S. 3916 — Introduced in Senate

II 117th CONGRESS 2d Session S. 3916 IN THE SENATE OF THE UNITED STATES March 24, 2022Mr. Rounds introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To permit the Securities and Exchange Commission to increase regulatory exemption thresholds, and for other purposes. 1. Short title This Act may be cited as the Increasing Opportunities for Retail Investors Act. 2. Regulatory dollar thresholds and limitations Notwithstanding any other provision of law or regulation, the Securities and Exchange Commission, in order to reduce any regulatory obligation (or any restriction) on any entity, may, as the Commission determines appropriate, increase any dollar threshold or limitation by rule of the Commission, including any dollar threshold or limitation under— (1) section 230.251(a)(1) of title 17, Code of Federal Regulations, or any successor regulation; (2) section 230.251(a)(2) of title 17, Code of Federal Regulations, or any successor regulation; (3) section 230.504 of title 17, Code of Federal Regulations, or any successor regulation; (4) section 227.100(a)(1) of title 17, Code of Federal Regulations, or any successor regulation; (5) section 229.10(f) of title 17, Code of Federal Regulations, or any successor regulation; (6) section 230.405 of title 17, Code of Federal Regulations, or any successor regulation; or (7) section 240.12b–2 of title 17, Code of Federal Regulations, or any successor regulation. 3. Jobs act-related exemption Section 3(b) of the Securities Act of 1933 (15 U.S.C. 77c(b)) is amended— (1) in paragraph (2)(A), by striking $50,000,000 and inserting $75,000,000, adjusted for inflation by the Commission every 2 years 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 (2) in paragraph (5)— (A) in the first sentence, by striking such amount as and inserting the following: such amount, as adjusted for inflation under paragraph (2)(A), as; and (B) in the second sentence, by striking such amount and inserting the following: such amount, as adjusted for inflation under paragraph (2)(A). 4. Crowdfunding exemption (1) Increase in limit of amount sold in reliance on the crowdfunding exemption Section 4(a)(6)(A) of the Securities Act of 1933 (15 U.S.C. 77d(a)(6)(A)) is amended by striking $1,000,000 and inserting $5,000,000. (2) Clarification of transaction caps Section 4(a)(6)(B) of the Securities Act of 1933 (15 U.S.C. 77d(a)(6)(B)) is amended— (A) in clause (i), by inserting the greater of after 5 percent of; and (B) in clause (ii), by inserting the greater of after 10 percent of.