Small Entity Update Act

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [S. 2924 Introduced in Senate (IS)] <DOC> 119th CONGRESS 1st Session S. 2924 To require the Securities and Exchange Commission to carry out a study and rulemaking on the definition of the term ``small entity'' under the securities laws for purposes of chapter 6 of title 5, United States Code, and for other purposes. _______________________________________________________________________ IN THE SENATE OF THE UNITED STATES September 29, 2025 Mrs. Britt (for herself and Mr. Kim) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs _______________________________________________________________________ A BILL To require the Securities and Exchange Commission to carry out a study and rulemaking on the definition of the term ``small entity'' under the securities laws for purposes of chapter 6 of title 5, United States Code, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Small Entity Update Act''. SEC. 2. STUDIES, REPORTS, AND RULES REGARDING SMALL ENTITIES. (a) Definitions.--In this section-- (1) the term ``Commission'' means the Securities and Exchange Commission; and (2) the term ``small entity''-- (A) has the meaning given the term in section 601 of title 5, United States Code, with respect to the activities of the Commission; and (B) includes any definition established by the Commission of the term ``small business'', ``small organization'', ``small governmental jurisdiction'', or ``small entity'' under paragraph (3), (4), (5), or (6), respectively, of section 601 of title 5, United States Code, with respect to the activities of the Commission. (b) Studies and Reports.--Not later than 1 year after the date of enactment of this Act, and again 5 years thereafter, the Commission sha