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Defining Dealer Act: Narrowing the definition of securities dealers

This bill narrows the legal definition of a 'dealer' in the securities market to focus on those trading directly with customers. It also requires courts and the SEC to cancel past penalties for entities that no longer fit this definition.
Key points
Redefines 'dealer' to specifically require buying from and selling to customers for one's own account.
Mandates the cancellation of past court orders or SEC judgments that conflict with the new definition.
Reduces regulatory oversight for certain financial market participants who do not meet the new criteria.
Sets an effective date of 30 days after the act is signed into law.
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Status:
Introduced
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Additional Information
Defining Dealer Act
Print number: HR 8328
Sponsor: Rep. Donalds, Byron [R-FL-19]
Process start date: 2026-04-16
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Summarized by: gemini-flash-latest
Source data: api.congress.gov
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Summary & Status

Key Questions about Defining Dealer Act: Narrowing the definition of securities dealers

A structured overview of the legislative process, official sources, status and civic context.

What is the official ID of this bill?

The official print number for this legislation is HR 8328.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2026-04-16.

What are the main provisions?

Key points include:

  • Redefines 'dealer' to specifically require buying from and selling to customers for one's own account.
  • Mandates the cancellation of past court orders or SEC judgments that conflict with the new definition.
  • Reduces regulatory oversight for certain financial market participants who do not meet the new criteria.
  • Sets an effective date of 30 days after the act is signed into law.

What is the specific legal status?

The current status is Introduced.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Donalds, Byron [R-FL-19].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Financial Services.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2026-04-21.

Analysis and Potential Impact of HR 8328

We don't know, that is up to you to decide. Summarizing raw data with AI is fundamentally different from predicting socio-economic outcomes. As of 2026, we believe impact assessment strictly requires a human in the loop to verify and judge. Review our public AI processing logs for full transparency, and use Lustra to track active legislation for instant status push notifications.

CATEGORIES

Economy Courts and Law