,,ii  #aagth ,,congress  #b;d ,session  
,s4 #cici  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,march #bh1    
#bjbb,mr4 ,scott of ,south ,carolina    
7for himself and ,mr4 ,moran7 introduced
 the following bill2 which was read     
twice and referred to the ,committee on 
,banking1 ,housing1 and ,urban ,affairs 
,a ,,bill  ,to amend the ,securities    
,act of #aicc to provide small issuers  
with a micro-offering exemption free of 
mandated disclosures or offering        
filings1 but subject to the antifraud   
provisions of the ,federal securities   
laws1 and for other purposes4  #a4      
,short title ,this ,act may be cited as 
the ,small ,entrepreneurs' ,empowerment 
and ,development ,act of #bjbb or the   
,,seed ,act of #bjbb4  #b4              
,micro-offering exemption  7a7 ,in      
general ,section #d of the ,securities  
,act of #aicc 7#ae ,u4,s4,c4 #gg;d7 is  
amended-- 7#a7 in subsection 7a71 by    
adding at the end the following3  7#h7  
transactions meeting the requirements of

 subsection 7f74  2 and  7#b7 by adding 
at the end the following3  7f7          
,micro-,offerings  7#a7 ,in general ,the
 transactions referred to in subsection 
7a77#h7 are transactions involving the  
sale of securities by an issuer         
7including all entities controlled by or
 under common control with the issuer7  
where the aggregate amount of all       
securities sold by the issuer1 including
 any amount sold in reliance on the     
exemption provided under subsection     
7a77#h71 during the #ab-month period    
preceding such transaction1 does not    
exceed #ejj1jjj4  7#b7 ,adjustment ,the 
dollar amount in paragraph 7#a7 shall be
 adjusted by the ,commission not less   
frequently than once every #e years and 
at the same time as the adjustments made
 under section #d;,a7h71 by notice      
published in the ,federal ,register to  
reflect any change in the ,consumer     
,price ,index for ,all ,urban ,consumers
 published by the ,bureau of ,labor     
,statistics1 setting the threshold to   

the nearest #aj1jjj4  7#c7 ,bad actor   
prohibition ,the exemption under this   
subsection shall not apply to any person
 subject to-- 7,a7 an event that would  
disqualify an issuer or other covered   
person under section #bcj4ejf7;d77#a7 of
 title #ag1 ,code of ,federal           
,regulations2 or  7,b7 a statutory      
disqualification1 as defined in section 
#c7;a7 of the ,securities ,exchange ,act
 of #aicd 7#ae ,u4,s4,c4 #gh;c7a774  4  
7b7 ,exemption under ,state regulations 
,section #ah7;b77#d7 of the ,securities 
,act of #aicc 7#ae ,u4,s4,c4            
#ggr7b77#d77 is amended-- 7#a7 in       
subparagraph 7,f71 by striking or at the
 end2  7#b7 in subparagraph 7,g71 by    
striking the period and inserting 2 or2 
and  7#c7 by adding at the end the      
following3  7,h7 section #d7;a77#h74  4