INVEST Act of 2025 and 27 Other Capital Formation, Small Business, and Securities Measures

H. Res. 936 · H.R. 1013, H.R. 1190, H.R. 1469, and 25 more

This rule currently governs H.R. 1013, H.R. 1190, H.R. 1469, and 25 more.

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Overview

Floor outcome, , and debate structure.

Floor adoption

215-211

Floor vote date

Dec 10, 2025

h318-1-119

9-3

216-210

one hour of general debate equally divided and controlled by the chair and ranking minority member of the Committee on Transportation and Infrastructure or their respective designees.

Committee motion

Motion by Mr. Austin Scott of Georgia to report the rule. Adopted: 9-3

Who Ran The Debate?

Measures Governed

The bills and resolutions linked to this special rule entry.

H.R. 1013

View legislation

Retirement Fairness for Charities and Educational Institutions Act of 2025

H.R. 1190

View legislation

Expanding Access to Capital for Rural Job Creators Act

H.R. 1469

View legislation

Senior Security Act of 2025

Rule Instructions

Numbered parsed from the source rule text.

No.	Provision text
12	Provides that, in lieu of the amendment in the nature of a substitute recommended by the Committee on Financial Services now printed in the bill, an amendment in the nature of a substitute consisting of the text of Rules Committee Print 119-15 shall be considered as adopted and the bill, as amended, shall be considered as read.13. Waives all points of order against provisions in the bill, as amended.14. Makes in order only the further amendments printed in part B of the Rules Committee report. Each amendment shall be considered only in the order printed in the report, may be offered only by a Member designated in the report, shall be considered as read, shall be debatable for the time specified in the report equally divided and controlled by the proponent and an opponent, shall not be subject to amendment, and shall not be subject to a demand for division of the question.15. Waives all points of order against the amendments printed in part B of the Rules Committee report.16. Provides one motion to recommit.17. Structured rule for H.R. 3638.18. Waives all points of order against consideration of the bill.19. Provides one hour of general debate equally divided and controlled by the chair and ranking minority member of the Committee on Energy and Commerce or their respective designees.20. Provides that the bill shall be considered as read.21. Waives all points of order against provisions in the bill.22. Makes in order only the further amendments printed in part C of the Rules Committee report. Each amendment shall be considered only in the order printed in the report, may be offered only by a Member designated in the report, shall be considered as read, shall be debatable for the time specified in the report equally divided and controlled by the proponent and an opponent, shall not be subject to amendment, and shall not be subject to a demand for division of the question.23. Waives all points of order against the amendments printed in part C of the Rules Committee report.24. Provides one motion to recommit.25. Structured rule for H.R. 3628.26. Waives all points of order against consideration of the bill.27. Provides that the bill shall be considered as read.28. Waives all points of order against provisions in the bill.29. Provides one hour of general debate equally divided and controlled by the chair and ranking minority member of the Committee on Energy and Commerce or their respective designees.30. Makes in order only the further amendment printed in part D of the Rules Committee report. Each amendment may be offered only in the order printed in the report, may be offered only by a Member designated in the report, shall be considered as read, shall be debatable for the time specified in the report equally divided and controlled by the proponent and an opponent, shall not be subject to amendment, and shall not be subject to a demand for division of the question.31. Waives all points of order against the amendment printed in part D of the Rules Committee report.32. Provides one motion to recommit.33. Closed rule for H.R. 3668.34. Waives all points of order against consideration of the bill.35. Provides that the bill shall be considered as read.36. Waives all points of order against provisions in the bill.37. Provides one hour of general debate equally divided and controlled by the chair and ranking minority member of the Committee on Energy and Commerce or their respective designees.38. Provides one motion to recommit.39. Closed rule for S. 1071.40. Waives all points of order against consideration of the bill.41. Provides that an amendment in the nature of a substitute consisting of the text of Rules Committee Print 119-16 shall be considered as adopted and the bill, as amended, shall be considered as read.42. Waives all points of order against provisions in the bill, as amended.43. Provides one hour of general debate equally divided and controlled by the chair and ranking minority member of the Committee on Armed Services or their respective designees.44. Provides one motion to commit.45. Provides that the chair of the Committee on Armed Services and the chair of the Permanent Select Committee on Intelligence may insert in the Congressional Record not later than December 12, 2025, such material as they may deem explanatory of S. 1071.46. Provides that on any legislative day of the second session of the One Hundred Nineteenth Congress before January 6, 2026, the Speaker may dispense with organizational and legislative business and that the Journal of the proceedings of the previous day shall be considered as approved if applicable.

No.

Provision text

Provides that, in lieu of the amendment in the nature of a substitute recommended by the Committee on Financial Services now printed in the bill, an amendment in the nature of a substitute consisting of the text of Rules Committee Print 119-15 shall be considered as adopted and the bill, as amended, shall be considered as read.13. Waives all points of order against provisions in the bill, as amended.14. Makes in order only the further amendments printed in part B of the Rules Committee report. Each amendment shall be considered only in the order printed in the report, may be offered only by a Member designated in the report, shall be considered as read, shall be debatable for the time specified in the report equally divided and controlled by the proponent and an opponent, shall not be subject to amendment, and shall not be subject to a demand for division of the question.15. Waives all points of order against the amendments printed in part B of the Rules Committee report.16. Provides one motion to recommit.17. Structured rule for H.R. 3638.18. Waives all points of order against consideration of the bill.19. Provides one hour of general debate equally divided and controlled by the chair and ranking minority member of the Committee on Energy and Commerce or their respective designees.20. Provides that the bill shall be considered as read.21. Waives all points of order against provisions in the bill.22. Makes in order only the further amendments printed in part C of the Rules Committee report. Each amendment shall be considered only in the order printed in the report, may be offered only by a Member designated in the report, shall be considered as read, shall be debatable for the time specified in the report equally divided and controlled by the proponent and an opponent, shall not be subject to amendment, and shall not be subject to a demand for division of the question.23. Waives all points of order against the amendments printed in part C of the Rules Committee report.24. Provides one motion to recommit.25. Structured rule for H.R. 3628.26. Waives all points of order against consideration of the bill.27. Provides that the bill shall be considered as read.28. Waives all points of order against provisions in the bill.29. Provides one hour of general debate equally divided and controlled by the chair and ranking minority member of the Committee on Energy and Commerce or their respective designees.30. Makes in order only the further amendment printed in part D of the Rules Committee report. Each amendment may be offered only in the order printed in the report, may be offered only by a Member designated in the report, shall be considered as read, shall be debatable for the time specified in the report equally divided and controlled by the proponent and an opponent, shall not be subject to amendment, and shall not be subject to a demand for division of the question.31. Waives all points of order against the amendment printed in part D of the Rules Committee report.32. Provides one motion to recommit.33. Closed rule for H.R. 3668.34. Waives all points of order against consideration of the bill.35. Provides that the bill shall be considered as read.36. Waives all points of order against provisions in the bill.37. Provides one hour of general debate equally divided and controlled by the chair and ranking minority member of the Committee on Energy and Commerce or their respective designees.38. Provides one motion to recommit.39. Closed rule for S. 1071.40. Waives all points of order against consideration of the bill.41. Provides that an amendment in the nature of a substitute consisting of the text of Rules Committee Print 119-16 shall be considered as adopted and the bill, as amended, shall be considered as read.42. Waives all points of order against provisions in the bill, as amended.43. Provides one hour of general debate equally divided and controlled by the chair and ranking minority member of the Committee on Armed Services or their respective designees.44. Provides one motion to commit.45. Provides that the chair of the Committee on Armed Services and the chair of the Permanent Select Committee on Intelligence may insert in the Congressional Record not later than December 12, 2025, such material as they may deem explanatory of S. 1071.46. Provides that on any legislative day of the second session of the One Hundred Nineteenth Congress before January 6, 2026, the Speaker may dispense with organizational and legislative business and that the Journal of the proceedings of the previous day shall be considered as approved if applicable.

Rules Committee Vote

Recorded votes on the .

Member	Vote	Party bloc
Mr. Austin Scott	yea	Majority
Mr. Griffith	yea	Majority

Amendment	Sponsor	Summary
8	Waters (CA)	Provides additional transparency and accountability for entities making exempt offerings under Regulation D via additional disclosure requirements on Form Ds, including the filing of Advance Form Ds, to include basic company identification and contact, as well as a certification that the information is accurate.
9	Waters (CA)	Defines and prohibits fees charged by SEC-registered individuals and entities that are not clearly disclosed or proportional to the services provided. Additionally requires SEC-registered entities and individuals to notify investors in advance of the fees they will be charged, and to report profits from fees to the SEC for publication on a public website, together with a ranking of how those fees compare with their peers.
10	Waters (CA)	Prohibits the President, the Vice President, Members of Congress, their families, and affiliated entities, from profiting from crypto or business associated with crypto in order to ensure it is not an avenue available to influence elected officials.
11	Sherman (CA)	Late Requires issuers to include in its annual statement any amounts donated to the Federal Government for purposes of a Presidential library.
12	Garcia (TX)	Late Requires the SEC’s Division of Economic and Risk Analysis (DERA) to conduct a study of public company disclosures to determine the impact of tariffs on public company profitability.
13	Garcia (TX)	Late Requires investment advisers and hedge funds to perform know-your-customer (KYC) verification and implement anti-money laundering (AML) procedures for foreign clients. This would effectively require foreign hedge funds to abide by the same rules as US-based hedge funds. This is modeled after a Financial Crimes Enforcement Network (FinCEN) final rule, aimed at combating illicit finance and national security threats in the investment adviser sector. The rule was ultimately withdrawn and did not go into effect.
14	Cleaver (MO)	Late Directs the SEC to adopt a rule requiring certain disclosures related to finfluencer activity in providing investment advice regarding securities.
15	Cleaver (MO)	Late Requires U.S.-based broker-dealers to obtain underlying customer identification information when they transact with foreign broker-dealer omnibus accounts.
16	Self (TX)	Late Strikes section 307 relating to enhancing multi-class share disclosures.
17	Self (TX)	Late Revised Modifies section 105 to clarify that the subsection may not be construed to authorize expenditures for additional full-time equivalent employees.
18	Waters (CA)	Late Revises Section 205 so that any audited savings accrued from the implementation of this provision (the e-delivery provision) shall be delivered directly to investors in the form of a credit on the client’s bill, and cannot be used to compensate any employees of the asset manager, advisor, or other covered entities.
19	Stansbury (NM)	Late To prohibit the President of the United States from unilaterally demolishing, removing, substantially remodeling, or disposing of federal buildings; to reaffirm and strengthen statutory processes governing federal property management; and for other purposes.
1	Min (CA)	Bans senior government officials from trading stocks, requires certain senior officials to report payments received from the Federal Government, and improves the filing and disclosure of financial disclosures by Members of Congress, congressional staff, very senior employees. This amendment is identical to H.R. 3779, the STOCK Act 2.0, introduced by Rep. Min during the 119th Congress.
2	Liccardo (CA)	Revised Encourages the creation of an online scam task force that would bring local, state, and federal stakeholders together to identify issues and solutions posed by online investment scams.
3	Foster (IL)	Requires publicly traded companies to file an annual or quarterly report disclosing any revenues received pursuant to third-party fraud, such as scam accounts, advertisements, or services.
4	Foster (IL)	Requires publicly traded companies to disclose information on any political contributions over $10,000 made by the company in the company's annual shareholder report.
5	Waters (CA)	Revised Revises Section 206 to (1) provide closed-end funds with investor redemption rights-so closed-end funds can redeem their holdings of private funds easily so as to meet the redemption demands of their own investors; and (2) require the private funds that want to be included in closed-end funds to more fairly value their holdings so as not to charge investors with excessive fees.
6	Waters (CA)	Revises Section 202, which deals with 403(b) retirement plans that are used by many teachers, hospital employees, and non-profit workers, to exempt from federal securities laws 403(b) plans that are subject to ERISA protections, and maintain federal securities law protections for 403(b) plans that are non-ERISA.
7	Waters (CA)	Modifies Section 205, the e-delivery provision which would switch investors from default paper to default electronic delivery of financial documents and disclosures, so that nothing in this provision shall impact (1) investors over the age of 65 at the time of enactment of the bill; nor (2) investors who have made the choice to receive paper delivery within the 18 month period prior to the enactment of the bill.

Amendment

Sponsor

Summary

Waters (CA)

Provides additional transparency and accountability for entities making exempt offerings under Regulation D via additional disclosure requirements on Form Ds, including the filing of Advance Form Ds, to include basic company identification and contact, as well as a certification that the information is accurate.

Waters (CA)

Defines and prohibits fees charged by SEC-registered individuals and entities that are not clearly disclosed or proportional to the services provided. Additionally requires SEC-registered entities and individuals to notify investors in advance of the fees they will be charged, and to report profits from fees to the SEC for publication on a public website, together with a ranking of how those fees compare with their peers.

Waters (CA)

Prohibits the President, the Vice President, Members of Congress, their families, and affiliated entities, from profiting from crypto or business associated with crypto in order to ensure it is not an avenue available to influence elected officials.

Sherman (CA)

Late Requires issuers to include in its annual statement any amounts donated to the Federal Government for purposes of a Presidential library.

Garcia (TX)

Late Requires the SEC’s Division of Economic and Risk Analysis (DERA) to conduct a study of public company disclosures to determine the impact of tariffs on public company profitability.

Garcia (TX)

Late Requires investment advisers and hedge funds to perform know-your-customer (KYC) verification and implement anti-money laundering (AML) procedures for foreign clients. This would effectively require foreign hedge funds to abide by the same rules as US-based hedge funds. This is modeled after a Financial Crimes Enforcement Network (FinCEN) final rule, aimed at combating illicit finance and national security threats in the investment adviser sector. The rule was ultimately withdrawn and did not go into effect.

Cleaver (MO)

Late Directs the SEC to adopt a rule requiring certain disclosures related to finfluencer activity in providing investment advice regarding securities.

Cleaver (MO)

Late Requires U.S.-based broker-dealers to obtain underlying customer identification information when they transact with foreign broker-dealer omnibus accounts.

Self (TX)

Late Strikes section 307 relating to enhancing multi-class share disclosures.

Self (TX)

Late Revised Modifies section 105 to clarify that the subsection may not be construed to authorize expenditures for additional full-time equivalent employees.

Waters (CA)

Late Revises Section 205 so that any audited savings accrued from the implementation of this provision (the e-delivery provision) shall be delivered directly to investors in the form of a credit on the client’s bill, and cannot be used to compensate any employees of the asset manager, advisor, or other covered entities.

Stansbury (NM)

Late To prohibit the President of the United States from unilaterally demolishing, removing, substantially remodeling, or disposing of federal buildings; to reaffirm and strengthen statutory processes governing federal property management; and for other purposes.

Min (CA)

Bans senior government officials from trading stocks, requires certain senior officials to report payments received from the Federal Government, and improves the filing and disclosure of financial disclosures by Members of Congress, congressional staff, very senior employees. This amendment is identical to H.R. 3779, the STOCK Act 2.0, introduced by Rep. Min during the 119th Congress.

Liccardo (CA)

Revised Encourages the creation of an online scam task force that would bring local, state, and federal stakeholders together to identify issues and solutions posed by online investment scams.

Foster (IL)

Requires publicly traded companies to file an annual or quarterly report disclosing any revenues received pursuant to third-party fraud, such as scam accounts, advertisements, or services.

Foster (IL)

Requires publicly traded companies to disclose information on any political contributions over $10,000 made by the company in the company's annual shareholder report.

Waters (CA)

Revised Revises Section 206 to (1) provide closed-end funds with investor redemption rights-so closed-end funds can redeem their holdings of private funds easily so as to meet the redemption demands of their own investors; and (2) require the private funds that want to be included in closed-end funds to more fairly value their holdings so as not to charge investors with excessive fees.

Waters (CA)

Revises Section 202, which deals with 403(b) retirement plans that are used by many teachers, hospital employees, and non-profit workers, to exempt from federal securities laws 403(b) plans that are subject to ERISA protections, and maintain federal securities law protections for 403(b) plans that are non-ERISA.

Waters (CA)

Modifies Section 205, the e-delivery provision which would switch investors from default paper to default electronic delivery of financial documents and disclosures, so that nothing in this provision shall impact (1) investors over the age of 65 at the time of enactment of the bill; nor (2) investors who have made the choice to receive paper delivery within the 18 month period prior to the enactment of the bill.