H.R. 3484 — Reported in House

IB Union Calendar No. 315 119th CONGRESS 1st Session H. R. 3484 [Report No. 119–363] IN THE HOUSE OF REPRESENTATIVES May 19, 2025Mr. Barr (for himself, Mr. Emmer, Mr. Westerman, and Mrs. Hinson) introduced the following bill; which was referred to the Committee on Financial Services November 4, 2025Additional sponsors: Mr. Hudson, Mr. Baumgartner, Mr. Williams of Texas, and Mr. Sessions November 4, 2025Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printedStrike out all after the enacting clause and insert the part printed in italicFor text of introduced bill, see copy of bill as introduced on May 19, 2025 A BILL To terminate unused authorities of the Securities and Exchange Commission that were established pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act. 1. Short title This Act may be cited as the Business Owners Protection Act of 2025. 2. Repeal of certain unused authority to restrict mandatory predispute arbitration (a) In general Section 15 of the Securities Exchange Act of 1934 (15 U.S.C. 78o) is amended by repealing subsection (o). (b) Conforming amendment Section 921 of the Investor Protection and Securities Reform Act of 2010 is amended by striking subsection (a). 3. Removal of certain authority related to fiduciary duties (a) Securities Exchange Act of 1934 The second subsection (l) of section 15 of the Securities Exchange Act of 1934 (15 U.S.C. 78o; relating to Other matters) is amended— (1) by striking Commission shall and all that follows through (1) facilitate and inserting Commission shall facilitate; (2) in paragraph (1), by striking ; and and inserting a period; and (3) by striking paragraph (2). (b) Investment Advisers Act of 1940 Section 211(h) of the Investment Advisers Act of 1940 (15 U.S.C. 80b–11(h)) is amended— (1) by striking Commission shall and all that follows through (1) facilitate and inserting Commission shall facilitate; (2) in paragraph (1), by striking ; and and inserting a period; and (3) by striking paragraph (2). 4. Repeal of certain unused authority related to standards of conduct Section 15 of the Securities Exchange Act of 1934 (15 U.S.C. 78o) is amended by repealing the second subsection (k) (relating to Standard of Conduct). November 4, 2025Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed