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;

    Bill text · Current law (15 U.S.C. 78d)

  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

    Bill text · Current law (15 U.S.C. 78d)

  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:

    Bill text · Current law (15 U.S.C. 78d)

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 24, 2025Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.Senate
  2. Jun 23, 2025Motion to reconsider laid on the table Agreed to without objection.House floor actions
  3. Jun 23, 2025On 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 recordHouse floor actions
  4. 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
  5. Jun 23, 2025Considered as unfinished business. (consideration: CR H2879)House floor actions
  6. Jun 23, 2025At 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.House floor actions
  7. Jun 23, 2025DEBATE - The House proceeded with forty minutes of debate on H.R. 3422.House floor actions
  8. Jun 23, 2025Considered under suspension of the rules. (consideration: CR H2875-2876)House floor actions
  9. Jun 23, 2025Mr. Downing moved to suspend the rules and pass the bill, as amended.House floor actions
  10. Jun 3, 2025Placed on the Union Calendar, Calendar No. 87.House floor actions
  11. Jun 3, 2025Reported (Amended) by the Committee on Financial Services. H. Rept. 119-117.House floor actions
  12. Jun 3, 2025Reported (Amended) by the Committee on Financial Services. H. Rept. 119-117.Library of Congress
  13. May 20, 2025Ordered to be Reported (Amended) by the Yeas and Nays: 50 - 0.House committee actions
  14. May 20, 2025Committee Consideration and Mark-up Session HeldHouse committee actions
  15. May 15, 2025Referred to the House Committee on Financial Services.House floor actions
  16. May 15, 2025Introduced in HouseLibrary of Congress
  17. May 15, 2025Introduced in HouseLibrary of Congress

Show key steps only

Recorded votes

Sourced
  1. Jun 23, 2025 · HousePassed 321–87
    Iowa: Randy Feenstra no, Ashley Hinson yes, Mariannette Miller-Meeks yes, Zachary Nunn yes
    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