IV 
House Calendar No. 85 
112TH CONGRESS 
1ST SESSION 
H. RES. 453 
[Report No. 112–265] 
Providing for consideration of the bill (H.R. 2930) to amend the securities 
laws to provide for registration exemptions for certain crowdfunded secu-
rities, and for other purposes, and providing for consideration of the 
bill (H.R. 2940) to direct the Securities and Exchange Commission 
to eliminate the prohibition against general solicitation as a requirement 
for a certain exemption under Regulation D. 
IN THE HOUSE OF REPRESENTATIVES 
NOVEMBER 2, 2011 
Mr. SESSIONS, from the Committee on Rules, reported the following resolu-
tion; which was referred to the House Calendar and ordered to be printed 
RESOLUTION 
Providing for consideration of the bill (H.R. 2930) to amend 
the securities laws to provide for registration exemptions 
for certain crowdfunded securities, and for other pur-
poses, and providing for consideration of the bill (H.R. 
2940) to direct the Securities and Exchange Commission 
to eliminate the prohibition against general solicitation 
as a requirement for a certain exemption under Regula-
tion D. 
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•HRES 453 RH 
Resolved, That at any time after the adoption of this 
resolution the Speaker may, pursuant to clause 2(b) of 
rule XVIII, declare the House resolved into the Committee 
of the Whole House on the state of the Union for consider-
ation of the bill (H.R. 2930) to amend the securities laws 
to provide for registration exemptions for certain 
crowdfunded securities, and for other purposes. The first 
reading of the bill shall be dispensed with. All points of 
order against consideration of the bill are waived. General 
debate shall be confined to the bill and shall not exceed 
one hour equally divided and controlled by the chair and 
ranking minority member of the Committee on Financial 
Services. After general debate the bill shall be considered 
for amendment under the five-minute rule. It shall be in 
order to consider as an original bill for the purpose of 
amendment under the five-minute rule the amendment 
recommended by the Committee on Financial Services now 
printed in the bill. The committee amendment in the na-
ture of a substitute shall be considered as read. All points 
of order against the committee amendment in the nature 
of a substitute are waived. No amendment to the com-
mittee amendment in the nature of a substitute shall be 
in order except those printed in part A of the report of 
the Committee on Rules accompanying this resolution. 
Each such amendment may be offered only in the order 
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printed in the report, may be offered only by a Member 
designated in the report, shall be considered as read, shall 
be debatable for the time specified in the report equally 
divided and controlled by the proponent and an opponent, 
shall not be subject to amendment, and shall not be sub-
ject to a demand for division of the question in the House 
or in the Committee of the Whole. All points of order 
against such amendments are waived. At the conclusion 
of consideration of the bill for amendment the Committee 
shall rise and report the bill to the House with such 
amendments as may have been adopted. Any Member may 
demand a separate vote in the House on any amendment 
adopted in the Committee of the Whole to the bill or to 
the committee amendment in the nature of a substitute. 
The previous question shall be considered as ordered on 
the bill and amendments thereto to final passage without 
intervening motion except one motion to recommit with 
or without instructions. 
SEC. 2. Upon the adoption of this resolution it shall 
be in order to consider in the House the bill (H.R. 2940) 
to direct the Securities and Exchange Commission to 
eliminate the prohibition against general solicitation as a 
requirement for a certain exemption under Regulation D. 
All points of order against consideration of the bill are 
waived. The amendment in the nature of a substitute rec-
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ommended by the Committee on Financial Services now 
printed in the bill shall be considered as adopted. The bill, 
as amended, shall be considered as read. All points of 
order against provisions in the bill, as amended, are 
waived. The previous question shall be considered as or-
dered on the bill, as amended, and on any further amend-
ment thereto, to final passage without intervening motion 
except: (1) one hour of debate equally divided and con-
trolled by the chair and ranking minority member of the 
Committee on Financial Services; (2) the further amend-
ment printed in part B of the report of the Committee 
on Rules accompanying this resolution, if offered by Rep-
resentative Miller of North Carolina or his designee, which 
shall be in order without intervention of any point of 
order, shall be considered as read, and shall be separately 
debatable for 10 minutes equally divided and controlled 
by the proponent and an opponent; and (3) one motion 
to recommit with or without instructions. 
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House Calendar No. 85 
112TH CONGRESS 
1ST SESSION 
H. RES. 453 
[Report No. 112–265] 
RESOLUTION 
Providing for consideration of the bill (H.R. 2930) 
to amend the securities laws to provide for reg-
istration exemptions for certain crowdfunded se-
curities, and for other purposes, and providing 
for consideration of the bill (H.R. 2940) to direct 
the Securities and Exchange Commission to 
eliminate the prohibition against general solicita-
tion as a requirement for a certain exemption 
under Regulation D. 
NOVEMBER 2, 2011 
Referred to the House Calendar and ordered to be 
printed 
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