II 

117TH CONGRESS 

2D SESSION S. 3916 

To permit the Securities and Exchange Commission to increase regulatory 

exemption thresholds, and for other purposes. 

IN THE SENATE OF THE UNITED STATES 

MARCH 24, 2022 

Mr. ROUNDS introduced the following bill; which was read twice and referred 

to the Committee on Banking, Housing, and Urban Affairs 

A BILL 

To permit the Securities and Exchange Commission to increase regulatory exemption thresholds, and for other 

purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Increasing Opportuni5 ties for Retail Investors Act’’. 

6 SEC. 2. REGULATORY DOLLAR THRESHOLDS AND LIMITA7 TIONS. 

8 Notwithstanding any other provision of law or regula9 tion, the Securities and Exchange Commission, in order 

10 to reduce any regulatory obligation (or any restriction) on 


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•S 3916 IS

1 any entity, may, as the Commission determines appro2 priate, increase any dollar threshold or limitation by rule 

3 of the Commission, including any dollar threshold or limi4 tation under— 

5 (1) section 230.251(a)(1) of title 17, Code of 

6 Federal Regulations, or any successor regulation; 

7 (2) section 230.251(a)(2) of title 17, Code of 

8 Federal Regulations, or any successor regulation; 

9 (3) section 230.504 of title 17, Code of Federal 

10 Regulations, or any successor regulation; 

11 (4) section 227.100(a)(1) of title 17, Code of 

12 Federal Regulations, or any successor regulation; 

13 (5) section 229.10(f) of title 17, Code of Fed14 eral Regulations, or any successor regulation; 

15 (6) section 230.405 of title 17, Code of Federal 

16 Regulations, or any successor regulation; or 

17 (7) section 240.12b–2 of title 17, Code of Fed18 eral Regulations, or any successor regulation. 

19 SEC. 3. JOBS ACT-RELATED EXEMPTION. 

20 Section 3(b) of the Securities Act of 1933 (15 U.S.C. 

21 77c(b)) is amended— 

22 (1) in paragraph (2)(A), by striking 

23 ‘‘$50,000,000’’ and inserting ‘‘$75,000,000, ad24 justed for inflation by the Commission every 2 years 

25 to the nearest $10,000 to reflect the change in the 


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•S 3916 IS

1 Consumer Price Index for All Urban Consumers 

2 published by the Bureau of Labor Statistics’’; and 

3 (2) in paragraph (5)— 

4 (A) in the first sentence, by striking ‘‘such 

5 amount as’’ and inserting the following: ‘‘such 

6 amount, as adjusted for inflation under para7 graph (2)(A), as’’; and 

8 (B) in the second sentence, by striking 

9 ‘‘such amount’’ and inserting the following: 

10 ‘‘such amount, as adjusted for inflation under 

11 paragraph (2)(A)’’. 

12 SEC. 4. CROWDFUNDING EXEMPTION. 

13 (1) INCREASE IN LIMIT OF AMOUNT SOLD IN

14 RELIANCE ON THE CROWDFUNDING EXEMPTION.— 

15 Section 4(a)(6)(A) of the Securities Act of 1933 (15 

16 U.S.C. 77d(a)(6)(A)) is amended by striking 

17 ‘‘$1,000,000’’ and inserting ‘‘$5,000,000’’. 

18 (2) CLARIFICATION OF TRANSACTION CAPS.— 

19 Section 4(a)(6)(B) of the Securities Act of 1933 (15 

20 U.S.C. 77d(a)(6)(B)) is amended— 

21 (A) in clause (i), by inserting ‘‘the greater 

22 of’’ after ‘‘5 percent of’’; and 

23 (B) in clause (ii), by inserting ‘‘the greater 

24 of’’ after ‘‘10 percent of’’. 

Æ 


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