Congressman Williams Introduces Bill to Unlock Investment Research for Main Street Businesses

Washington, D.C. – Today, Congressman Roger Williams (TX-25), alongside Rep. Cleo Fields, introduced the Securities Research Modernization Act to amend the Securities Act of 1933. This legislation ensures businesses have better visibility, draw more investor interest, and have a greater chance of a successful public offering. 

“Access to capital remains a top issue for small businesses across America,” said Congressman Williams. “Research reports are critical tools that help companies attract investors and improve transparency in the market, but many small and mid-sized businesses are excluded from research coverage during the public offering process. We must level the playing field to ensure all businesses can compete. My bill ensures investors have access to independent analysis, making the market more transparent, efficient, and prosperous for Main Street." 

"This bill is about giving hardworking Americans a fair shot at making smart investments. By allowing research on all companies planning to go public—not just the big ones—we're putting more information in the hands of everyday folks. Louisianans shouldn't need special connections to Wall Street to build wealth for their families. This legislation helps our small businesses get noticed when they're ready to grow and creates more opportunities in communities that have been overlooked. When hardworking Americans have better information, they can make better choices for their financial future." - Rep. Cleo Fields (LA-06)

Read the bill text here.

Background:

• Under current law, many small and mid-sized businesses—especially those not qualifying as EGCs—are excluded from research coverage during the IPO process.
• Expanding this exemption would support more companies, empower retail investors, and strengthen capital formation in communities across the country.

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Congressman Roger Williams is the Chairman of the House Small Business Committee and member of the House Financial Services Committee. He proudly represents the 25th Congressional District of Texas.