[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4130 Reported in House (RH)]

<DOC>





                                                 Union Calendar No. 450
119th CONGRESS
  2d Session
                                H. R. 4130

                          [Report No. 119-525]

   To amend the Securities Exchange Act of 1934 to exclude qualified 
   institutional buyers and institutional accredited investors when 
    calculating holders of a security for purposes of the mandatory 
     registration threshold under such Act, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             June 25, 2025

Mr. Garbarino introduced the following bill; which was referred to the 
                    Committee on Financial Services

                           February 25, 2026

                    Additional sponsor: Mr. Sessions

                           February 25, 2026

  Reported with an amendment, committed to the Committee of the Whole 
       House on the State of the Union, and ordered to be printed
 [Strike out all after the enacting clause and insert the part printed 
                               in italic]
 [For text of introduced bill, see copy of bill as introduced on June 
                               25, 2025]


_______________________________________________________________________

                                 A BILL


 
   To amend the Securities Exchange Act of 1934 to exclude qualified 
   institutional buyers and institutional accredited investors when 
    calculating holders of a security for purposes of the mandatory 
     registration threshold under such Act, and for other purposes.


 


    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Small Business Relief Act''.

SEC. 2. EXCLUSIONS FROM MANDATORY REGISTRATION THRESHOLD.

    Section 12(g)(1) of the Securities Exchange Act of 1934 (15 U.S.C. 
78l(g)(1)) is amended--
            (1) in subparagraph (A)(i), by inserting after ``persons'' 
        the following: ``(that are not a qualified institutional buyer 
        or an institutional accredited investor)''; and
            (2) in subparagraph (B), by inserting after ``persons'' the 
        following: ``(that are not a qualified institutional buyer or 
        an institutional accredited investor)''.
                                                 Union Calendar No. 450

119th CONGRESS

  2d Session

                               H. R. 4130

                          [Report No. 119-525]

_______________________________________________________________________

                                 A BILL

   To amend the Securities Exchange Act of 1934 to exclude qualified 
   institutional buyers and institutional accredited investors when 
    calculating holders of a security for purposes of the mandatory 
     registration threshold under such Act, and for other purposes.

_______________________________________________________________________

                           February 25, 2026

  Reported with an amendment, committed to the Committee of the Whole 
       House on the State of the Union, and ordered to be printed