H.R. 4171 — Reported in House

IB Union Calendar No. 492 119th CONGRESS 2d Session H. R. 4171 [Report No. 119–572] IN THE HOUSE OF REPRESENTATIVES June 26, 2025Mr. Garbarino introduced the following bill; which was referred to the Committee on Financial Services March 25, 2026Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printedStrike out all after the enacting clause and insert the part printed in italicFor text of introduced bill, see copy of bill as introduced on June 26, 2025 A BILL To amend the Securities Act of 1933 to provide small issuers with a micro-offering exemption free of mandated disclosures or offering filings, but subject to the antifraud provisions of the Federal securities laws, and for other purposes. 1. Short title This Act may be cited as the Small Entrepreneurs’ Empowerment and Development Act of 2025 or the SEED Act of 2025. 2. Micro-offering exemption (a) In general Section 4 of the Securities Act of 1933 (15 U.S.C. 77d) is amended— (1) in subsection (a), by adding at the end the following: (8) transactions meeting the requirements of subsection (f). ; and (2) by adding at the end the following: (f) Micro-Offerings (1) In general The transactions referred to in subsection (a)(8) are transactions involving the offer or sale of securities by an issuer (including all entities controlled by or under common control with the issuer) where the aggregate amount of all securities offered or sold by the issuer, including any amount sold in reliance on the exemption provided under subsection (a)(8), during the 12-month period preceding the date of such transaction, does not exceed $500,000. (2) Adjustment The dollar amount in paragraph (1) shall be adjusted by the Commission not less frequently than once every 5 years and at the same time as the adjustments made under section 4A(h), 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 Statistics, setting the threshold to the nearest $10,000. (3) Bad actor prohibition The exemption under this subsection shall not apply to any person subject to— (A) an event that would disqualify an issuer or other covered person under section 230.506(d) of title 17, Code of Federal Regulations, or any successor regulation; or (B) a statutory disqualification, as defined in section 3(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)). . (b) Exemption under State regulations Section 18(b)(4) of the Securities Act of 1933 (15 U.S.C. 77r(b)(4)) is amended— (1) in subparagraph (F), by striking or at the end; (2) in subparagraph (G), by striking the period and inserting ; or; and (3) by adding at the end the following: (H) section 4(a)(8). . March 25, 2026Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed