IB 
Union Calendar No. 315 
119TH CONGRESS 
1ST SESSION H. R. 3484 
[Report No. 119–363] 
To terminate unused authorities of the Securities and Exchange Commission 
that were established pursuant to the Dodd-Frank Wall Street Reform 
and Consumer Protection Act. 
IN THE HOUSE OF REPRESENTATIVES 
MAY 19, 2025 
Mr. BARR (for himself, Mr. EMMER, Mr. WESTERMAN, and Mrs. HINSON) in-
troduced the following bill; which was referred to the Committee on Fi-
nancial Services 
NOVEMBER 4, 2025 
Additional sponsors: Mr. HUDSON, Mr. BAUMGARTNER, Mr. WILLIAMS of 
Texas, and Mr. SESSIONS 
NOVEMBER 4, 2025 
Reported with an amendment, committed to the Committee of the Whole 
House on the State of the Union, and ordered to be printed 
[Strike out all after the enacting clause and insert the part printed in italic] 
[For text of introduced bill, see copy of bill as introduced on May 19, 2025] 
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A BILL 
To terminate unused authorities of the Securities and Ex-
change Commission that were established pursuant to 
the Dodd-Frank Wall Street Reform and Consumer Pro-
tection Act. 
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Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Business Owners Protec-
tion Act of 2025’’. 
SEC. 2. REPEAL OF CERTAIN UNUSED AUTHORITY TO RE-
STRICT MANDATORY PREDISPUTE ARBITRA-
TION. 
(a) IN GENERAL.—Section 15 of the Securities Ex-
change Act of 1934 (15 U.S.C. 78o) is amended by repealing 
subsection (o). 
(b) CONFORMING AMENDMENT.—Section 921 of the In-
vestor Protection and Securities Reform Act of 2010 is 
amended by striking subsection (a). 
SEC. 3. REMOVAL OF CERTAIN AUTHORITY RELATED TO FI-
DUCIARY DUTIES. 
(a) SECURITIES EXCHANGE ACT OF 1934.—The second 
subsection (l) of section 15 of the Securities Exchange Act 
of 1934 (15 U.S.C. 78o; relating to ‘‘Other matters’’) is 
amended— 
(1) by striking ‘‘Commission shall’’ and all that 
follows through ‘‘(1) facilitate’’ and inserting ‘‘Com-
mission shall facilitate’’; 
(2) in paragraph (1), by striking ‘‘; and’’ and 
inserting a period; and 
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(3) by striking paragraph (2). 
(b) INVESTMENT ADVISERS ACT OF 1940.—Section 
211(h) of the Investment Advisers Act of 1940 (15 U.S.C. 
80b–11(h)) is amended— 
(1) by striking ‘‘Commission shall’’ and all that 
follows through ‘‘(1) facilitate’’ and inserting ‘‘Com-
mission shall facilitate’’; 
(2) in paragraph (1), by striking ‘‘; and’’ and 
inserting a period; and 
(3) by striking paragraph (2). 
SEC. 4. REPEAL OF CERTAIN UNUSED AUTHORITY RELATED 
TO STANDARDS OF CONDUCT. 
Section 15 of the Securities Exchange Act of 1934 (15 
U.S.C. 78o) is amended by repealing the second subsection 
(k) (relating to ‘‘Standard of Conduct’’). 
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Union Calendar No. 315 
119TH CONGRESS 
1ST SESSION 
H. R. 3484 
[Report No. 119–363] 
A BILL 
To terminate unused authorities of the Securities 
and Exchange Commission that were established 
pursuant to the Dodd-Frank Wall Street Reform 
and Consumer Protection Act. 
NOVEMBER 4, 2025 
Reported with an amendment, committed to the Com-
mittee of the Whole House on the State of the Union, 
and ordered to be printed 
VerDate Sep 11 2014 
20:33 Nov 04, 2025
Jkt 069200
PO 00000
Frm 00006
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