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119-hr-8328Committee
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Defining Dealer Act

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Summary

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This bill amends the Securities Exchange Act of 1934 to provide a specific definition of the term 'dealer' in securities markets. The definition specifies that a dealer must engage in securities transactions for customers both by buying securities for their own account and selling securities from their own account, explicitly excluding most security-based swaps. The bill includes a 30-day implementation period and requires courts and the SEC to vacate certain prior orders and judgments that would not have been entered under the new definition.

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Bill details

Congress
119
Bill type
hr
Introduced
April 16, 2026
Sponsor
Byron DonaldsRFL
Last action
April 16, 2026— Referred to the House Committee on Financial Services.

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