I 
116TH CONGRESS 
2D SESSION 
H. R. 6252 
To amend the Securities Act of 1933 to provide an exemption for certain 
micro-offering transactions, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
MARCH 12, 2020 
Mr. MCHENRY (for himself, Mrs. WAGNER, Mr. BARR, Mr. STIVERS, and Mr. 
HUIZENGA) introduced the following bill; which was referred to the Com-
mittee on Financial Services 
A BILL 
To amend the Securities Act of 1933 to provide an exemption 
for certain micro-offering transactions, and for other pur-
poses. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Relief for Small Busi-
nesses Through Micro-Offerings Act of 2020’’. 
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SEC. 2. EXEMPT TRANSACTIONS FOR CERTAIN MICRO-OF-
FERINGS. 
(a) IN GENERAL.—Section 4(a) of the Securities Act 
of 1933 (15 U.S.C. 77d(a)) is amended by adding at the 
end the following: 
‘‘(8) transactions involving the offer or sale of 
securities by an issuer (including all entities con-
trolled by or under common control with the issuer), 
provided that— 
‘‘(A) the aggregate amount sold to all in-
vestors by the issuer, including any amount sold 
in reliance on the exemption provided under 
this paragraph during the 12-month period pre-
ceding the date of such transaction, is not more 
than $250,000; 
‘‘(B) the aggregate amount sold to any in-
vestor by an issuer, including any amount sold 
in reliance on the exemption provided under 
this paragraph during the 12-month period pre-
ceding the date of such transaction, does not 
exceed $5,000; and 
‘‘(C) the transaction is conducted through 
a broker or funding portal registered with the 
Commission.’’. 
(b) AUTHORITY TO PROHIBIT BAD ACTORS.—In 
issuing rules to carry out section 4(a)(8) of the Securities 
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Act of 1933, as added by subsection (a), the Securities 
and Exchange Commission may prohibit a person from en-
gaging in a transaction described under such section 
4(a)(8) if such person is subject to an event that would 
disqualify an issuer or other covered person under Rule 
506(d)(1) of Regulation D (17 CFR 230.506(d)(1)) or is 
subject to a statutory disqualification described under sec-
tion 3(a)(39) of the Securities Exchange Act of 1934. 
(c) TERMINATION.—Effective on the date that is 3 
years after the date of the enactment of this Act, para-
graph (8) of section 4(a) of the Securities Act of 1933 
(15 U.S.C. 77d(a)), as added by subsection (a), is re-
pealed. 
(d) STUDY.—Not later than 1 year after the date of 
the enactment of this Act, the Comptroller General of the 
United States shall submit to Congress a study on the im-
pact of paragraph (8) of section 4(a) of the Securities Act 
of 1933 (15 U.S.C. 77d(a)), as added by subsection (a). 
Æ 
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