{"format":1,"id":"118-hr-2792","congress":118,"number":"H.R. 2792","kind":"bill","group":"bills","title":"Small Entity Update Act","title_source":"Short Title(s) as Passed House","official_title":"To require the Securities and Exchange Commission to carry out a study and rulemaking on the definition of the term \"small entity\" for purposes of the securities laws, and for other purposes.","titles":[{"type":"Official Title as Introduced","title":"To require the Securities and Exchange Commission to carry out a study and rulemaking on the definition of the term \"small entity\" for purposes of the securities laws, and for other purposes."},{"type":"Display Title","title":"Small Entity Update Act"},{"type":"Short Titles from RFS (Referred to Senate) bill text","title":"Small Entity Update Act"},{"type":"Short Title(s) as Introduced","title":"Small Entity Update Act"},{"type":"Short Title(s) as Reported to House","title":"Small Entity Update Act"},{"type":"Short Title(s) as Passed House","title":"Small Entity Update Act"}],"outcome":"passed_house","law_number":null,"introduced":"2023-04-20","chambers":{"house":{"status":"roll_call","date":"2023-05-30","vote":{"id":"118-2023-h238","question":"On Motion to Suspend the Rules and Pass, as Amended","title":"Small Entity Update Act","result":"Passed","yea":367,"nay":8,"present":0,"not_voting":60,"source":"https://clerk.house.gov/evs/2023/roll238.xml"}},"senate":{"status":"na","date":null,"vote":null}},"president":{"status":"na","date":null},"vice_president_tie_breaker":null,"latest_action":{"text":"Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.","date":"2023-05-31"},"nominees":null,"amendments":[],"other_votes":[],"crs_summary":{"date":"2023-05-30","stage":"Passed House","blocks":[{"k":"h","t":"Small Entity Update Act"},{"k":"p","t":"This bill requires the Securities and Exchange Commission (SEC) to report on and revise the definition of small entity. Agencies are required to consider the impact of their rules on small entities under the Regulatory Flexibility Act."},{"k":"p","t":"Under the bill, the SEC must provide specific and detailed recommendations to Congress on how the SEC can revise the definition of small entity to (1) align with specified statutory goals, including reducing unnecessary burdens on small entities; and (2) expand the number of entities covered. In addition, the SEC must adjust the appropriate dollar amounts for inflation every five years."},{"k":"p","t":"The SEC must also revise the applicable rules to implement these recommendations."}],"words":114},"summary":{"main_subject":{"text":"Requires the Securities and Exchange Commission to study and report on its definition of \"small entity\" for purposes of chapter 6 of title 5, United States Code, to revise its rules based on the study, and to adjust the dollar figures in that definition for inflation.","cites":[{"label":"Sec. 2","href":"https://www.congress.gov/bill/118th-congress/house-bill/2792/text/eh#H7411A6E4C7EE4F1396465D96C6C67147"}]},"core_areas":["Securities and Exchange Commission definition of \"small entity\"","Inflation adjustment of dollar figures in the \"small entity\" definition"],"what_it_does":[{"text":"Requires the Commission to conduct a study of its definition of \"small entity\" not later than 1 year after enactment and again 5 years thereafter.","cite":{"label":"Sec. 2","href":"https://www.congress.gov/bill/118th-congress/house-bill/2792/text/eh#H7411A6E4C7EE4F1396465D96C6C67147"}},{"text":"Directs the study to consider how the current definition aligns with the findings and declarations in section 2(a) of the Regulatory Flexibility Act, and how much United States financial markets have grown since the Commission last amended the definition, if applicable.","cite":{"label":"Sec. 2","href":"https://www.congress.gov/bill/118th-congress/house-bill/2792/text/eh#H7411A6E4C7EE4F1396465D96C6C67147"}},{"text":"Directs the study to consider how the Commission should define \"small entity\" to ensure that a meaningful number of entities would fall under the definition.","cite":{"label":"Sec. 2","href":"https://www.congress.gov/bill/118th-congress/house-bill/2792/text/eh#H7411A6E4C7EE4F1396465D96C6C67147"}},{"text":"Requires the Commission to submit to Congress a report with the study results and specific and detailed recommendations on ways to amend the definition so it is consistent with those results and covers more entities.","cite":{"label":"Sec. 2","href":"https://www.congress.gov/bill/118th-congress/house-bill/2792/text/eh#H7411A6E4C7EE4F1396465D96C6C67147"}},{"text":"Requires the Commission, after each study and subject to public notice and comment, to revise its rules consistent with the study results.","cite":{"label":"Sec. 2","href":"https://www.congress.gov/bill/118th-congress/house-bill/2792/text/eh#H7411A6E4C7EE4F1396465D96C6C67147"}},{"text":"Requires the Commission, as soon as practicable after enactment and every 5 years thereafter, to adjust all dollar figures in its \"small entity\" definition to reflect the change in the Consumer Price Index for All Urban Consumers.","cite":{"label":"Sec. 2","href":"https://www.congress.gov/bill/118th-congress/house-bill/2792/text/eh#H7411A6E4C7EE4F1396465D96C6C67147"}}],"unexpected":[],"version":{"type":"Engrossed in House","date":"2023-05-30","rule":"passed","href":"https://www.congress.gov/bill/118th-congress/house-bill/2792/text/eh"},"current":true,"model":"claude-sonnet-5-5","approved":"2026-10-02","approved_by":"checks"},"sources":{"congress_gov":"https://www.congress.gov/bill/118th-congress/house-bill/2792","text":"https://www.congress.gov/bill/118th-congress/house-bill/2792/text"},"card":{"image":"card/item/118-hr-2792.png","v":"de0618161dde","alt":"Votes on Record. H.R. 2792, 118th Congress: Small Entity Update Act. House: 367 Yea, 8 Nay. Outcome: Passed House, 30 May 2023."}}