Business Owners Protection Act of 2025

H.R. 3484 would remove several regulatory authorities that the Securities and Exchange Commission (SEC) received under the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act. Specifically, the bill would eliminate the SEC's power to issue rules restricting mandatory pre-dispute arbitration clauses in agreements between brokers and customers, and would remove the SEC's authority to impose a uniform fiduciary standard of conduct on broker-dealers and investment advisers. According to the Congressional Budget Office, the SEC has not used these authorities and does not currently plan to use them, so the bill would have no estimated impact on the federal budget.

Proponents of the bill argue it would reduce regulatory burdens and provide clarity for financial businesses by eliminating discretionary powers that remain unused. The bill passed the House Financial Services Committee on September 16, 2025, by a vote of 26-24 and is now eligible for consideration by the full House. If enacted, the bill would prevent the SEC from potentially creating new rules in these areas in the future, though supporters contend this maintains the current business model for broker-dealers while critics argue it could limit consumer protections in financial advisory relationships.