,,ii  #aag? ,,congress  #b;d ,session   
,s4 #cici  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,m>* #bh1 #bjbb,mr4    
,scott ( ,s\? ,c>ol9a 7= himself & ,mr4 
,moran7 introduc$ ! foll[+ bill2 :i* 0  
read twice & ref]r$ to ! ,committee on  
,bank+1 ,h\s+1 & ,urban ,affairs  ,a    
,,bill  ,to am5d ! ,securities ,act (   
#aicc to provide small issu]s ) a       
micro-(f]+ exemption free ( m&at$       
disclosures or (f]+ fil+s1 b subject to 
! antifraud provisions ( ! ,f$]al       
securities laws1 & = o!r purposes4  #a4 
,%ort title ,?is ,act may be cit$ z !   
,small ,entrepr5eurs' ,emp[]m5t &       
,developm5t ,act ( #bjbb or ! ,,se$ ,act
 ( #bjbb4  #b4 ,micro-(f]+ exemption    
7a7 ,9 g5]al ,section #d ( ! ,securities
 ,act ( #aicc 7#ae ,u4,s4,c4 #gg;d7 is  
am5d$-- 7#a7 9 subsection 7a71 by add+  
at ! end ! foll[+3  7#h7 transactions   
meet+ ! requirem5ts ( subsection 7f74  2
 &  7#b7 by add+ at ! end ! foll[+3  7f7
 ,micro-,(f]+s  7#a7 ,9 g5]al ,!        
transactions ref]r$ to 9 subsection     

7a77#h7 are transactions involv+ ! sale 
( securities by an issu] 7includ+ all   
entities controll$ by or "u common      
control ) ! issu]7 :]e ! aggregate am\nt
 ( all securities sold by ! issu]1      
includ+ any am\nt sold 9 reliance on !  
exemption provid$ "u subsection 7a77#h71
 dur+ ! #ab-mon? p]iod prec$+ su*       
transaction1 does n exce$ #ejj1jjj4     
7#b7 ,adju/m5t ,! doll> am\nt 9 p>agraph
 7#a7 %all be adju/$ by ! ,commission n 
less frequ5tly ?an once e #e ye>s & at !
 same "t z ! adju/m5ts made "u section  
#d;,a7h71 by notice publi%$ 9 ! ,f$]al  
,regi/] to reflect any *ange 9 !        
,consum] ,price ,index = ,all ,urban    
,consum]s publi%$ by ! ,bureau ( ,labor 
,/ati/ics1 sett+ ! ?re%old to ! ne>e/   
#aj1jjj4  7#c7 ,bad actor prohibition ,!
 exemption "u ?is subsection %all n     
apply to any p]son subject to-- 7,a7 an 
ev5t t w\ld disqualify an issu] or o!r  
cov]$ p]son "u section #bcj4ejf7;d77#a7 
( title #ag1 ,code ( ,f$]al             
,regulations2 or  7,b7 a /atutory       

disqualification1 z def9$ 9 section     
#c7;a7 ( ! ,securities ,ex*ange ,act (  
#aicd 7#ae ,u4,s4,c4 #gh;c7a774  4  7b7 
,exemption "u ,/ate regulations ,section
 #ah7;b77#d7 ( ! ,securities ,act (     
#aicc 7#ae ,u4,s4,c4 #ggr7b77#d77 is    
am5d$-- 7#a7 9 subp>agraph 7,f71 by     
/rik+ or at ! end2  7#b7 9 subp>agraph  
7,g71 by /rik+ ! p]iod & ins]t+ 2 or2 & 
7#c7 by add+ at ! end ! foll[+3  7,h7   
section #d7;a77#h74  4