The record

LegislationLegislation· Jul 2025
HR 3382 Passed House — in Senate

Sponsored by Ann Wagner (R)

Small Entity Update Act

Requires the SEC to study and update its rules on which businesses qualify as small entities.

Tradeoff

Directs the SEC to expand the number of small businesses covered by its rules and adjust the dollar thresholds for inflation every five years. No identified budget impact or offset in the bill.

What's in it

See official bill text

Negligible net federal cost over 2025-2030; SEC study and estimated at $2 million offset by fee authority.

The $2 million is the federal cost to staff and conduct an SEC study on small-entity definitions under the Regulatory Flexibility Act—the SEC can recover this through user fees, so taxpayers do not bear the cost; the real-world impact falls on regulated entities (securities firms, etc.) who may face revised compliance rules depending on how the SEC redefines small entities.

H.R. 3382, Small Entity Update Act · Jul 2025

Passed the House by on July 21, 2025 — sitting in the Senate.

  1. House

    Introduced

    (May 14, 2025)

  2. House

    Committee on Financial Services(May 14, 2025)

  3. House

    The Committee on Financial Services voted to send it to the floor

    Reported 51 - 0(May 20, 2025)

    Committee report H. Rept. 119-125.

  4. House

    Passage of the bill

    Passed by (Jul 21, 2025)

    No individual votes were recorded.

  5. Senate

    Received from the House

    on Banking, Housing, and Urban Affairs(Jul 22, 2025)