{"format":1,"id":"118-hr-2812","congress":118,"number":"H.R. 2812","kind":"bill","group":"bills","title":"Middle Market IPO Cost Act","title_source":"Short Title(s) as Passed House","official_title":"To require the Securities and Exchange Commission to carry out a study of the costs associated with small- and medium-sized companies to undertake initial public offerings.","titles":[{"type":"Official Title as Introduced","title":"To require the Securities and Exchange Commission to carry out a study of the costs associated with small- and medium-sized companies to undertake initial public offerings."},{"type":"Display Title","title":"Middle Market IPO Cost Act"},{"type":"Short Titles from RFS (Referred to Senate) bill text","title":"Middle Market IPO Cost Act"},{"type":"Short Title(s) as Introduced","title":"Middle Market IPO Underwriting Cost Act"},{"type":"Short Title(s) as Reported to House","title":"Middle Market IPO Underwriting Cost Act"},{"type":"Short Title(s) as Passed House","title":"Middle Market IPO Cost Act"}],"outcome":"passed_house","law_number":null,"introduced":"2023-04-25","chambers":{"house":{"status":"roll_call","date":"2023-06-05","vote":{"id":"118-2023-h246","question":"On Motion to Suspend the Rules and Pass, as Amended","title":"Middle Market IPO Cost Act","result":"Passed","yea":390,"nay":10,"present":0,"not_voting":33,"source":"https://clerk.house.gov/evs/2023/roll246.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":"2023-06-06"},"nominees":null,"amendments":[],"other_votes":[],"crs_summary":{"date":"2023-06-05","stage":"Passed House","blocks":[{"k":"h","t":"Middle Market IPO Cost Act"},{"k":"p","t":"This bill requires the Government Accountability Office to study and report on the costs encountered by small- and medium-sized companies when undertaking initial public offerings and certain offerings exempt from securities registration requirements."}],"words":38},"summary":{"main_subject":{"text":"Directs the Comptroller General of the United States to study the costs that small- and medium-sized companies face in undertaking initial public offerings (IPOs) and to report the findings to Congress.","cites":[{"label":"Sec. 2","href":"https://www.congress.gov/bill/118th-congress/house-bill/2812/text/eh#H53D39DF08C6B4EB5BA2806025177A963"}]},"core_areas":["Study of initial public offering costs for small- and medium-sized companies"],"what_it_does":[{"text":"Requires the Comptroller General, in consultation with the Securities and Exchange Commission and the Financial Industry Regulatory Authority, to carry out a study of the costs for small- and medium-sized companies to undertake initial public offerings.","cite":{"label":"Sec. 2","href":"https://www.congress.gov/bill/118th-congress/house-bill/2812/text/eh#H53D39DF08C6B4EB5BA2806025177A963"}},{"text":"Requires the study to consider the direct and indirect costs of an IPO, including fees of accountants, underwriters and other outside advisors, and compliance with Federal and State securities laws at the time of the IPO.","cite":{"label":"Sec. 2","href":"https://www.congress.gov/bill/118th-congress/house-bill/2812/text/eh#H53D39DF08C6B4EB5BA2806025177A963"}},{"text":"Requires the study to compare the costs of an IPO with the costs of obtaining alternative sources of financing and of liquidity.","cite":{"label":"Sec. 2","href":"https://www.congress.gov/bill/118th-congress/house-bill/2812/text/eh#H53D39DF08C6B4EB5BA2806025177A963"}},{"text":"Requires the study to consider the impact of IPO costs on capital formation and to analyze their impact on the availability of public securities of small- and medium-sized companies to retail investors.","cite":{"label":"Sec. 2","href":"https://www.congress.gov/bill/118th-congress/house-bill/2812/text/eh#H53D39DF08C6B4EB5BA2806025177A963"}},{"text":"Requires the study to analyze IPO trends over a period the Comptroller General determines is appropriate, including the number of IPOs, changes in costs over time, the number of brokers and dealers underwriting IPOs, and the impacts of litigation and its costs on being a public company.","cite":{"label":"Sec. 2","href":"https://www.congress.gov/bill/118th-congress/house-bill/2812/text/eh#H53D39DF08C6B4EB5BA2806025177A963"}},{"text":"Requires the Comptroller General to issue a report to Congress within 360 days after enactment, containing all findings and determinations from the study and any administrative or legislative recommendations.","cite":{"label":"Sec. 2","href":"https://www.congress.gov/bill/118th-congress/house-bill/2812/text/eh#H53D39DF08C6B4EB5BA2806025177A963"}}],"unexpected":[],"version":{"type":"Engrossed in House","date":"2023-06-05","rule":"passed","href":"https://www.congress.gov/bill/118th-congress/house-bill/2812/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/2812","text":"https://www.congress.gov/bill/118th-congress/house-bill/2812/text"},"card":{"image":"card/item/118-hr-2812.png","v":"0a29e6ce2781","alt":"Votes on Record. H.R. 2812, 118th Congress: Middle Market IPO Cost Act. House: 390 Yea, 10 Nay. Outcome: Passed House, 5 Jun 2023."}}