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HR6027FEDERALin_committee

Exchange Regulatory Improvement Act of 2023

November 17, 2025

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Where This Stands

Introduced
Committee
Floor Vote
Passed
Signed

Currently in_committee. The next step in the legislative lifecycle is Floor Vote.

Last action
Referred to the House Committee on Financial Services.Oct 25, 2023
Lead sponsor

Version history

Only one version on file - nothing to compare yet. As later stages (committee substitute, engrossed, enrolled) are captured, the redline appears here.

View official text →

The Frame

What this does

The bill changes the scope of regulatory oversight for stock exchanges by excluding certain services and properties from the definition of a ',' which may impact how exchanges are audited and regulated regarding their technology and physical infrastructure.

Who is mentioned in the record

Potentially affected actors named in the source documents. Mention is not a position.

National Securities Exchanges

These entities must adjust their compliance and reporting based on the narrowed definition of a 'facility'.

Exchange Members

Members using exchange-provided co-location or connectivity services may see changes in how those services are regulated.

What changed

Current stage: in_committee.

What's next

Floor Vote.

Summary

This bill proposes a narrower legal definition of what constitutes a '' within a national securities exchange. By limiting this definition, the bill aims to clarify which exchange-provided services and infrastructure are subject to specific regulatory oversight under the Securities Exchange Act of 1934.

Key Facts

  • The bill amends Section 3(a) of the Securities Exchange Act of 1934 regarding the definition of a 'facility'.
  • A 'facility' is redefined to include only trading systems (hardware, software, and network infrastructure for order matching and market data processing).
  • A 'facility' includes physical space and equipment provided by an exchange for members to locate their own equipment in close proximity to the exchange's trading systems.
  • A 'facility' includes services or premises that exclusively connect members to trading systems for reporting or effecting transactions.
  • The bill creates an explicit exception: any property, premises, or service that can legally be offered by a non-registered entity is excluded from the definition of a 'facility'.
  • The bill was introduced in the House of Representatives on October 24, 2023.

Why It Matters

The bill changes the scope of regulatory oversight for stock exchanges by excluding certain services and properties from the definition of a ',' which may impact how exchanges are audited and regulated regarding their technology and physical infrastructure.

Frequently Asked Questions

What does this bill change about stock exchanges?
It narrows the legal definition of an exchange ',' which determines which parts of an exchange's operations are subject to specific federal regulatory requirements.
What is excluded from the new definition of a facility?
Any service, property, or premise that could legally be provided by a company that is not a registered national securities exchange.

News Coverage

No news coverage found yet. Articles are indexed twice daily.

Lobbying Activity

AARP

$4,110,000

2026

HEALTH ISSUESMEDICARE/MEDICAIDLAW ENFORCEMENT/CRIME/CRIMINAL JUSTICEPHARMACY

P.L. 119-21, One Big Beautiful Bill Act H.R. 8867, Planning for Long-term Aging Needs (PLAN) Act H.R. 5861, Legacy Act of 2025 H.R. 9393, the Lower Costs, More Transparency Act. H.R. 9396, the Prior Authorization Accountability Act. S. 4916, the Aging with Artificial Intelligence Act. H.R. 8100, Safe Staffing Saves Lives Act. S. 3886, Nurses Belong in Nursing Homes Act. H.R. 6766/S. 3492, the Essential Caregivers Act of 2025. H.R. 7966/S. 4118, Hospice Care Accountability, Reform, and Enforcement (Hospice CARE) Act. S. 2120, the Older Americans Act Reauthorization Act of 2025 H.R. 5575, the Firefighters Assisting Seniors to Emergency Response (FASTER) Act of 2025. H.R. 3954/S. 4641, Improving Access to Medicare Coverage Act. H.R.5554/S.2831, Stand Strong for Medicare Act. S. 3439/H.R. 6735, Connecting Caregivers to Medicare Act and efforts related to the bill S. 1227/H.R. 2491, Alleviating Barriers for Caregivers Act S. 668/H.R. 3183, Supporting Access to Falls Education and Prevention and Strengthening Training Efforts and Promoting Safety Initiatives (SAFE STEPS) for Veterans Act of 2025 CMS-1851-P, Hospice Proposed rule. CMS-1843-P, Skilled Nursing Facility Proposed rule. CMS-1844-P, Home Health Proposed rule. No bill number. Health care transparency. No bill number. Discussed use of artificial intelligence and health data technology. No bill number. Discussed health-related policies and activities around the fall respiratory virus season. No bill number. Discussed health insurance affordability proposals. No bill number. Discussed Nursing Home staffing standards, safety, and quality. No bill number. Discussed Nursing home transparency and ownership requirements. No bill number. Discussed home health, hospice, and long-term care. No bill number. Discussed falls prevention. No bill number. Discussed social isolation. No bill number. Discussed HUD Assisted Living Requirements No bill number. Discussed family caregiving. No bill number. Discussed AARP paper on Medicare Caregiver Training Services. No bill number. Discussed Medicaid community engagement interim final rule, including the family caregiver exemption. No bill number. Discussed the paid direct care workforce in long-term care. No bill number. Discussed the unaffordability of long-term care. No bill number. Discussed Money Follows the Person Rebalancing Demonstration Program and Medicaid HCBS spousal impoverishment protections. No bill number. Discussed Medicaid fraud and family caregivers, Medicaid self-direction programs. No bill number. Discussed sandwich generation family caregiver hearing and submitted a statement for the record discussing family caregivers and sandwich generation caregivers, programs that support them, AARP caregiving resources, and federal policies to support sandwich generation caregivers and caregivers more broadly. No bill number. Discussed long-term care. No bill number. CMS-2453-NC; Medicaid Program; 2028 Medicaid Home and Community-Based Services Quality Measure Set Submitted comments No bill number. Discussed expanding access to home care. No bill number. Discussed the increasing cost of home care No bill number. Discussed HSA use for telehealth chronic care management services/subscriptions. No bill number. Discussed artificial intelligence and technology

Sponsors

Discoveries

Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.

policy shift90% confidence

Narrowing Regulatory Scope

The bill explicitly attempts to deregulate services that are not unique to registered exchanges by excluding them from the 'facility' definition.

Connected Entities

personDavid ScottCo-sponsor of the bill.Map →
personBarry LoudermilkPrimary sponsor of the bill.Map →
otherSecurities Exchange Act of 1934The existing federal law being amended by this bill.Map →
organizationCommittee on Financial ServicesThe House committee to which the bill was referred.Map →

Analysis Score

0–100
  • Significance45
    How much this matters to a regular citizen
  • Controversy20
    Intensity of disagreement among stakeholders
  • Entertainment5
    Compellingness for a non-policy-wonk reader
  • Buzz10
    Current news / social attention level

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