Congress·In Committee·S. 2924

Small Entity Update Act

SEC: Updating the Definition of Small Businesses

Sep 29, 2025·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: A senate committeeNo action in 9 months

The Small Entity Update Act is currently in the early stages of the legislative process. It was recently introduced in the Senate and sent to the Committee on Banking, Housing, and Urban Affairs for review. No further actions are scheduled at this time.

Legislative Progress

Senate

House

President

Law

Could go either way

This is a bipartisan bill with sponsors from both parties, which helps its chances. However, many bills like this get stuck in committee unless they are added to a larger legislative package.

How we got here

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

Reintroduced
Reintroduced from S. 4400 (118th), which died when its Congress ended.
S. 4400 (118th) →

Key Points

This bill requires the Securities and Exchange Commission to review how it defines a small business. The goal is to make sure the definition matches today's economy and includes a fair number of companies.
The agency must look at how much the financial markets have grown since the last time the rules were changed. They also need to suggest ways to expand the definition so more businesses can qualify for certain benefits or simpler rules.
Once the study is finished, the agency must update its official rules. After that, they will have to adjust the dollar amounts in the definition every five years to keep up with the rising cost of living and inflation.
By expanding this definition, more small companies might face fewer or different regulations. This is intended to help smaller businesses compete and grow without being overwhelmed by rules meant for giant corporations.

Impact Analysis

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

Milestones

2 milestones2 actions

Sep 29, 2025Senate

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Sent to a congressional committee for expert review. The committee decides whether this bill moves forward.

Sep 29, 2025

Introduced in Senate

The bill was officially filed and given a number. It now enters the legislative queue.

No votes or news coverage recorded for this bill yet.

Source Information

Document Type

Congressional Bill

Official Title

Small Entity Update Act

Bill NumberS 2924

Congress119th Congress

ChamberSenate

Latest ActionRead twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Data Sources

Congress.gov

Official legislative information

Read Full Bill Text

Sponsor

Cosponsors

(3)

D: 2R: 1

Analysis generated by AI. Always verify with official sources.