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