IB 
Union Calendar No. 91 
119TH CONGRESS 
1ST SESSION H. R. 3301 
[Report No. 119–121] 
To amend the Securities Exchange Act of 1934 to specify certain registration 
statement contents for emerging growth companies, to permit issuers 
to file draft registration statements with the Securities and Exchange 
Commission for confidential review, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
MAY 8, 2025 
Mr. NUNN of Iowa (for himself and Ms. BYNUM) introduced the following bill; 
which was referred to the Committee on Financial Services 
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 8, 2025] 
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A BILL 
To amend the Securities Exchange Act of 1934 to specify 
certain registration statement contents for emerging 
growth companies, to permit issuers to file draft registra-
tion statements with the Securities and Exchange Com-
mission for confidential review, and for other purposes. 
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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 ‘‘Encouraging Local 
Emerging Ventures and Economic Growth Act of 2025’’ or 
the ‘‘ELEVATE Act of 2025’’. 
SEC. 2. REGISTRATION STATEMENTS. 
Section 12(b) of the Securities Exchange Act of 1934 
(15 U.S.C. 78l(b)) is amended— 
(1) in paragraph (1)(K), by striking ‘‘years,’’ 
and inserting ‘‘years (or, in the case of an emerging 
growth company, not more than the two preceding 
years),’’; and 
(2) by adding at the end the following: 
‘‘Any issuer may confidentially submit to the Commission 
a draft registration statement for confidential nonpublic re-
view by the staff of the Commission prior to public filing, 
provided that the initial confidential submission and all 
amendments thereto shall be publicly filed with the Com-
mission not later than 10 days before listing on a national 
securities exchange. Notwithstanding any other provision of 
this title, the Commission shall not be compelled to disclose 
any information provided to or obtained by the Commission 
pursuant to this subsection. For purposes of section 552 of 
title 5, this subsection shall be considered a statute described 
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in subsection (b)(3)(B) of such section 552. Information de-
scribed in or obtained pursuant to this subsection shall be 
deemed to constitute confidential information for purposes 
of section 24.’’. 
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Union Calendar No. 91 
119TH CONGRESS 
1ST SESSION 
H. R. 3301 
[Report No. 119–121] 
A BILL 
To amend the Securities Exchange Act of 1934 to 
specify certain registration statement contents 
for emerging growth companies, to permit issuers 
to file draft registration statements with the Se-
curities and Exchange Commission for confiden-
tial review, and for other purposes. 
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 
VerDate Sep 11 2014 
00:45 Jun 04, 2025
Jkt 059200
PO 00000
Frm 00006
Fmt 6651
Sfmt 6651
E:\BILLS\H3301.RH
H3301
kjohnson on DSK7ZCZBW3PROD with $$_JOB