IB 
Union Calendar No. 98 
119TH CONGRESS 
1ST SESSION H. R. 3395 
[Report No. 119–128] 
To require the Comptroller General of the United States to carry out a 
study of the costs associated with small- and medium-sized companies 
to undertake initial public offerings. 
IN THE HOUSE OF REPRESENTATIVES 
MAY 14, 2025 
Mr. HIMES introduced the following bill; which was referred to the Committee 
on Financial Services 
JUNE 3, 2025 
Additional sponsors: Mr. SESSIONS and Mr. LAWLER 
JUNE 3, 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 14, 2025] 
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A BILL 
To require the Comptroller General of the United States 
to carry out a study of the costs associated with small- 
and medium-sized companies to undertake initial public 
offerings. 
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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 ‘‘Middle Market IPO Cost 
Act’’. 
SEC. 2. STUDY ON IPO FEES. 
(a) STUDY.—The Comptroller General of the United 
States, in consultation with the Securities and Exchange 
Commission and the Financial Industry Regulatory Au-
thority, shall carry out a study of the costs associated with 
small- and medium-sized companies to undertake initial 
public offerings (‘‘IPOs’’). In carrying out such study, the 
Comptroller General shall— 
(1) consider the direct and indirect costs of an 
IPO, including— 
(A) fees of accountants, underwriters, and 
any other outside advisors with respect to the 
IPO; 
(B) compliance with Federal and State se-
curities laws at the time of the IPO; and 
(C) such other IPO-related costs as the 
Comptroller General may consider; 
(2) compare and analyze the costs of an IPO 
with the costs of obtaining alternative sources of fi-
nancing and of liquidity; 
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(3) consider the impact of such costs on capital 
formation; 
(4) analyze the impact of these costs on the 
availability of public securities of small- and me-
dium-sized companies to retail investors; and 
(5) analyze trends in IPOs over a time period 
the Comptroller General determines is appropriate to 
analyze IPO pricing practices, considering— 
(A) the number of IPOs; 
(B) how costs for IPOs have evolved over 
time for underwriters, investment advisory 
firms, and other professions for services in con-
nection with an IPO; 
(C) the number of brokers and dealers active 
in underwriting IPOs; 
(D) the different types of services that un-
derwriters and related persons provide before 
and after a small- or medium-sized company 
IPO and the factors impacting IPOs costs; 
(E) changes in the costs and availability of 
investment research for small- and medium-sized 
companies; and 
(F) the impacts of litigation and its costs 
on being a public company. 
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(b) REPORT.—Not later than the end of the 360-day 
period beginning on the date of the enactment of this Act, 
the Comptroller General of the United States shall issue a 
report to the Congress containing all findings and deter-
minations made in carrying out the study required under 
subsection (a) and any administrative or legislative rec-
ommendations the Comptroller General may have. 
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Union Calendar No. 98 
119TH CONGRESS 
1ST SESSION 
H. R. 3395 
[Report No. 119–128] 
A BILL 
To require the Comptroller General of the United 
States to carry out a study of the costs associ-
ated with small- and medium-sized companies to 
undertake initial public offerings. 
JUNE 3, 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 
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00:52 Jun 04, 2025
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