PlainBillCongress, translated.Legislation. Context. Public interest.Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Congressional Research Service
Version 36 · Passed House amended · Nov 9, 2017
Micro Offering Safe Harbor Act
(Sec. 2) This bill amends the Securities Act of 1933 to exempt certain micro-offerings from: (1) state regulation of securities offerings, and (2) federal prohibitions related to interstate solicitation.
The exempted micro-offerings must meet all of the following requirements:
the purchaser has a substantive pre-existing relationship with the issuer,
during the 12-month period preceding the transaction there are no more than 35 purchasers relying on the exemption, and
the amount of all securities sold by the issuer (including any amount sold in reliance upon the exemption) during the 12-month period preceding the transaction does not exceed $500,000.
A transaction shall not qualify for the exemption if the issuer or one of certain related persons triggers a "bad actor" disqualification under specified regulations due to a relevant criminal conviction, court or regulatory order, or other disciplinary event.
People & committees
Rep. Emmer, Tom [R-MN-6] · R–MN
Legislative record
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Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Motion to reconsider laid on the table Agreed to without objection.
On passage Passed by the Yeas and Nays: 232 - 188 (Roll no. 622).
House roll call 622 · Individual votesPassed/agreed to in House: On passage Passed by the Yeas and Nays: 232 - 188 (Roll no. 622).
House roll call 622 · Individual votesConsidered as unfinished business. (consideration: CR H8678-8679)
POSTPONED PROCEEDINGS - At the conclusion of debate on H.R. 2201, the Chair put the question on passage and by voice vote, announced the ayes had prevailed. Ms. Maxine Waters (CA) demanded the yeas and nays and the Chair postponed further proceedings on the question of passage until a time to be announced.
DEBATE - Pursuant to the provisions of H.Res. 609, the House proceeded with 10 minutes of debate on the Emmer amendment.
DEBATE - The House resumed debate on H.R. 2201.
DEBATE - The House proceeded with one hour of debate on H.R. 2201.
Rule provides for consideration of H.R. 2201 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions.
Considered under the provisions of rule H. Res. 609. (consideration: CR H8667-8678; text of measure as reported in House: CR H8667)
Rule H. Res. 609 passed House.
Rules Committee Resolution H. Res. 609 Reported to House. Rule provides for consideration of H.R. 2201 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions.
Placed on the Union Calendar, Calendar No. 280.
Reported by the Committee on Financial Services. H. Rept. 115-383.
Reported by the Committee on Financial Services. H. Rept. 115-383.
Ordered to be Reported by the Yeas and Nays: 34 - 26.
Committee Consideration and Mark-up Session Held.
Committee Consideration and Mark-up Session Held.
Referred to the House Committee on Financial Services.
Introduced in House
Introduced in House
Primary sources
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Source last updated: Apr 7, 2025. Consult Congress.gov for the current record.
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Analyze H.R.2201 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.
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