Restoring the Secondary Trading Market Act

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7127 Introduced in House (IH)]

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119th CONGRESS
  2d Session
                                H. R. 7127

 To amend the Securities Act of 1933 to exempt off-exchange secondary
  trading from State regulation where such trading is with respect to
 securities of an issuer that makes publicly available certain current
                  information, and for other purposes.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                            January 16, 2026

  Mr. Meuser introduced the following bill; which was referred to the
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL

 To amend the Securities Act of 1933 to exempt off-exchange secondary
  trading from State regulation where such trading is with respect to
 securities of an issuer that makes publicly available certain current
                  information, 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 ``Restoring the Secondary Trading
Market Act''.

SEC. 2. EXEMPTION FROM STATE REGULATION.

    Section 18(a) of the Securities Act of 1933 (15 U.S.C. 77r(b)(4))
is amended--
            (1) in paragraph (2), by striking ``or'' at the end;
            (2) in paragraph (3), by striking the period at the end and
        inserting ``; or''; and
            (3) by adding at the end the following:
            ``(4) shall directly or indirectly prohibit, limit, or
        impose any conditions upon the off-exchange secondary trading
        (as such term is defined by the Commission) in securities of an
        issuer that makes current information publicly available,
        including--
                    ``(A) the information required in the periodic and
                current reports described under paragraph (b) of
                section 230.257 of title 17, Code of Federal
                Regulations; or
                    ``(B) the documents and information specified in
                paragraph (b) of section 15c2-11 of title 17, Code of
                Federal Regulations.''.
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