Encouraging Public Offerings Act of 2026

This bill changes the Securities Act of 1933 so that any company issuing securities, not only "emerging growth companies," can talk with certain investors before or after filing a registration statement to gauge interest in an offering (known as "testing the waters"). It also lets any company confidentially submit a draft registration statement to the Securities and Exchange Commission (SEC) for staff review before its initial public offering, or within one year after its initial public offering or stock exchange registration. Confidential drafts must be filed publicly at least 15 days before the company's road show or, if there is no road show, 15 days before the requested effective date. The SEC may set extra rules for companies that are not emerging growth companies, but must first send Congress a report listing the findings that support those rules.

Full text and official record on Congress.gov

Sponsors

• Ted Budd Republican sponsor
• 5 cosponsors