What This Bill Does · Plain English
Summary · Congress.gov
Small Business Relief Act This bill allows issuers of securities to have institutional investors and buyers in a class of securities without needing to comply with certain Securities and Exchange Commission (SEC) registration requirements. Currently, issuers of securities must register with and periodically report to the SEC when, among other requirements, the number of investors in a class of securities exceeds a specific cap. Under the bill, qualified institutional buyers and institutional accredited investors do not count towards this cap.
Action Timeline
2026-02-25
Placed on the Union Calendar, Calendar No. 450.
2026-02-25
Reported (Amended) by the Committee on Financial Services. H. Rept. 119-525.
2026-02-25
Reported (Amended) by the Committee on Financial Services. H. Rept. 119-525.
2025-12-17
Ordered to be Reported (Amended) by the Yeas and Nays: 28 - 24.
2025-12-17
Committee Consideration and Mark-up Session Held
2025-12-16
Committee Consideration and Mark-up Session Held
2025-06-25
Referred to the House Committee on Financial Services.
2025-06-25
Introduced in House
2025-06-25
Introduced in House
Frequently Asked Questions
Did HR.4130 pass?
HR.4130 is still alive. Current stage: REPORTED. Pass likelihood: pending.
What does HR.4130 do?
Small Business Relief Act This bill allows issuers of securities to have institutional investors and buyers in a class of securities without needing to comply with certain Securities and Exchange Commission (SEC) registration requirements. Currently, issuers of securities must register with and periodically report to the SEC when, among other requirements, the number of investors in a class of securities exceeds a specific cap. Under the bill, qualified institutional buyers and institutional accredited investors do not count towards this cap.
Who sponsored HR.4130?
HR.4130 was sponsored by Andrew R. Garbarino (R-New York).
Full Bill Text
119 HR 4130 RH: Small Business Relief Act U.S. House of Representatives 2026-02-25 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. IB Union Calendar No. 450 119th CONGRESS 2d Session H. R. 4130 [Report No. 119–525] IN THE HOUSE OF REPRESENTATIVES June 25, 2025 Mr. Garbarino introduced the following bill; which was referred to the Committee on Financial Services February 25, 2026 Additional sponsor: Mr. Sessions February 25, 2026 Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed Strike out all after the enacting clause and insert the part printed in italic For text of introduced bill, see copy of bill as introduced on June 25, 2025 A BILL To amend the Securities Exchange Act of 1934 to exclude qualified institutional buyers and institutional accredited investors when calculating holders of a security for purposes of the mandatory registration threshold under such Act, and for other purposes. 1. Short title This Act may be cited as the Small Business Relief Act . 2. Exclusions from mandatory registration threshold Section 12(g)(1) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78l(g)(1) ) is amended— (1) in subparagraph (A)(i), by inserting after persons the following: (that are not a qualified institutional buyer or an institutional accredited investor) ; and (2) in subparagraph (B), by inserting after persons the following: (that are not a qualified institutional buyer or an institutional accredited investor) . February 25, 2026 Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed
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