Protecting Private Job Creators Act

This bill says that federal rules for posting price quotes in over‑the‑counter markets will not apply to bonds and other fixed‑income investments. In plain terms, brokers could share public price quotes for things like corporate bonds, notes, and asset‑backed securities without meeting the extra disclosure steps in SEC Rule 15c2‑11. The bill defines “fixed‑income security” broadly to include bonds, notes, debentures, certificates of deposit, asset‑backed securities, and related convertibles or warrants. Lawmakers note that Rule 15c2‑11 was designed for OTC stock markets, not bond markets, and that bond markets are important for businesses to raise money. They also point to past SEC actions that temporarily exempted certain bond quotes, and this bill would make that exception clear and ongoing in law.

Key points

• Who is affected: Brokers and dealers who publish price quotes; companies that issue bonds; investors who trade fixed‑income securities.
• What changes: SEC Rule 15c2‑11 would not apply to public price quotes for fixed‑income securities, making it simpler to display and access bond price quotes.
• Why this matters: The findings say bond markets differ from stock markets and are vital for raising capital, and note prior SEC relief for certain bond quotes; this bill sets a clear, lasting exception for fixed‑income quotes.