ELEVATE Act of 2025
ELEVATE Act of 2025
Plain Language Summary
# ELEVATE Act of 2025 Summary **What the bill does:** The ELEVATE Act would make it easier for companies to go public or raise money through the stock market by relaxing some SEC reporting requirements. Specifically, it would allow "emerging growth companies" (typically smaller, newer companies) to submit only two years of profit-and-loss statements instead of three when filing with the SEC. Additionally, it would let any company submit a draft registration statement to the SEC for confidential review before making it public—allowing them to get feedback without disclosing their plans to competitors or the public yet. **Who it affects:** The bill primarily benefits smaller and newer companies seeking to raise capital, as it reduces their upfront paperwork burden.
It could also indirectly affect investors, as faster and easier company registration might increase the number of new public offerings available. The SEC would need to implement these new procedures. **Current status:** The bill passed the House of Representatives and is now awaiting action in the Senate.
CRS Official Summary
This bill provides statutory authority for certain requirements related to registration statements submitted to the Securities and Exchange Commission (SEC).First, the bill allows under statute an emerging growth company to submit profit and loss statements from the previous two years, rather than the previous three years as is required of other reporting companies. In addition, the bill allows under statute any issuer of securities to submit a draft registration statement to the SEC for confidential review prior to a public filing.
Latest Action
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.