,i  #aaf? ,,congress  #b;d ,session  ,h4
 ,r4 #fbeb  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,m>* #ab1 #bjbj,mr4   
,mc,henry 7= himself1 ,mrs4 ,wagn]1 ,mr4
 ,b>r1 ,mr4 ,/iv]s1 & ,mr4 ,huiz5ga7    
introduc$ ! foll[+ bill2 :i* 0 ref]r$ to
 ! ,committee on ,f9ancial ,s]vices  ,a 
,,bill  ,to am5d ! ,securities ,act (   
#aicc to provide an exemption = c]ta9   
micro-(f]+ transactions1 & = o!r        
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,relief = ,small ,bus9esses
 ,?r\gh ,micro-,(f]+s ,act ( #bjbj4  #b4
 ,exempt transactions = c]ta9           
micro-(f]+s  7a7 ,9 g5]al ,section      
#d7;a7 ( ! ,securities ,act ( #aicc 7#ae
 ,u4,s4,c4 #gg;d7a77 is am5d$ by add+ at
 ! end ! foll[+3  7#h7 transactions     
involv+ ! (f] or sale ( securities by an
 issu] 7includ+ all entities controll$  
by or "u common control ) ! issu]71     
provid$ t-- 7,a7 ! aggregate am\nt sold 
to all inve/ors by ! issu]1 includ+ any 
am\nt sold 9 reliance on ! exemption    
provid$ "u ?is p>agraph dur+ ! #ab-mon? 

p]iod prec$+ ! date ( su* transaction1  
is n m ?an #bej1jjj2  7,b7 ! aggregate  
am\nt sold to any inve/or by an issu]1  
includ+ any am\nt sold 9 reliance on !  
exemption provid$ "u ?is p>agraph dur+ !
 #ab-mon? p]iod prec$+ ! date ( su*     
transaction1 does n exce$ #e1jjj2 &     
7,c7 ! transaction is conduct$ ?r\gh a  
brok] or fund+ portal regi/]$ ) !       
,commission4  4  7b7 ,au?ority ,to      
prohibit bad actors ,9 issu+ rules to   
c>ry out section #d7;a77#h7 ( !         
,securities ,act ( #aicc1 z add$ by     
subsection 7a71 ! ,securities & ,ex*ange
 ,commission may prohibit a p]son f     
engag+ 9 a transaction describ$ "u su*  
section #d7;a77#h7 if su* p]son is      
subject to an ev5t t w\ld disqualify an 
issu] or o!r cov]$ p]son "u ,rule       
#ejf7;d77#a7 ( ,regulation ,d 7#ag ,,cfr
 #bcj4ejf7;d77#a77 or is subject to a   
/atutory disqualification describ$ "u   
section #c7;a77#ci7 ( ! ,securities     
,ex*ange ,act ( #aicd4  7c7 ,t]m9ation  
,effective on ! date t is #c ye>s aft] !

 date ( ! enactm5t ( ?is ,act1 p>agraph 
7#h7 ( section #d7;a7 ( ! ,securities   
,act ( #aicc 7#ae ,u4,s4,c4 #gg;d7a771 z
 add$ by subsection 7a71 is repeal$4    
7d7 ,/udy ,n lat] ?an #a ye> aft] ! date
 ( ! enactm5t ( ?is ,act1 ! ,comptroll] 
,g5]al ( ! ,unit$ ,/ates %all submit to 
,congress a /udy on ! impact ( p>agraph 
7#h7 ( section #d7;a7 ( ! ,securities   
,act ( #aicc 7#ae ,u4,s4,c4 #gg;d7a771 z
 add$ by subsection 7a74