I 
119TH CONGRESS 
1ST SESSION H. R. 4925 
To amend the Securities Act of 1933 to require covered issuers to carry 
out a racial equity audit every 2 years, to require atonement for the 
descendants of enslaved persons, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
AUGUST 8, 2025 
Mr. GREEN of Texas introduced the following bill; which was referred to the 
Committee on Financial Services 
A BILL 
To amend the Securities Act of 1933 to require covered 
issuers to carry out a racial equity audit every 2 years, 
to require atonement for the descendants of enslaved 
persons, and for other purposes. 
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 ‘‘Original Securities and 
Exchange Atonement Act of 2025’’. 
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SEC. 2. RACIAL EQUITY AUDIT. 
(a) IN GENERAL.—The Securities Act of 1933 is 
amended by inserting after section 4A (15 U.S.C. 77d– 
1) the following: 
‘‘SEC. 4B. RACIAL EQUITY AUDIT. 
‘‘(a) IN GENERAL.—Not later than the end of the 
6-month period beginning on the date of enactment of this 
section, and every 2 years thereafter, each covered issuer 
shall— 
‘‘(1) conduct an independent audit to assess 
within each line of business— 
‘‘(A) the issuer’s policies and practices on 
civil rights, equity, diversity, and inclusion; 
‘‘(B) how such policies and practices affect 
the issuer’s business; and 
‘‘(C) whether the issuer, any predecessor 
institution of the issuer, or any affiliate of the 
issuer had direct or indirect ties to or profited 
from the institution of slavery; 
‘‘(2) issue a report to the Commission con-
taining— 
‘‘(A) in the case of— 
‘‘(i) the initial report or any subse-
quent report for which the covered issuer 
determines material changes have occurred 
since the previous report, all findings and 
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determinations made in carrying out the 
assessments required under paragraph (1); 
or 
‘‘(ii) a subsequent report for which 
the covered issuer determines no material 
changes have occurred since the previous 
report, an attestation that no material 
changes were found under the assessments 
required under paragraph (1); 
‘‘(B) to the extent the issuer identifies ties 
to or profits from the institution of slavery, a 
disclosure of the steps the issuer has taken to 
reconcile such ties or profits; and 
‘‘(C) to the extent the issuer identifies ties 
to or profits from the institution of slavery and 
has not taken steps to reconcile such ties or 
profits, a disclosure of the steps to reconcile 
such ties or profits the issuer plans to take, 
which may include— 
‘‘(i) startup capital and funded sav-
ings programs in low to moderate income 
communities for low to moderate income 
individuals residing in such communities; 
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‘‘(ii) grants or contributions to his-
torically Black colleges and universities; 
and 
‘‘(iii) grants or contributions to his-
torically black organizations exempt from 
taxation as described in paragraph (3) or 
(4) section 501(c) of the Internal Revenue 
Code of 1986 and exempt from taxation 
under section 501(a) of such Code; and 
‘‘(3) make the report described under para-
graph (2) available to the public, including on a 
website of the issuer and a website of the Commis-
sion. 
‘‘(b) FAILURE TO ISSUE REPORT.— 
‘‘(1) ENFORCEMENT BY COMMISSION.— 
‘‘(A) COVERED ISSUER FINES.—Any cov-
ered issuer that fails to issue a report required 
under subsection (a)(2), or that reports false, 
misleading, or inaccurate information in such a 
report, shall be fined by the Commission in an 
amount of $20,000 per day until the report is 
issued, or until the report is corrected to not be 
false, misleading, or inaccurate, as applicable. 
‘‘(B) EMPLOYEE FINES.—Any employee or 
officer of a covered issuer who intentionally 
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fails to issue a report required under subsection 
(a)(2) or that reports false, misleading, or inac-
curate information in such report, shall be fined 
by the Commission in an amount of $2,000 per 
day until the report is issued, or until the re-
port is corrected to not be false, misleading, or 
inaccurate, as applicable. 
‘‘(C) TRANSFER OF AMOUNTS.—The Com-
mission shall transfer— 
‘‘(i) 50 percent of the fines collected 
pursuant to subparagraphs (A) and (B) to 
the Secretary of the Treasury, and the 
Secretary of the Treasury shall, without 
further appropriation, use such funds to 
carry out the duties of the Office of Minor-
ity Low to Moderate Income Programs; 
and 
‘‘(ii) 50 percent of the fines collected 
pursuant to subparagraphs (A) and (B) to 
the Secretary of Housing and Urban De-
velopment, and the Secretary of Housing 
and Urban Development shall, without fur-
ther appropriation, use such funds to carry 
out— 
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‘‘(I) a program to provide hous-
ing counseling and homebuyer assist-
ance, including downpayments, closing 
costs, and interest rate buydowns, to 
first-time, first-generation minority 
low to moderate income homebuyers; 
‘‘(II) eviction and foreclosure as-
sistance to minority low to moderate 
income renters and homebuyers; 
‘‘(III) affordable housing produc-
tion under the Housing Trust Fund 
established under section 1338 of the 
Federal Housing Enterprises Finan-
cial Safety and Soundness act of 1992 
(12 U.S.C. 4568), including perma-
nent supportive housing for people ex-
periencing homelessness; 
‘‘(IV) rental assistance to eligible 
low income households under the 
Housing Choice Voucher Program 
under section 8(o) of the United 
States Housing Act of 1937 (42 
U.S.C. 1437f(o)); and 
‘‘(V) formula grants to partici-
pating jurisdictions to conduct Equity 
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Plans under the rule of the Secretary 
of Housing and Urban Development 
implementing the requirement under 
the Fair Housing Act (42 U.S.C. 
3601) to affirmatively further fair 
housing. 
‘‘(2) PRIVATE
RIGHT
OF
ACTION.—A person 
that holds the securities of a covered issuer and suf-
fers harm as a result of the failure of such covered 
issuer to issue a report required under subsection 
(a)(2), may bring an action against the covered 
issuer in the appropriate district court of the United 
States. 
‘‘(3) WHISTLEBLOWER AWARDS.— 
‘‘(A) IN GENERAL.—The Commission shall 
pay an award or awards to 1 or more individ-
uals who voluntarily provided original informa-
tion to the Commission that led to the success-
ful enforcement of the fines required under sub-
paragraph (A) or (B) of paragraph (1) in the 
case of the failure of a covered issuer to issue 
a report required under subsection (a)(2) or 
that reports false, misleading, or inaccurate in-
formation in such a report. 
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‘‘(B) AMOUNT.—The amount of an award 
under subparagraph (A) shall— 
‘‘(i) be established by the Commission 
by rule in an amount that the Commission 
determines is sufficient to create incentive 
for individuals to voluntarily provide origi-
nal information and deter noncompliance 
with subsection (a); and 
‘‘(ii) not be less than $20,000. 
‘‘(C) ORIGINAL INFORMATION DEFINED.— 
In this paragraph, the term ‘original informa-
tion’ means information that— 
‘‘(i) is derived from the independent 
knowledge or analysis of an individual who 
voluntarily provides the information to the 
Commission; 
‘‘(ii) is not known to the Commission 
from any other source, unless the whistle-
blower is the original source of the infor-
mation; and 
‘‘(iii) is not exclusively derived from 
an allegation made in a judicial or admin-
istrative hearing, in a governmental report, 
hearing, audit, or investigation, or from 
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the news media, unless the whistleblower is 
a source of the information. 
‘‘(c) DEFINITIONS.—In this section: 
‘‘(1) AREA MEDIAN INCOME.—With respect to 
an individual, the term ‘area median income’ means 
the median income for the area in which the indi-
vidual lives, as determined by the Secretary of Hous-
ing and Urban Development for purposes of the 
United States Housing Act of 1937 (42 U.S.C. 1437 
et seq.). 
‘‘(2) COVERED
ISSUER.—The term ‘covered 
issuer’ means an issuer that— 
‘‘(A) makes use of the mails or any means 
or instrumentality of interstate commerce; and 
‘‘(B) has— 
‘‘(i) more than 100 employees; or 
‘‘(ii) a capitalization of greater than 
or equal to $300,000,000. 
‘‘(3) LOW
TO
MODERATE
INCOME.—With re-
spect to an individual, the term ‘low to moderate in-
come’ means the individual has earnings of less than 
80 percent of the area median income. 
‘‘(4) MINORITY.—The term ‘minority’ means 
racial and ethnic populations that are underrep-
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resented in the general population relative to the 
number of persons in the total population. 
‘‘(5) RECONCILE.—The term ‘reconcile’ means 
to account for and balance in an equitable manner.’’. 
(b) OFFICE OF MINORITY LOW TO MODERATE IN-
COME PROGRAMS.—Chapter 3 of title 31, United States 
Code, is amended— 
(1) in subchapter I, by adding at the end the 
following: 
‘‘§ 317. Office of Minority Low to Moderate Income 
Programs 
‘‘(a) ESTABLISHMENT.—There is established, within 
the Department of the Treasury, an Office of Minority 
Low to Moderate Income Programs. 
‘‘(b) DUTIES.—The Office of Minority Low to Mod-
erate Income Programs shall provide grants for— 
‘‘(1) startup capital and funded savings pro-
grams in low to moderate income minority commu-
nities for low to moderate income minority individ-
uals residing in such communities; and 
‘‘(2) such other programs determined appro-
priate by the Secretary in furtherance of atonement 
for descendants of enslaved persons. 
‘‘(c) FUNDING.— 
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‘‘(1) AUTHORIZATION
OF
APPROPRIATIONS.— 
There is authorized to be appropriated to the Sec-
retary of the Treasury $3,000,000,000 to carry out 
this section. 
‘‘(2) ADMINISTRATIVE COSTS.—The Secretary 
of the Treasury may use 2 percent of amounts ap-
propriated to carry out this section for administra-
tive expenses related to carrying out the duties of 
the Office of Minority Low to Moderate Income Pro-
grams. 
‘‘(d) DEFINITIONS.—In this section: 
‘‘(1) AREA MEDIAN INCOME.—With respect to a 
community, the term ‘area median income’ means 
the median income for the area in which the commu-
nity is located, as determined by the Secretary of 
Housing and Urban Development for purposes of 
the United States Housing Act of 1937 (42 U.S.C. 
1437 et seq.). 
‘‘(2) LOW
TO
MODERATE
INCOME
COMMU-
NITY.—The term ‘low to moderate income commu-
nity’ means a census tract in which 51 percent or 
more of the households located in the census tract 
earn less than 80 percent of the area median in-
come.’’; and 
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(2) in the table of contents for such chapter, by 
inserting after the item relating to section 316 the 
following: 
‘‘317. Office of Minority Low to Moderate Income Programs.’’. 
Æ 
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