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![handle is hein.congrecreports/crptxaieh0001 and id is 1 raw text is: AUTHENTICATED r
U.S. GOVERNMENT
INFORMATION 4
119TH CONGRESS REPORT
2d Session J HOUSE OF REPRESENTATIVES 119-572
SMALL ENTREPRENEURS' EMPOWERMENT AND
DEVELOPMENT ACT OF 2025
MARCH 25, 2026.-Committed to the Committee of the Whole House on the State
of the Union and ordered to be printed
Mr. HILL of Arkansas, from the Committee on Financial Services,
submitted the following
REPORT
together with
MINORITY VIEWS
[To accompany H.R. 4171]
The Committee on Financial Services, to whom was referred the
bill (H.R. 4171) to amend the Securities Act of 1933 to provide
small issuers with a micro-offering exemption free of mandated dis-
closures or offering filings, but subject to the antifraud provisions
of the Federal securities laws, and for other purposes, having con-
sidered the same, reports favorably thereon with an amendment
and recommends that the bill as amended do pass.
CONTENTS
Page
Purpose and Sum m ary ........................................................................................... . 2
Background and Need for Legislation .................................................................... 2
Com m ittee Consideration ........................................................................................ 3
R elated H earings ..................................................................................................... 4
C om m ittee V otes ..................................................................................................... 4
Com m ittee Oversight Findings ............................................................................... 7
Perform ance Goals and Objectives ......................................................................... 7
Com m ittee Cost Estim ate ....................................................................................... 7
New Budget Authority and CBO Cost Estimate ................................................... 7
Unfunded M andates Statem ent ............................................................................. 7
E arm ark Statem ent ................................................................................................. 7
Federal Advisory Committee Act Statement ......................................................... 8
Applicability to the Legislative Branch ................................................................. 8
Duplication of Federal Program s ............................................................................ 8
Section-by-Section Analysis of the Legislation ...................................................... 8
Changes in Existing Law Made by the Bill, as Reported ................. 8
M inority V iew s ........................................................................................................ 18
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