H.R. 4130Heading to a voteJobs & the economy
Bill would let firms exclude big investors from SEC reporting count
Data as of July 11, 2026
The Small Business Relief Act would exclude large institutional investors from the shareholder count that triggers mandatory SEC financial disclosure.40-second read · 4 questions answered below
Decoded
What does this do?
This bill would change how the SEC counts shareholders to determine when a company must start public financial reporting. It would exclude "qualified institutional buyers" and "institutional accredited investors," such as banks, insurance companies, and investment funds, from that headcount. This would let companies have more institutional investors without crossing the threshold that triggers mandatory disclosure.
Who does it affect?
Growing private companies, especially startups and small businesses that raise money from institutional investors, would be primarily affected. The SEC and everyday investors seeking public financial information would also be affected.
Why does it matter?
Companies could stay private longer and delay the costs and disclosure obligations of SEC registration. This means less public financial information would be available about these companies before they go public, if they ever do.
Where does it stand?
- Introduced
- House committee
- House vote — You are here
- Senate
- President's desk
Right now: it's headed for a House floor vote. If the Senate changes it, it goes back to the House before reaching the President.
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Official title
Small Business Relief Act
- Introduced:
- June 25, 2025
- Latest action:
- February 25, 2026
Placed on the Union Calendar, Calendar No. 450.
Read the official bill on Congress.govMake the call
Three steps: where you stand, your script, the call.