[Report No. 119–203]
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
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)
.