Congress·Reported·H.R. 7127

Restoring the Secondary Trading Market Act

Stock Trading: Removing State Rules for Private Company Shares

Mar 4·View on Congress.gov·Read full text

This bill is one vehicle in a longer effort. See the full story across every version.View effort →

Next up: The House

This bill has been approved by the House Financial Services Committee and is now waiting for a vote by the full House of Representatives. No action has been taken on the bill since March 24, 2026. Because it has not moved in three months, the bill is currently stalled.

Legislative Progress

House

Senate

President

Law

How we got here

This bill’s path across every version that has carried it.

Reintroduced
Reintroduced from H.R. 2506 (118th), which died when its Congress ended.
H.R. 2506 (118th) →

Key Points

This bill, introduced by Meuser, would stop state governments from creating their own rules for certain types of stock trading. It focuses on "off-exchange" trading, which happens when people buy and sell shares of companies that are not listed on big markets like the New York Stock Exchange.
Right now, each state can have different laws about how these smaller or private stocks are traded. This bill would remove those state-level hurdles as long as the company involved shares basic financial details and business reports with the public.
The plan aims to make it easier for people to invest in smaller businesses by creating one set of federal rules instead of 50 different state rules. This could help smaller companies grow by making their stocks easier to trade among investors.
To keep investors safe, companies would still have to provide regular updates on their finances. This ensures that even without state oversight, people buying the stocks can still see how the company is performing before they spend their money.

Impact Analysis

Govbase has not yet run an impact analysis on this legislation.

Milestones

3 milestones6 actions

Mar 25, 2026House

Placed on the Union Calendar, Calendar No. 493.

The bill is now on the schedule for the full chamber to consider. It's in line for debate and a vote.

Mar 25, 2026House

Reported (Amended) by the Committee on Financial Services. H. Rept. 119-573.

Mar 4, 2026House

Ordered to be Reported by the Yeas and Nays: 26 - 17.

The committee approved this bill and is sending it to the full chamber for a vote. This is a significant step — most bills never get this far.

Mar 4, 2026House

Committee Consideration and Mark-up Session Held

Jan 16, 2026House

Referred to the House Committee on Financial Services.

No votes, news coverage, or related bills recorded for this bill yet.

Source Information

Document Type

Congressional Bill

Official Title

Restoring the Secondary Trading Market Act

Bill NumberHR 7127

Congress119th Congress

ChamberHouse of Representatives

Latest ActionPlaced on the Union Calendar, Calendar No. 493.

Data Sources

Congress.gov

Official legislative information

Read Full Bill Text

Sponsor

Analysis generated by AI. Always verify with official sources.