Expanding Wksi Eligibility Act

Floor Speech

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Mr. DAVIDSON. Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 4430) to lower the aggregate market value of voting and non- voting common equity necessary for an issuer to qualify as a well-known seasoned issuer, as amended.

The Clerk read the title of the bill.

The text of the bill is as follows: H.R. 4430

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE.

This Act may be cited as the ``Expanding WKSI Eligibility Act''. SEC. 2. DEFINITION OF WELL-KNOWN SEASONED ISSUER.

(a) In General.--For purposes of the Federal securities laws, and regulations issued thereunder, an issuer shall be a ``well-known seasoned issuer'' if--

(1) the aggregate market value of the voting and non-voting common equity held by non-affiliates of the issuer is $400,000,000 or more (as determined under Form S-3 general instruction I.B.1. as in effect on the date of enactment of this Act); and

(2) the issuer otherwise satisfies the requirements of the definition of ``well-known seasoned issuer'' contained in section 230.405 of title 17, Code of Federal Regulations (as in effect on the date of enactment of this Act) without reference to any requirement in such definition relating to minimum worldwide market value of outstanding voting and non- voting common equity held by non-affiliates.

(b) Report on Withdrawn Applications Related to Well-known Seasoned Issuer Status.--The Securities and Exchange Commission shall, not later than 90 days after the end of each calendar year, publish the total number of applications submitted during such calendar year where the applicant--

(1) submitted the application under section 230.405 of title 17, Code of Federal Regulations, for a determination by the Commission that the applicant not be considered an ineligible issuer under such section;

(2) requested such determination in order to meet the definition of a well-known seasoned issuer under such section; and

(3) withdrew the application.

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Mr. DAVIDSON. Mr. Speaker, I am prepared to close, and I reserve the balance of my time.

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Mr. DAVIDSON. Mr. Speaker, I include in the Record the CBO estimate for this bill. Legislation Considered Under Suspension of the Rules

The Majority Leader of the House of Representatives announces bills that will be considered under suspension of the rules in that chamber. Under suspension, floor debate is limited, all floor amendments are prohibited, points of order against the bill are waived, and final passage requires a two-thirds majority vote.

At the request of the Majority Leader and the House Committee on the Budget, CBO estimates the effects of those bills on direct spending and revenues. CBO has limited time to review the legislation before consideration. Although it is possible in most cases to determine whether the legislation would affect direct spending or revenues, time may be insufficient to estimate the magnitude of those effects. If CBO has prepared estimates for similar or identical legislation, a more detailed assessment of budgetary effects, including effects on spending subject to appropriation, may be included. EFFECTS ON DIRECT SPENDING AND REVENUE OF LEGISLATION CONSIDERED UNDER SUSPENSION OF THE RULES IN THE HOUSE OF REPRESENTATIVES WEEK OF DECEMBER 1, 2025 ---------------------------------------------------------------------------------------------------------------- Additional Effect on Direct Effect on Information on BIll Number Title Spending Revenues Direct Spending and Revenue Effects ---------------------------------------------------------------------------------------------------------------- H.R. 176....................... No Immigration Reduce by Less None............. .................... Benefits for Than $500K. Hamas Terrorists Act of 2025, as amended. H.R. 225....................... HUD Transparency None.............. None............. .................... Act, as amended. H.R. 1262...................... Mikaela Naylon Increase by at Increase by at Section 3 would Give Kids a Least $500K. Least $500K. increase revenues Chance Act, as by an insignificant amended. amount. Section 10 would reduce direct spending and increase revenues for a net $1.219 bllion reduction in the deficit Section 11 would appropriate $1.219 billon to the Medicare Improvement Fund. On net, the bill would reduce the deficit by an insignificant amount over the 2026-2035 period. H.R. 2066...................... Investing in All None.............. None............. .................... of America Act of 2025, as amended. H.R. 2159...................... Count the Crimes Increase by Less None............. Includes to Cut Act. as Than S500K. insignificant costs amended. for Postal Service Fund, which are classified as off- budget direct spending. H.R. 3174...................... Made in America None.............. None............. .................... Manufacturing Finance Act, as amended. H.R. 3716...................... Systemic Risk Increase by Less Reduce by Less .................... Authority Than $500K. Than 500K. Transparency Act. H.R. 4313...................... Hospital InpatIent Change by Less None............. .................... Services Than $500K. Modemlzation Act, Direction Unknown. as amended. H.R. 4323...................... Trafficking None.............. None............. .................... Survivors Relief Act, as amended. H.R. 4423...................... No New Burma Funds None.............. None............. .................... Act, as amended. H.R. 4429...................... Developing and None.............. None............. .................... Empowering our Aspiring Leaders Act of 2025, as amended. H.R. 4430...................... Expanding WKSI None.............. None............. .................... Eligibility Act, as amended. H.R. 4431...................... Improving Capital None.............. None............. .................... Allocation for Newcomers Act of 2025, as amended. H.R. 4491...................... SBA IT None.............. None............. .................... Modernization Reporting Act. H.R. 4495...................... SBA Fraud Reduce by at Least Increase by Less .................... Enforcement $500K. Than $500K. Extension Act. H.R. 4549...................... Office of Rural None.............. None............. .................... Affairs Enhancement Act. H.R. 5284...................... Claiming Age None.............. None............. .................... Clarity Act, as amended. H.R. 5345...................... Improving Social None.............. None............. .................... Security's Service to Victims of Identity Theft Act, as amended. H.R. 5346...................... Fair and None.............. Increase by at Would increase Accountable IRS least $500K. revenues by $117 Reviews Act, as million over 2026- amended. 2036. 1H.R. 5348... Social Security None.............. None............. .................... Child Protection Act of 2025, as amended. H.R. 5349...................... Tax Court None.............. Increase by at Would increase Improvement Act, Least $500K. revenues by $6 as amended. million over 2026- 2036. S. 616......................... Foundation of the None.............. None............. .................... Federal Bar Association Charter Amendments Act of 2025. ---------------------------------------------------------------------------------------------------------------- Source: Congressional Budget Office; Joint Committee on Taxation

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Mr. DAVIDSON. Mr. Speaker, I urge my colleagues to support this bill, and I yield back the balance of my time.

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