Expanding WKSI Eligibility Act
Sponsor
Bryan Steil
Republican · WI-1
Latest Action · Dec 2, 2025
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Bill Progress
Congress Moves to Expand IPO Fast-Track Status
Why it matters
Making it easier to qualify as a seasoned issuer could speed up public fundraising for more companies.
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What This Bill Does
Lowers Market Value Requirement
Drops the required public equity value for WKSI status from $700 million to $400 million.
Applies to Voting and Non-Voting Shares
The new threshold counts both voting and non-voting common stock held by the public.
Maintains Other WKSI Requirements
Companies must still meet all non-market-value WKSI tests, such as timely filings and SEC compliance.
SEC Required to Report Withdrawals
The SEC must publish each year how many WKSI applications were withdrawn—shedding light on the approval process.
No Change to Non-Affiliate Rule
Only shares held by outside investors (not company insiders or affiliates) count toward the $400 million limit.
Who Benefits
Mid-sized publicly traded companies
Newly eligible for fast-tracked public fundraising under WKSI rules.
Investors
Gain more opportunities to invest in growing mid-sized companies.
Corporate finance teams
Face less red tape when raising money, saving time and costs.
Who's Affected
Smaller public companies
Gain access to streamlined rules only if they can reach the $400 million market value.
The SEC
Tasked with more reviews and new reporting duties.
Affiliates and insiders
Their shares still do not count toward the eligibility threshold, maintaining insider safeguards.
Cosponsors (3)
Recent Actions
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Motion to reconsider laid on the table Agreed to without objection.
On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H4952)
Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H4952)
DEBATE - The House proceeded with forty minutes of debate on H.R. 4430.
Considered under suspension of the rules. (consideration: CR H4952-4953)
Mr. Davidson moved to suspend the rules and pass the bill, as amended.
Placed on the Union Calendar, Calendar No. 204.
Committees (2)
Banking, Housing, and Urban Affairs Committee
Senate · Standing
Referred To · Dec 2, 2025
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Full Bill Text
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View the complete legislative text on Congress.gov
Source: Congress.gov
