We have received text from S. 4690: Encouraging Public Offerings Act of 2026. This bill was received on 2026-06-04, and currently has 4 cosponsors.
Here is a short summary of the bill:
This bill would change how companies prepare to go public, by making two main Securities and Exchange Commission (SEC) procedures available to all issuers , not just certain smaller or newer companies:
- “Testing the waters” communications: Companies would be allowed to talk with potential investors before filing a public offering, to gauge interest in the offering. The bill expands this ability from emerging growth companies to any issuer.
- Confidential draft registration statements: Companies would be allowed to privately submit draft IPO paperwork to the SEC for review before making it public. This would also be expanded from emerging growth companies to any issuer.
How the confidential filing process would work
The bill says that any company planning an initial public offering could confidentially submit a draft registration statement to the SEC before publicly filing it. The SEC would review it privately first.
The company would then have to make the initial confidential submission and all amendments public no later than:
- 15 days before it begins a road show, if it has one, or
- 15 days before the requested effective date of the registration statement, if there is no road show.
The bill also allows companies, during the one year after an IPO or after a security is registered under Section 12(b) of the Securities Exchange Act, to use the same confidential draft submission process for certain follow-on registration statements.
SEC rulemaking authority
The bill would let the SEC create additional rules, after public notice and comment, for companies using these procedures if the SEC thinks more conditions are needed. Before making such rules, the SEC would have to send Congress a report explaining the findings behind the rulemaking.
Overall effect
In practical terms, the bill would give more companies access to the same pre-IPO and early public-company filing flexibility that some smaller companies already have. It would let them discuss offerings and submit draft documents confidentially first, while still requiring public disclosure before the offering process advances too far.
Relevant Companies
- None found
Senator Ted Budd Bill Proposals
Here are some bills which have recently been proposed by Senator Ted Budd:
- S.4750: A bill to amend the Internal Revenue Code of 1986 to clarify the application of the advanced manufacturing investment credit with respect to semiconductor manufacturing facilities located in outer space.
- S.4690: A bill to amend the Securities Act of 1933 to expand the ability to use testing the waters and confidential draft registration submissions, and for other purposes.
- S.4627: FARM AI Act of 2026
- S.4593: Detention Authority Clarification Act
- S.4375: RETAIN Act of 2026
- S.4374: Airpower Acceleration Act of 2026
You can track bills proposed by Senator Ted Budd on Quiver Quantitative's politician page for Budd.
Senator Ted Budd Net Worth
Quiver Quantitative estimates that Senator Ted Budd is worth $6.3M, as of June 18th, 2026. This is the 147th highest net worth in Congress, per our live estimates.
Budd has approximately $526.5K invested in publicly traded assets which Quiver is able to track live.
You can track Senator Ted Budd's net worth on Quiver Quantitative's politician page for Budd.
2028 North Carolina US Senate Election
There has been approximately $51,512,417 of spending in North Carolina US Senate elections over the last two years, per our estimates.
Approximately $6,340,685 of this has been from outside spending by PACs and Super PACs. Some of the groups who are spending money in this race include:
- AMERICANS FOR PROSPERITY ACTION, INC. (AFP ACTION) DBA CVA ACTION AND DBA LIBRE ACTION ($5,048,017)
- SLF PAC ($732,098)
- SENATE LEADERSHIP FUND ($486,226)
- FORWARD BLUE ($22,419)
- CATHOLICVOTE.ORG ($17,938)
The rating for this race is currently "Lean D".
You can track this election on our matchup page for the 2028 North Carolina US Senate election.
This article is not financial advice. See Quiver Quantitative's disclaimers for more information.
