H.R. 3484 — Business Owners Protection Act of 2025

This section repeals subsection (o) of Section 15 of the Securities Exchange Act of 1934 (15 U.S.C. 78o), which authorized the Securities and Exchange Commission (SEC) to prohibit or impose conditions or limitations on the use of mandatory predispute arbitration agreements between brokers or dealers and customers. (Thus, the SEC lacks authority to restrict such agreements.) It also strikes subsection (a) of Section 921 of the Investor Protection and Securities Reform Act of 2010 as a conforming amendment.

This section eliminates paragraph (2)—related to fiduciary duties—from (1) the second subsection (l) of section 15 of the Securities Exchange Act of 1934 (15 U.S.C. 78o), and (2) section 211(h) of the Investment Advisers Act of 1940 (15 U.S.C. 80b–11(h)). It also revises the introductory language in each subsection by striking the phrase preceding "(1) facilitate" and inserting "Commission shall facilitate," and replaces the semicolon after paragraph (1) with a period.