HR 4171
· 119th Congress
· Finance and Financial Sector
SEED Act of 2025
Sponsor
Latest action
Placed on the Union Calendar, Calendar No. 492.
Action timeline
Every recorded action on this bill, newest first. Stage badges color-code the legislative path.
Mar 25, 2026
committee
Reported (Amended) by the Committee on Financial Services. H. Rept. 119-572.
Financial Services Committee
Mar 25, 2026
other
Placed on the Union Calendar, Calendar No. 492.
Mar 04, 2026
committee
Committee Consideration and Mark-up Session Held
Financial Services Committee
Mar 04, 2026
committee
Ordered to be Reported by the Yeas and Nays: 26 - 17.
Financial Services Committee
Jun 26, 2025
introduced
Introduced in House
Jun 26, 2025
introduced
Referred to the House Committee on Financial Services.
Financial Services Committee
Text versions
Each stage of the bill — official text published by GPO. Click any format to read on congress.gov / govinfo.
Changelog
ⓘ
How a bill moves through Congress. Each stage produces a new official text. The diff between them shows what changed at that step.
ih / is — Introduced in House / Senate. First filed version.rfh / rfs — Referred to a committee for review.rh / rs — Reported back by the committee to the floor (often with amendments — this is where most language changes happen).pcs / pch — Placed on Calendar for floor consideration.eh / es — Engrossed. Passed by the originating chamber. Text is now what was actually voted on.rdh / rds — Received by the other chamber.eah / eas — Engrossed Amendment. The other chamber passed an amended version.ath / ats — Agreed to. Both chambers settled on the same text.enr — Enrolled. Final reconciled text, sent to the President.pl — Public Law. Signed by the President. It's now law.pp — Public Print. Official printing post-enactment.
Most bills die before eh/es. Going from pcs → enr is the full path through both chambers.
ⓘ
How a bill moves through Congress. Each stage produces a new official text. The diff between them shows what changed at that step.
ih/is— Introduced in House / Senate. First filed version.rfh/rfs— Referred to a committee for review.rh/rs— Reported back by the committee to the floor (often with amendments — this is where most language changes happen).pcs/pch— Placed on Calendar for floor consideration.eh/es— Engrossed. Passed by the originating chamber. Text is now what was actually voted on.rdh/rds— Received by the other chamber.eah/eas— Engrossed Amendment. The other chamber passed an amended version.ath/ats— Agreed to. Both chambers settled on the same text.enr— Enrolled. Final reconciled text, sent to the President.pl— Public Law. Signed by the President. It's now law.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.
+65
−58
24 unchanged
--- Introduced (House)
+++ Reported (House)
@@ -1,11 +1,14 @@
[From the U.S. Government Publishing Office]
-[H.R. 4171 Introduced in House (IH)]
+[H.R. 4171 Reported in House (RH)]
<DOC>
+Union Calendar No. 492
119th CONGRESS
-1st Session
+2d Session
H. R. 4171
+
+[Report No. 119-572]
To amend the Securities Act of 1933 to provide small issuers with a
micro-offering exemption free of mandated disclosures or offering
@@ -20,6 +23,15 @@
Mr. Garbarino introduced the following bill; which was referred to the
Committee on Financial Services
+
+March 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
+26, 2025]
_______________________________________________________________________
@@ -46,65 +58,60 @@
``(8) transactions meeting the requirements of subsection
(f).''; and
(2) by adding at the end the following:
-``(f) Micro-Offerings.--The transactions referred to in subsection
-(a)(8) are transactions involving the 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 sold by the
-issuer, including any amount sold in reliance on the exemption provided
-under subsection (a)(8), during the 12-month period preceding such
-transaction, does not exceed $250,000.''.
-(b) Disqualification.--
-(1) In general.--Not later than 270 days after the date of
-enactment of this Act, the Securities and Exchange Commission
-shall, by rule, establish disqualification provisions under
-which an issuer shall not be eligible to offer securities
-pursuant to section 4(a)(8) of the Securities Act of 1933, as
-added by this section.
-(2) Inclusions.--Disqualification provisions required by
-this subsection shall--
-(A) be substantially similar to the provisions of
-section 230.506(d) of title 17, Code of Federal
-Regulations (or any successor thereto); and
-(B) disqualify any offering or sale of securities
-by a person that--
-(i) is subject to a final order of a
-covered regulator that--
-(I) bars the person from--
-(aa) association with an
-entity regulated by the covered
-regulator;
-(bb) engaging in the
-business of securities,
-insurance, or banking; or
-(cc) engaging in savings
-association or credit union
-activities; or
-(II) constitutes a final order
-based on a violation of any law or
-regulation that prohibits fraudulent,
-manipulative, or deceptive conduct, if
-such final order was issued within the
-previous 10-year period; or
-(ii) has been convicted of any felony or
-misdemeanor in connection with the purchase or
-sale of any security or involving the making of
-any false filing with the Commission.
-(3) Covered regulator defined.--In this subsection, the
-term ``covered regulator'' means--
-(A) a State securities commission (or an agency or
-officer of a State performing like functions);
-(B) a State authority that supervises or examines
-banks, savings associations, or credit unions;
-(C) a State insurance commission (or an agency or
-officer of a State performing like functions);
-(D) a Federal banking agency (as defined under
-section 3 of the Federal Deposit Insurance Act); and
-(E) the National Credit Union Administration.
-(c) Exemption Under State Regulations.--Section 18(b)(4) of the
+``(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).''.
-<all>
+Union Calendar No. 492
+
+119th CONGRESS
+
+2d Session
+
+H. R. 4171
+
+[Report No. 119-572]
+
+_______________________________________________________________________
+
+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.
+
+_______________________________________________________________________
+
+March 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.
1
filings · 2026 Q1
1
filings · 2026 Q1
1
filings · 2026 Q1
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.