Union Calendar No. 451

119th CONGRESS
2d Session
H. R. 6541

[Report No. 119–526]


To amend the Securities Act of 1933 with respect to small company capital formation, and for other purposes.

IN THE HOUSE OF REPRESENTATIVES

December 9, 2025

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

February 25, 2026

Additional sponsor: Mr. Davidson

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 December 9, 2025]

A BILL

To amend the Securities Act of 1933 with respect to small company capital formation, 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 “Regulation A+ Improvement Act of 2025”.

SEC. 2. JOBS Act-related exemption.

Section 3(b) of the Securities Act of 1933 (15 U.S.C. 77c(b)) is amended—

(1) in paragraph (1), by striking “$5,000,000” and inserting “$50,000,000, including not more than $12,000,000 offered by all selling security holders that are affiliates of the issuer, as such dollar amounts are adjusted for inflation by the Commission every 5 years, by notice published in the Federal Register, to the nearest $10,000 to reflect the change in the Consumer Price Index for All Urban Consumers published by the Bureau of Labor Statistics”;

(2) in paragraph (2)(A), by striking “$50,000,000” and inserting “$150,000,000, including not more than $50,000,000 offered by all selling security holders that are affiliates of the issuer, as such dollar amounts are adjusted for inflation by the Commission every 5 years, by notice published in the Federal Register, to the nearest $10,000 to reflect the change in the Consumer Price Index for All Urban Consumers published by the Bureau of Labor Statistics”; and

(3) in paragraph (5)—

(A) by striking “such amount as” and inserting “such amount, in addition to the adjustment for inflation provided for under such paragraph (2)(A), as”; and

(B) by striking “such amount, it” and inserting “such amount, in addition to the adjustment for inflation provided for under such paragraph (2)(A), it”.

Union Calendar No. 451
119th CONGRESS
     2d Session
H. R. 6541
[Report No. 119–526]
A BILL
To amend the Securities Act of 1933 with respect to small company capital formation, 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