H.R. 3484 — what changed
Business Owners Protection Act of 2025
From Introduced in House to Reported in House. 1 section amended and 2 added between Introduced in House and Reported in House.
Sec. 2 Repeal of certain unused authority to restrict mandatory predispute arbitration
added
In general— Section 15 of the Securities Exchange Act of 1934 (15 U.S.C. 78o) is amended by repealing subsection (o).
added
Conforming amendment— Section 921 of the Investor Protection and Securities Reform Act of 2010 is amended by striking subsection (a).
removed
Section 23 of the Securities Exchange Act of 1934 (15 U.S.C. 78w) is amended by adding at the end the following:
removed
“(e) Termination of certain unused authorities
removed
“(1) In general—With respect to authorities of the Commission that were established pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 5301 et seq.), any such authority that provides discretion as to whether to establish a requirement for private entities, and for which the Commission had not issued a notice of proposed rulemaking under section 553 of title 5, United States Code, or a guidance document before January 1, 2025, is terminated upon the date of enactment of this subsection.
removed
“(2) Inclusion of authorities—The reference in paragraph (1) to authorities established pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 5301 et seq.) includes authorities established for the Commission through amendments made by such Act to this Act.
removed
“(3) List of authorities—Not later than 180 days after the date of enactment of this subsection, the Commission shall submit to Congress and publish a publicly available list of each authority that is terminated under paragraph (1).”
Sec. 3 Removal of certain authority related to fiduciary duties
added
added
Securities Exchange Act of 1934— The second subsection (l) of section 15 of the Securities Exchange Act of 1934 (15 U.S.C. 78o; relating to “Other matters”) is amended—
added
by striking “Commission shall” and all that follows through “(1) facilitate” and inserting “Commission shall facilitate”;
added
in paragraph (1), by striking “; and” and inserting a period; and
added
by striking paragraph (2).
added
Investment Advisers Act of 1940— Section 211(h) of the Investment Advisers Act of 1940 (15 U.S.C. 80b–11(h)) is amended—
added
by striking “Commission shall” and all that follows through “(1) facilitate” and inserting “Commission shall facilitate”;
added
in paragraph (1), by striking “; and” and inserting a period; and
added
by striking paragraph (2).
Sec. 4 Repeal of certain unused authority related to standards of conduct
addedadded Section 15 of the Securities Exchange Act of 1934 (15 U.S.C. 78o) is amended by repealing the second subsection (k) (relating to “Standard of Conduct”).