTRATION STATEMENTS.

Section 12(b) of the Securities Exchange Act of 1934 (15 U.S.C. 
78l(b)) is amended--
(1) in paragraph (1), by redesignating subparagraphs (A) 
through (L) as clauses (i) through (xii), respectively;
(2) by redesignating paragraphs (1), (2), and (3) as 
subparagraphs (A), (B), and (C), respectively;
(3) by inserting ``(1)'' after ``(b)'';
(4) in the matter preceding subparagraph (A) of paragraph 
(1), as so redesignated, by striking ``shall contain--'' and 
inserting ``shall contain the following:'';
(5) in paragraph (1)(A)(xi), as so redesignated, by 
striking ``years,'' and inserting ``years (or, in the case of 
an emerging growth company, not more than the two preceding 
fiscal years),'';
(6) in paragraph (1)(C), as so redesignated, by striking 
``paragraph (1)(I)'' and inserting ``subparagraph (A)(ix)''; 
and
(7) by adding at the end the following:
``(2)(A) Any issuer may confidentially submit to the Commission a 
draft registration statement for confidential nonpublic review by the 
staff of the Commission prior to public filing of that registration 
statement, provided that the initial confidential submission and all 
amendments to that confidential submission shall be publicly filed with 
the Commission not later than 10 days before the applicable security is 
listed on a national securities exchange.
``(B) Notwithstanding any other provision of this title, the 
Commission shall not be compelled to disclose any information provided 
to or obtained by the Commission pursuant to this paragraph.
``(C) For purposes of section 552 of title 5, United States Code, 
this paragraph shall be considered a statute described in subsection 
(b)(3)(B) of such section 552.
``(D) Information described in or obtained pursuant to this 
paragraph shall be deemed to constitute confidential information for 
purposes of section 24.''.
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