119-hr3645

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3645 Reported in House

    (RH) ]

<DOC>

 Union Calendar No. 166
119th CONGRESS
 1st Session
 H. R. 3645

 [Report No. 119-203]

 To amend the Securities Act of 1933 to raise the offering amount 
 threshold for when issuers using the crowdfunding exemption are 
 required to file financial statements reviewed by a public accountant 
 who is independent of the issuer, and for other purposes.

_______________________________________________________________________

 IN THE HOUSE OF REPRESENTATIVES

 May 29, 2025

 Mr. Meuser (for himself, Ms. De La Cruz, Mrs. McClain, Mr. Nunn of 
 Iowa, and Ms. Salazar) introduced the following bill; which was 
 referred to the Committee on Financial Services

 July 15, 2025

 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 May 29, 
 2025]

_______________________________________________________________________

 A BILL

 To amend the Securities Act of 1933 to raise the offering amount 
 threshold for when issuers using the crowdfunding exemption are 
 required to file financial statements reviewed by a public accountant 
 who is independent of the issuer, and for other purposes.

 Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

 This Act may be cited as the ``Amendment for Crowdfunding Capital 
Enhancement and Small-business Support Act of 2025'' or the ``ACCESS 
Act of 2025''.

SEC. 2. OFFERING THRESHOLD FOR REVIEWS BY PUBLIC ACCOUNTANT.

    (a) In General.--

Section 4A of the Securities Act of 1933 (15 
U.S.C. 77d-1) is amended--

    (1) in subsection

    (b)

    (1)
            (D) , by striking ``$100,000'' each 
 place such term appears and inserting ``$250,000''; and

    (2) by adding at the end the following:
 ``
            (i) Discretion to Adjust Amount.--The Commission may increase the 
amount specified in subsections

    (b)

    (1)
            (D) 
            (i) and

    (b)

    (1)
            (D) 
            (ii) from 
$250,000 to an amount not greater than $400,000 upon the recommendation 
of the Office of the Advocate for Small Business Capital Formation and 
the Office of the Investor Advocate.''.

    (b) Technical Corrections.--

Section 4A of the Securities Act of 
1933 (15 U.S.C. 77d-1) is amended--

    (1) by striking ``

section 4

    (6) '' each place such term 
 appears and inserting ``

section 4

    (a)

    (6) ''; and

    (2) by striking ``

section 4

    (6)
        (B) '' each place such term 
 appears and inserting ``

section 4

    (a)

    (6)
        (B) ''.
 Union Calendar No. 166

119th CONGRESS

 1st Session

 H. R. 3645

 [Report No. 119-203]

_______________________________________________________________________

 A BILL

 To amend the Securities Act of 1933 to raise the offering amount 
 threshold for when issuers using the crowdfunding exemption are 
 required to file financial statements reviewed by a public accountant 
 who is independent of the issuer, and for other purposes.

_______________________________________________________________________

 July 15, 2025

 Reported with an amendment, committed to the Committee of the Whole 
 House on the State of the Union, and ordered to be printed