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H.R. 4130119th CongressPlaced on the calendarLatest action Feb 25, 2026Decoded by AI · checked against the record
The plain-language version leads. The official text is always the reference.
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
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.
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.
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.
AI-drafted summary. Verify it against the official text before you act on it. Read the official bill on Congress.gov
Right now: it was placed on the House floor calendar, and the official record shows no floor action on it since. If the Senate changes it, it goes back to the House before reaching the President.
Latest action: — Placed on the Union Calendar, Calendar No. 450.