,i  #aac? ,,congress  #b;d ,session  ,h4
 ,r4 #deed  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,may #a1 #bjad ,mr4   
,mulvaney 7= himself & ,mrs4 ,wagn]7    
introduc$ ! foll[+ bill2 :i* 0 ref]r$ to
 ! ,committee on ,f9ancial ,s]vices  ,a 
,,bill  ,to am5d ! securities laws to   
improve private m>ket (f]+s1 & = o!r    
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,re/rict$ ,securities      
,relief ,act ( #bjad4  #b4 ,improv+     
private m>ket (f]+s  7a7 ,revisions to  
regulations ,! ,securities & ,ex*ange   
,commission %all--  7#a7 revise section 
#bcj4add7;d77#a77;i7 ( title #ag1 ,code 
( ,f$]al ,regulations1 to *ange ! hold+ 
p]iod = re/rict$ securities issu$ by an 
issu] t is1 & has be5 = a p]iod ( at    
lea/ #ij days imm$iately be=e ! sale1   
subject to ! report+ requirem5ts (      
section #ac or #ae7;d7 ( ! ,securities  
,ex*ange ,act ( #aicd f #f mon?s to #c  
mon?s2 &  7#b7 revise section           
#bcj4add7;i7 ( title #ag1 ,code ( ,f$]al
 ,regulations1 to p]mit an issu] (      

securities t 0 describ$ "u p>agraph 7#a7
 ( su* section #bcj4add7;i7 t has ceas$ 
to be an issu] describ$ "u su* p>agraph 
to sell su* securities 7subject to !    
requirem5ts ( su* section7 aft] two ye>s
 has elaps$ f ! date t ! issu] files a  
,=m #h-,k ) ! ,commission /at+ t ! issu]
 is no long] describ$ "u p>agraph 7#a7 (
 su* section4  7b7 ,cov]$ securities    
,section #ah7;b7 ( ! ,securities ,act ( 
#aicc 7#ae ,u4,s4,c4 #ggr7b77 is am5d$  
by add+ at ! end ! foll[+3  7#e7        
,securities (f]$ or sold "u ,rule       
#add;,a ,a security is a cov]$ security 
if x is (f]$ or sold 9 compliance ) !   
conditions set =? 9 section #bcj4add;,a 
( title #ag1 ,code ( ,f$]al             
,regulations4  4