79–008 

115TH CONGRESS REPORT " ! HOUSE OF REPRESENTATIVES 1st Session 115–401 

PROVIDING FOR CONSIDERATION OF THE BILL (H.R. 2201) TO AMEND THE 

SECURITIES ACT OF 1933 TO EXEMPT CERTAIN MICRO-OFFERINGS FROM 

THE REGISTRATION REQUIREMENTS OF SUCH ACT, AND FOR OTHER 

PURPOSES 

NOVEMBER 7, 2017.—Referred to the House Calendar and ordered to be printed 

Mr. BUCK, from the Committee on Rules, 

submitted the following 

R E P O R T 

[To accompany H. Res. 609] 

The Committee on Rules, having had under consideration House 

Resolution 609, by a record vote of 9 to 4, report the same to the 

House with the recommendation that the resolution be adopted. 

SUMMARY OF PROVISIONS OF THE RESOLUTION

The resolution provides for consideration of H.R. 2201, the Micro 

Offering Safe Harbor Act, under a structured rule. The resolution 

provides one hour of debate equally divided and controlled by the 

chair and ranking minority member of the Committee on Financial 

Services. The resolution waives all points of order against consideration of the bill. The resolution provides that the bill shall be considered as read. The resolution waives all points of order against 

provisions in the bill. The resolution makes in order only the 

amendment printed in this report, if offered by the Member designated in this report, which shall be considered as read, shall be 

debatable for the time specified in this report equally divided and 

controlled by the proponent and an opponent, shall not be subject 

to amendment, and shall not be subject to a demand for division 

of the question. The resolution waives all points of order against 

the amendment printed in this report. The resolution provides one 

motion to recommit with or without instructions. 

EXPLANATION OF WAIVERS

Although the resolution waives all points of order against consideration of the bill, the Committee is not aware of any points of 

order. The waiver is prophylactic in nature. 

Although the resolution waives all points of order against provisions in the bill, the Committee is not aware of any points of order. 

The waiver is prophylactic in nature. 

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Although the resolution waives all points of order against the 

amendment printed in this report, the Committee is not aware of 

any points of order. The waiver is prophylactic in nature. 

COMMITTEE VOTES

The results of each record vote on an amendment or motion to 

report, together with the names of those voting for and against, are 

printed below: 

Rules Committee record vote No. 139 

Motion by Mr. Cole to report the rule. Adopted: 9–4 

Majority Members Vote Minority Members Vote 

Mr. Cole ............................................................ Yea Ms. Slaughter .................................................. Nay 

Mr. Woodall ...................................................... Yea Mr. McGovern ................................................... Nay 

Mr. Burgess ...................................................... Yea Mr. Hastings of Florida ................................... Nay 

Mr. Collins ........................................................ Yea Mr. Polis ........................................................... Nay 

Mr. Byrne .......................................................... Yea 

Mr. Newhouse ................................................... Yea 

Mr. Buck ........................................................... Yea 

Ms. Cheney ....................................................... Yea 

Mr. Sessions, Chairman ................................... Yea 

SUMMARY OF THE AMENDMENT MADE IN ORDER

1. Emmer (MN): Amends the bill to not allow the exemption to 

be available for those who have been disqualified under the ‘‘bad 

actor’’ disqualification standard of section 230.506(d) of title 17, 

Code of Federal Regulations, providing an additional layer of investor protection in the bill. (10 minutes) 

TEXT OF AMENDMENT MADE IN ORDER

1. AN AMENDMENT TO BE OFFERED BY REPRESENTATIVE EMMER OF

MINNESOTA OR HIS DESIGNEE, DEBATABLE FOR 10 MINUTES

Page 3, line 14, strike ‘‘The transactions’’ and insert the following: 

‘‘(1) IN GENERAL.—The transactions’’. 

Page 3, line 19, strike ‘‘(1)’’ and insert ‘‘(A)’’ and adjust the margin 2 ems to the right. 

Page 3, line 24, strike ‘‘(2)’’ and insert ‘‘(B)’’ and adjust the margin 2 ems to the right. 

Page 4, line 5, strike ‘‘(3)’’ and insert ‘‘(C)’’ and adjust the margin 

2 ems to the right. 

Page 4, line 10, strike the quotation mark and final period and 

insert after such line the following: 

‘‘(2) DISQUALIFICATION.— 

‘‘(A) IN GENERAL.—The exemption provided under subsection (a)(8) shall not be available for a transaction involving a sale of securities if any person described in subparagraph (B) would have triggered disqualification pursuant to section 230.506(d) of title 17, Code of Federal Regulations. 

‘‘(B) PERSONS DESCRIBED.—The persons described in this 

subparagraph are the following: 

‘‘(i) The issuer. 

‘‘(ii) Any predecessor of the issuer. 

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‘‘(iii) Any affiliated issuer. 

‘‘(iv) Any director, executive officer, other officer participating in the offering, general partner, or managing member of the issuer. 

‘‘(v) Any beneficial owner of 20 percent or more of 

the issuer’s outstanding voting equity securities, calculated on the basis of voting power. 

‘‘(vi) Any promoter connected with the issuer in any 

capacity at the time of such sale. 

‘‘(vii) Any investment manager of an issuer that is 

a pooled investment fund. 

‘‘(viii) Any person that has been or will be paid (directly or indirectly) remuneration for solicitation of 

purchasers in connection with such sale of securities. 

‘‘(ix) Any general partner or managing member of 

any such investment manager or solicitor. 

‘‘(x) Any director, executive officer, or other officer 

participating in the offering of any such investment 

manager or solicitor or general partner or managing 

member of such investment manager or solicitor.’’. 

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