H.R. 4130 Reported by committee Finance and Financial Sector

Small Business Relief Act

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. Introduced
  2. Committee
  3. Passed House
  4. Passed Senate
  5. To President
  6. Became law
Sponsor Rep. Garbarino, Andrew R. [R-NY-2] Introduced June 25, 2025 Cosponsors 1 (1 R) Latest action February 25, 2026

Summary

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.

Summary by the Congressional Research Service, Library of Congress.

Congress.gov

Actions

  1. Feb 25, 2026 Placed on the Union Calendar, Calendar No. 450.
  2. Feb 25, 2026 Reported (Amended) by the Committee on Financial Services. H. Rept. 119-525.
  3. Dec 17, 2025 Ordered to be Reported (Amended) by the Yeas and Nays: 28 - 24.
  4. Dec 17, 2025 Committee Consideration and Mark-up Session Held
  5. Dec 16, 2025 Committee Consideration and Mark-up Session Held
  6. Jun 25, 2025 Referred to the House Committee on Financial Services.
  7. Jun 25, 2025 Introduced in House

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