Greenlighting Growth Act

Bill: 119-hr-3343
Sponsor: full_name: Rep. Haridopolos, Mike [R-FL-8]
Introduced: 2025-05-13
Policy area: Finance and Financial Sector
Subjects: Accounting and auditing

Administrative law and regulatory procedures

Business records

Government information and archives

Licensing and registrations

Securities

Securities and Exchange Commission (SEC)
Latest action: action_date: 2025-07-22
text: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2025-05-13
action_desc: Introduced in House
text: <p><strong>Greenlighting Growth Act</strong></p><p>This bill limits the financial information an emerging growth company (EGC) must submit to the Securities and Exchange Commission. An EGC is a type of issuer that qualifies for reduced disclosures after its initial public offering (IPO) if its annual gross revenues are below a specific dollar amount. For example, an EGC must currently provide two years of financial statements after its IPO, rather than the three required for other companies.&nbsp;</p><p>Under the bill, an emerging growth company is not required to present certain financial statements from acquired companies. This applies to statements from the time period prior to the earliest audited period presented in connection with the EGC’s IPO. In addition, the bill provides that no issuer that was formerly an EGC is required to present financial statements older than its earliest audit performed in connection with its IPO.&nbsp;</p>

tv_txt: IIB 119th CONGRESS 1st Session H. R. 3343 IN THE SENATE OF THE UNITED STATES July 22, 2025 Received; read twice and referred to the Committee on Banking, Housing, and Urban Affairs AN ACT To amend the Federal securities laws to specify the periods for which financial statements are required to be provided by an emerging growth company, and for other purposes.

1. Short title This Act may be cited as the Greenlighting Growth Act . 2. Financial statement reporting requirements for emerging growth companies (a) Securities Act of 1933 Section 7(a)(2) of the Securities Act of 1933 ( 15 U.S.C. 77g(a)(2) ) is amended— (1) in subparagraph (A), by striking and at the end; (2) by redesignating subparagraph (B) as subparagraph (C); and (3) by inserting after subparagraph (A) the following: (B) need not present acquired company financial statements or information otherwise required under section 210.3–05 or section 210.8–04 of title 17, Code of Federal Regulations, or any successor thereto, for any period prior to the earliest audited period of the emerging growth company presented in connection with its initial public offering and, thereafter, in no event shall an issuer that was an emerging growth company but is no longer an emerging growth company be required to present financial statements of the issuer (or acquired company financial statements or information otherwise required under section 210.3–05 or section 210.8–04 of title 17, Code of Federal Regulations, or any successor thereto) for any period prior to the earliest audited period of the emerging growth company presented in connection with its initial public offering; and . (b) Securities Exchange Act of 1934 Section 12(b)(1)(K) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78l(b)(1)(K) ) is amended by striking firm and inserting firm, provided that the application of an emerging growth company need not present acquired company financial statements or information otherwise required under section 210.3–05 or section 210.8–04 of title 17, Code of Federal Regulations, or any successor thereto, for any period prior to the earliest audited period of the emerging growth company presented in connection with its application and, thereafter, in no event shall an issuer that was an emerging growth company but is no longer an emerging growth company be required to present financial statements of the issuer (or acquired company financial statements or information otherwise required under section 210.3–05 or section 210.8–04 of title 17, Code of Federal Regulations, or any successor thereto) for any period prior to the earliest audited period of the emerging growth company presented in connection with any application under this subsection .

Passed the House of Representatives July 21, 2025. Kevin F. McCumber, Clerk.

tv_txt: IB 119th CONGRESS 1st Session H. R. 3343 IN THE HOUSE OF REPRESENTATIVES AN ACT To amend the Federal securities laws to specify the periods for which financial statements are required to be provided by an emerging growth company, and for other purposes.

1. Short title This Act may be cited as the Greenlighting Growth Act . 2. Financial statement reporting requirements for emerging growth companies (a) Securities Act of 1933 Section 7(a)(2) of the Securities Act of 1933 ( 15 U.S.C. 77g(a)(2) ) is amended— (1) in subparagraph (A), by striking and at the end; (2) by redesignating subparagraph (B) as subparagraph (C); and (3) by inserting after subparagraph (A) the following: (B) need not present acquired company financial statements or information otherwise required under section 210.3–05 or section 210.8–04 of title 17, Code of Federal Regulations, or any successor thereto, for any period prior to the earliest audited period of the emerging growth company presented in connection with its initial public offering and, thereafter, in no event shall an issuer that was an emerging growth company but is no longer an emerging growth company be required to present financial statements of the issuer (or acquired company financial statements or information otherwise required under section 210.3–05 or section 210.8–04 of title 17, Code of Federal Regulations, or any successor thereto) for any period prior to the earliest audited period of the emerging growth company presented in connection with its initial public offering; and . (b) Securities Exchange Act of 1934 Section 12(b)(1)(K) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78l(b)(1)(K) ) is amended by striking firm and inserting firm, provided that the application of an emerging growth company need not present acquired company financial statements or information otherwise required under section 210.3–05 or section 210.8–04 of title 17, Code of Federal Regulations, or any successor thereto, for any period prior to the earliest audited period of the emerging growth company presented in connection with its application and, thereafter, in no event shall an issuer that was an emerging growth company but is no longer an emerging growth company be required to present financial statements of the issuer (or acquired company financial statements or information otherwise required under section 210.3–05 or section 210.8–04 of title 17, Code of Federal Regulations, or any successor thereto) for any period prior to the earliest audited period of the emerging growth company presented in connection with any application under this subsection .

Passed the House of Representatives July 21, 2025. Kevin F. McCumber, Clerk.

tv_txt: IB Union Calendar No. 89 119th CONGRESS 1st Session H. R. 3343 [Report No. 119–119] IN THE HOUSE OF REPRESENTATIVES May 13, 2025 Mr. Haridopolos (for himself and Mrs. Wagner ) 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 13, 2025 A BILL To amend the Federal securities laws to specify the periods for which financial statements are required to be provided by an emerging growth company, and for other purposes.

1. Short title This Act may be cited as the Greenlighting Growth Act . 2. Financial statement reporting requirements for emerging growth companies (a) Securities Act of 1933 Section 7(a)(2) of the Securities Act of 1933 ( 15 U.S.C. 77g(a)(2) ) is amended— (1) in subparagraph (A), by striking and at the end; (2) by redesignating subparagraph (B) as subparagraph (C); and (3) by inserting after subparagraph (A) the following: (B) need not present acquired company financial statements or information otherwise required under section 210.3–05 or section 210.8–04 of title 17, Code of Federal Regulations, or any successor thereto, for any period prior to the earliest audited period of the emerging growth company presented in connection with its initial public offering and, thereafter, in no event shall an issuer that was an emerging growth company but is no longer an emerging growth company be required to present financial statements of the issuer (or acquired company financial statements or information otherwise required under section 210.3–05 or section 210.8–04 of title 17, Code of Federal Regulations, or any successor thereto) for any period prior to the earliest audited period of the emerging growth company presented in connection with its initial public offering; and . (b) Securities Exchange Act of 1934 Section 12(b)(1)(K) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78l(b)(1)(K) ) is amended by striking firm and inserting firm, provided that the application of an emerging growth company need not present acquired company financial statements or information otherwise required under section 210.3–05 or section 210.8–04 of title 17, Code of Federal Regulations, or any successor thereto, for any period prior to the earliest audited period of the emerging growth company presented in connection with its application and, thereafter, in no event shall an issuer that was an emerging growth company but is no longer an emerging growth company be required to present financial statements of the issuer (or acquired company financial statements or information otherwise required under section 210.3–05 or section 210.8–04 of title 17, Code of Federal Regulations, or any successor thereto) for any period prior to the earliest audited period of the emerging growth company presented in connection with any application under this subsection .

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

tv_txt: I 119th CONGRESS 1st Session H. R. 3343 IN THE HOUSE OF REPRESENTATIVES May 13, 2025 Mr. Haridopolos (for himself and Mrs. Wagner ) introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the Federal securities laws to specify the periods for which financial statements are required to be provided by an emerging growth company, and for other purposes.

1. Short title This Act may be cited as the Greenlighting Growth Act . 2. Financial statement reporting requirements for emerging growth companies (a) Securities Act of 1933 Section 7(a)(2) of the Securities Act of 1933 ( 15 U.S.C. 77g(a)(2) ) is amended— (1) in subparagraph (A), by striking and at the end; (2) by redesignating subparagraph (B) as subparagraph (C); and (3) by inserting after subparagraph (A) the following: (B) need not present acquired company financial statements or information otherwise required under section 210.3–05 or section 210.8–04 of title 17, Code of Federal Regulations, or any successor thereto, for any period prior to the earliest audited period of the emerging growth company presented in connection with its initial public offering and, thereafter, in no event shall an issuer that was an emerging growth company but is no longer an emerging growth company be required to present financial statements of the issuer (or acquired company financial statements or information otherwise required under section 210.3–05 or section 210.8–04 of title 17, Code of Federal Regulations, or any successor thereto) for any period prior to the earliest audited period of the emerging growth company presented in connection with its initial public offering; and . (b) Securities Exchange Act of 1934 Section 12(b)(1)(K) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78l(b)(1)(K) ) is amended by striking firm; and inserting firm, provided that the application of an emerging growth company need not present acquired company financial statements or information otherwise required under section 210.3–05 or section 210.8–04 of title 17, Code of Federal Regulations, or any successor thereto, for any period prior to the earliest audited period of the emerging growth company presented in connection with its application and, thereafter, in no event shall an issuer that was an emerging growth company but is no longer an emerging growth company be required to present financial statements of the issuer (or acquired company financial statements or information otherwise required under section 210.3–05 or section 210.8–04 of title 17, Code of Federal Regulations, or any successor thereto) for any period prior to the earliest audited period of the emerging growth company presented in connection with any application under subsection (b) of this section; .