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HR 4130 · 119th Congress · Finance and Financial Sector

Small Business Relief Act

Introduced June 25, 2025 Latest action February 25, 2026 1 cosponsor

Sponsor

Latest action

Placed on the Union Calendar, Calendar No. 450.

Action timeline

Every recorded action on this bill, newest first. Stage badges color-code the legislative path.

Feb 25, 2026
committee Reported (Amended) by the Committee on Financial Services. H. Rept. 119-525.
Financial Services Committee
Feb 25, 2026
other Placed on the Union Calendar, Calendar No. 450.
Dec 17, 2025
committee Committee Consideration and Mark-up Session Held
Financial Services Committee
Dec 17, 2025
committee Ordered to be Reported (Amended) by the Yeas and Nays: 28 - 24.
Financial Services Committee
Dec 16, 2025
committee Committee Consideration and Mark-up Session Held
Financial Services Committee

Text versions

Each stage of the bill — official text published by GPO. Click any format to read on congress.gov / govinfo.

Feb 25, 2026 Reported in House
XML
Jun 25, 2025 Introduced in House
XML

CRS summaries

Plain-English summaries written by the Congressional Research Service — neutral, nonpartisan staff who summarize bills as they advance through stages. The authoritative description of what each version of the bill does.

via Congressional Research Service · published through congress.gov

Changelog
ⓘ

How a bill moves through Congress. Each stage produces a new official text. The diff between them shows what changed at that step.

  1. ih / is — Introduced in House / Senate. First filed version.
  2. rfh / rfs — Referred to a committee for review.
  3. rh / rs — Reported back by the committee to the floor (often with amendments — this is where most language changes happen).
  4. pcs / pch — Placed on Calendar for floor consideration.
  5. eh / es — Engrossed. Passed by the originating chamber. Text is now what was actually voted on.
  6. rdh / rds — Received by the other chamber.
  7. eah / eas — Engrossed Amendment. The other chamber passed an amended version.
  8. ath / ats — Agreed to. Both chambers settled on the same text.
  9. enr — Enrolled. Final reconciled text, sent to the President.
  10. pl — Public Law. Signed by the President. It's now law.
  11. pp — Public Print. Official printing post-enactment.

Most bills die before eh/es. Going from pcs → enr is the full path through both chambers.

Line-level diff between text versions of this bill — what actually changed at each legislative stage.

→
+49 −12 20 unchanged
--- Introduced (House)
+++ Reported (House)
@@ -1,11 +1,14 @@
[From the U.S. Government Publishing Office]
-[H.R. 4130 Introduced in House (IH)]
+[H.R. 4130 Reported in House (RH)]
<DOC>
+Union Calendar No. 450
119th CONGRESS
-1st Session
+2d Session
H. R. 4130
+
+[Report No. 119-525]
To amend the Securities Exchange Act of 1934 to exclude qualified
institutional buyers and institutional accredited investors when
@@ -20,6 +23,19 @@
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]
_______________________________________________________________________
@@ -39,15 +55,36 @@
SEC. 2. EXCLUSIONS FROM MANDATORY REGISTRATION THRESHOLD.
-(a) In General.--Section 12(g)(1) of the Securities Exchange Act of
-1934 (15 U.S.C. 78l(g)(1)) is amended--
-(1) in paragraph (A)(i), by inserting after ``persons'' the
-following: ``(that are not a qualified institutional buyer or
-an institutional accredited investor)''; and
-(2) in paragraph (B), by inserting after ``persons'' the
+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)''.
-(b) Nonapplicability of General Exemptive Authority.--Section 36 of
-the Securities Exchange Act of 1934 (15 U.S.C. 78mm) shall not apply to
-the matter inserted by the amendments made by subsection (a).
-<all>
+Union Calendar No. 450
+
+119th CONGRESS
+
+2d Session
+
+H. R. 4130
+
+[Report No. 119-525]
+
+_______________________________________________________________________
+
+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.
+
+_______________________________________________________________________
+
+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

Lobbying activity

Organizations whose LDA filings reference this bill, ranked by filing count. Position not disclosed — LDA does not require lobbyists to report support / oppose / monitor. Bill-number references can be stale (lobbyists sometimes copy text year-over-year), so verify against the filing description.

AMERICANS FOR FINANCIAL REFORM
FIN
1
filings · 2025 Q4

via Senate LDA · self-reported quarterly. Filing count = filings mentioning this bill (no position required), not money spent on it. Click a client to see all bills they've filed on.

Cosponsors (1)

Members who signed on to support this bill.

Sessions R