To amend the Securities Act of 1933 to raise the offering amount threshold for when issuers using the crowdfunding exemption are required to file financial statements reviewed by a public accountant who is independent of the issuer, and for other purposes.

To amend the Securities Act of 1933 to raise the offering amount threshold for when issuers using the crowdfunding exemption are required to file financial statements reviewed by a public accountant who is independent of the issuer, 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.

SEC. 2. Offering threshold for reviews by public accountant.

(a) In general.—Section 4A of the Securities Act of 1933 (15 U.S.C. 77d–1) is amended—

(1) in subsection (b)(1)(D)—

(A) in clause (i), in the matter preceding subclause (I), by striking “$100,000” and inserting “$250,000”; and

(B) in clause (ii), by striking “$100,000” and inserting “$250,000”; and

(2) by adding at the end the following:

“(i) Discretion To adjust amount.—The Commission may increase the amount described in clauses (i) and (ii) of subsection (b)(1)(D) from $250,000 to an amount that is not greater than $400,000 upon the recommendation of the Office of the Advocate for Small Business Capital Formation and the Office of the Investor Advocate.”.

(b) Technical corrections.—Section 4A of the Securities Act of 1933 (15 U.S.C. 77d–1) is amended—

(1) by striking “section 4(6)” each place that term appears and inserting “section 4(a)(6)”; and

(2) by striking “section 4(6)(B)” each place that term appears and inserting “section 4(a)(6)(B)”.