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H.R. 4130

U.S. House•House Floor Calendar

Summary

H.R. 4130, the Small Business Relief Act, was introduced in the House on Jun 25, 2025 by Rep. Andrew Garbarino (R) with 1 co-sponsor. It last saw action on Feb 25, 2026: Placed on the Union Calendar, Calendar No. 450.

Record

Text

H.R. 4130 has 1 co-sponsor.

hr4130/introduced-in-house.txt
119 HR 4130 IH: Small Business Relief Act
 U.S. House of Representatives
 2025-06-25
 text/xml
 EN
 Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
 I  119th CONGRESS  1st Session  H. R. 4130  IN THE HOUSE OF REPRESENTATIVES   June 25, 2025   Mr. Garbarino  introduced the following bill; which was referred to the  Committee on Financial Services    A BILL
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.
Short title
This Act may be cited as the   Small Business Relief Act  .
2.
Exclusions from mandatory registration threshold
(a)
In general
Section 12(g)(1) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78l(g)(1) ) is amended—
(1)
in paragraph (A)(i), by inserting after  persons  the following:  (that are not a qualified institutional buyer or an institutional accredited investor) ; and
(2)
in paragraph (B), by inserting after  persons  the following:  (that are not a qualified institutional buyer or an institutional accredited investor) .
(b)
Nonapplicability of general exemptive authority
Section 36 of the Securities Exchange Act of 1934 ( 15 U.S.C. 78mm ) shall not apply to the matter inserted by the amendments made by subsection (a).

Tracker

The tracker indicates the progress of this legislation as it moves through the legislative process.

  1. Introduced2025-06-25
  2. Passed House
  3. Passed Senate
  4. Conference
  5. To President
  6. Became Law

CRS Summary

The summaries are the Congressional Research Service’s, one per stage. Read them in full.

Reported to House Feb 25, 2026

hr4130/reported-to-house.md

Shown Here:
Reported to House (02/25/2026)

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.

Sponsors

Rep. Andrew Garbarino (R) sponsors H.R. 4130, and 1 member has co-sponsored it.

Committees

H.R. 4130 went before 1 committee: Financial Services.

Financial Services
Financial Services
Reported By · Feb 25, 2026 · 559 Bills

Reports

1 committee report has been filed on H.R. 4130, the latest H. Rept. 119-525.

Actions

H.R. 4130 has taken 7 actions since Jun 25, 2025, the latest on Feb 25, 2026.

ChamberAction
Feb 25, 2026
House
Reported (Amended) by the Committee on Financial Services. H. Rept. 119-525.Financial Services Committee
Feb 25, 2026
House
Placed on the Union Calendar, Calendar No. 450.
Dec 17, 2025
House
Ordered to be Reported (Amended) by the Yeas and Nays: 28 - 24.Financial Services Committee
Dec 17, 2025
House
Committee Consideration and Mark-up Session HeldFinancial Services Committee
Dec 16, 2025
House
Committee Consideration and Mark-up Session HeldFinancial Services Committee

Votes

H.R. 4130 has not gone to a roll call.

Titles

H.R. 4130 goes by 4 titles, 2 of them short titles.

  • Small Business Relief Act — Short Title(s) as Reported to House
  • Small Business Relief Act — Display Title
  • Small Business Relief Act — Short Title(s) as Introduced
  • 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. — Official Title as Introduced

Cost estimate

The Congressional Budget Office has filed 1 estimate for H.R. 4130, the latest on Mar 16, 2026.

Lobbying

1 client hired 1 firm and 2 registered lobbyists who named H.R. 4130 in 1 quarterly filing, 2025. Reported under the Lobbying Disclosure Act; a filing’s income covers everything its registrant worked that quarter, so the amounts below are the filings’, not this bill’s.

Filed under Banking, Budget/Appropriations, Consumer Issues/Safety/Products, Financial Institutions/Investments/Securities, Health Issues, Housing, Taxation/Internal Revenue Code.

Clients

Who paid to be heard, by how many filings named the bill.

ClientBusinessStateFirmsFilingsReported
AMERICANS FOR FINANCIAL REFORM—District of Columbia11—

Firms

Registrants who filed on the bill, by filings.

RegistrantClientsFilingsReported
AMERICANS FOR FINANCIAL REFORM11—

Lobbyists

Named on the filings that cite the bill.

LobbyistFirmsClientsFilings
MARK HAYS111
RUKMANI BHATIA111

Filings

The documents themselves, on the Senate’s Lobbying Disclosure site, largest reported first.

ClientRegistrantPeriodReportedDocument
AMERICANS FOR FINANCIAL REFORMAMERICANS FOR FINANCIAL REFORM2025 fourth_quarter$150K4th Quarter - Report

Classification

The Congressional Research Service files H.R. 4130 under Finance and Financial Sector, one of its 31 policy areas, and gives it 5 legislative subjects.

CRS Subjects

CRS assigns every bill one policy area from its 31; H.R. 4130’s is Finance and Financial Sector.

hr4130/policy-areas.txt
Finance and Financial SectorAgriculture and FoodAnimalsArmed Forces and National SecurityArts, Culture, ReligionCivil Rights and Liberties, Minority IssuesCommerceCongressCrime and Law EnforcementEconomics and Public FinanceEducationEmergency ManagementEnergyEnvironmental ProtectionFamiliesForeign Trade and International FinanceGovernment Operations and PoliticsHealthHousing and Community DevelopmentImmigrationInternational AffairsLabor and EmploymentLawNative AmericansPublic Lands and Natural ResourcesScience, Technology, CommunicationsSocial WelfareSports and RecreationTaxationTransportation and Public WorksWater Resources Development

Legislative Subjects

H.R. 4130 carries 5 of CRS’s legislative subjects, from Business investment and capital to Small business.

hr4130/subjects.txt
Business investment and capitalBusiness recordsLicensing and registrationsSecuritiesSmall business

Constitutional authority

The clause the sponsor cites as Congress’s power to enact H.R. 4130, as entered in the Congressional Record.

[Congressional Record Volume 171, Number 109 (Wednesday, June 25, 2025)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. GARBARINO:H.R. 4130.Congress has the power to enact this legislation pursuantto the following:Article 1, Section 8[Page H2970]

Source: congress.gov · legiscan.com