Bill Summary
The "Protecting Private Job Creators Act" is a piece of legislation aimed at easing regulatory burdens related to fixed-income securities. Specifically, it proposes an exemption from certain regulatory requirements outlined in Section 240.15c2-11 of Title 17 of the Code of Federal Regulations. This section typically requires broker-dealers to have specific information about a security before quoting it. By exempting quotations of fixed-income securities from these requirements, the bill seeks to promote liquidity and facilitate trading in this market segment, potentially benefiting private job creators by making it easier for them to access capital through these financial instruments. The legislation defines fixed-income securities broadly to include various types of debt instruments, such as notes, bonds, and debentures, as well as convertible securities.
Possible Impacts
Here are three examples of how the "Protecting Private Job Creators Act" could affect people:
1. **Increased Access to Fixed-Income Securities for Investors**: By exempting quotations of fixed-income securities from certain regulatory requirements, this legislation could make it easier for investors to access and trade these securities. This might lead to a broader range of investment opportunities for individuals and institutional investors, potentially increasing their returns and encouraging more participation in the fixed-income markets.
2. **Lower Compliance Costs for Issuers**: Companies that issue fixed-income securities could benefit from reduced regulatory burdens, as they would no longer need to comply with specific provisions under Section 240.15c2-11. This could lower their administrative and compliance costs, allowing them to allocate resources toward growth initiatives, such as expanding their workforce or investing in new projects, which could ultimately create more jobs.
3. **Potential Risk of Less Investor Protection**: While the legislation aims to promote job creation and investment, it could also lead to a situation where investors are less protected due to the reduced regulatory oversight. Without certain disclosures and regulations, investors may face higher risks, particularly if they are unfamiliar with fixed-income securities, potentially leading to financial losses for individuals who invest without adequate information.
[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3959 Reported in House (RH)]
<DOC>
Union Calendar No. 448
119th CONGRESS
2d Session
H. R. 3959
[Report No. 119-523]
To except quotations of fixed-income securities from certain regulatory
requirements, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
June 12, 2025
Mr. Downing (for himself and Mr. Fields) introduced the following bill;
which was referred to the Committee on Financial Services
February 25, 2026
Additional sponsors: Mr. Gottheimer, Mr. David Scott of Georgia, Mrs.
Wagner, Mr. Sessions, Mr. Moore of North Carolina, and Mr. Lawler
February 25, 2026
Reported with an amendment, committed to the Committee of the Whole
House on the State of the Union, and ordered to be printed
[Strike out all after the enacting clause and insert the part printed
in italic]
[For text of introduced bill, see copy of bill as introduced on June
12, 2025]
_______________________________________________________________________
A BILL
To except quotations of fixed-income securities from certain regulatory
requirements, 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 ``Protecting Private Job Creators
Act''.
SEC. 2. EXCEPTION RELATING TO QUOTATIONS OF FIXED-INCOME SECURITIES.
(a) In General.--Section 240.15c2-11 of title 17, Code of Federal
Regulations, shall not apply with respect to quotations of fixed-income
securities.
(b) Fixed-Income Security Defined.--In this section, the term
``fixed-income security'' means--
(1) any note, bond, debenture, certificate of deposit for a
security, certificate of deposit, asset-backed security, or any
other evidence of indebtedness; and
(2) any security described under paragraph (1) that is
convertible, with or without consideration, into any equity
security or carrying any warrant or right to subscribe to or
purchase any equity security.
Union Calendar No. 448
119th CONGRESS
2d Session
H. R. 3959
[Report No. 119-523]
_______________________________________________________________________
A BILL
To except quotations of fixed-income securities from certain regulatory
requirements, and for other purposes.
_______________________________________________________________________
February 25, 2026
Reported with an amendment, committed to the Committee of the Whole
House on the State of the Union, and ordered to be printed