WHAT THE LAW DOINCongress, in plain words

H.R. 3422 · 119th Congress

Promoting Opportunities for Non-Traditional Capital Formation Act

Passed HouseCommerce
IntroducedMay 15, 2025
Passed HouseJun 23, 2025
Passed SenateNot yet
To PresidentNot yet
Became lawNot yet

Where it stands

Passed House. Latest step, Jun 24, 2025: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. The House passed it 321–87. In the House, Iowa's representatives split: Randy Feenstra no, Ashley Hinson yes, Mariannette Miller-Meeks yes, Zachary Nunn yes. It would change 1 section of existing law.

How this bill changes the law

Sourced

H.R. 3422 would change 1 section of existing law. Read from the bill text as sent to the Senate (Jun 24, 2025).

15 U.S.C. 78d Securities and Exchange Commission

  • (j) Office of the Advocate for Small Business Capital Formation added to · Sec. 2(1), Sec. 2(2), Sec. 2(3) · see the words
What the words would change: every change, in place (3)

Today's wording of each part of the law, with what would be struck out and added. Each change also gives the bill's own instruction, word for word.

  1. 15 U.S.C. 78d(j)(4)(G)changedby H.R. 3422 Sec. 2(1)

    (G) consult with the Investor Advocate on proposed recommendations made under subparagraph (F); and

    The bill says: in subparagraph (G), by striking "and" at the end;

  2. 15 U.S.C. 78d(j)(4)(H)changedby H.R. 3422 Sec. 2(2)

    The bill says: in subparagraph (H), by striking the period at the end and inserting a semicolon; and

  3. 15 U.S.C. 78d(j)(4)added (I)by H.R. 3422 Sec. 2(3)

    (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.

    The bill says: by adding at the end the following:

From the bill's official text on GovInfo and the U.S. Code, 2024 edition, which may not yet show changes made since.

What it does

Sourced

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.

Official summary by the Congressional Research Service (Introduced in House, May 15, 2025).

Our plain-language breakdown, with what it means for you and the case for and against, is written once a bill starts to move.

What has happened

Sourced
  1. Jun 23, 2025Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 321 - 87 (Roll no. 174). (text: CR H2875) Roll call recordLibrary of Congress
  2. Jun 3, 2025Reported (Amended) by the Committee on Financial Services. H. Rept. 119-117.Library of Congress
  3. May 15, 2025Introduced in HouseLibrary of Congress

Show all 17 recorded actions

Recorded votes

Sourced
  1. Jun 23, 2025 · HousePassed 321–87
    On Motion to Suspend the Rules and Pass, as Amended · needed two-thirds
    R 122 yes, 87 noD 199 yes, 0 noEach member · Record

Cosponsors

  • Ann Wagner R-MO-2