To amend the Securities Act of 1933 with respect to small company capital formation, and for other purposes.
Legislative Progress
IntroducedMr. Stutzman introduced the following bill; which was referred to …
Summary
What This Bill Does
The Regulation A+ Improvement Act of 2025 triples the amount of money small and mid-sized companies can raise from the public without going through a full IPO. Currently, companies can raise up to $50 million under "Regulation A+" with simplified SEC requirements; this bill raises that limit to $150 million and adds automatic inflation adjustments every two years.
Who Benefits and How
Small and mid-sized companies benefit significantly, as they can now access up to $150 million in capital with less regulatory burden than a traditional IPO. Investment banks, securities lawyers, and compliance consultants who specialize in Regulation A+ offerings will see larger deal sizes and more business. Retail investors gain access to investment opportunities in companies that previously would have been too large for Reg A+ but too small for a full IPO.
Who Bears the Burden and How
The Securities and Exchange Commission faces increased workload as it reviews larger offerings under the expanded exemption. Traditional IPO underwriters and large investment banks may lose business to the more streamlined Reg A+ process. Some argue that retail investors face higher risk by investing in companies with less disclosure than full SEC registration requires.
Key Provisions
- Increases the Regulation A+ offering limit from $50 million to $150 million
- Requires the SEC to adjust the cap for inflation every 2 years based on the Consumer Price Index
- Allows the SEC to raise the limit further beyond inflation adjustments if warranted
- Applies the inflation adjustment provision to existing SEC authority to modify the cap
Evidence Chain:
This summary is derived from the structured analysis below. See "Detailed Analysis" for per-title beneficiaries/burden bearers with clause-level evidence links.
Primary Purpose
Amends the Securities Act of 1933 to increase the Regulation A+ offering limit from $50 million to $150 million and adds automatic inflation adjustments every 2 years.
Policy Domains
Legislative Strategy
"Expand access to capital for small and medium-sized businesses by tripling the Regulation A+ offering cap and ensuring it keeps pace with inflation."
Likely Beneficiaries
- Small and mid-sized companies seeking to raise capital
- Startups and growth-stage businesses
- Investment banks and securities lawyers specializing in Reg A+ offerings
- Retail investors seeking access to private company investments
Likely Burden Bearers
- SEC staff (increased workload reviewing larger offerings)
- Traditional IPO underwriters (face more competition from Reg A+)
- Retail investors (potential exposure to riskier investments with less disclosure)
Bill Structure & Actor Mappings
Who is "The Secretary" in each section?
- "the_commission"
- → Securities and Exchange Commission (SEC)
Key Definitions
Terms defined in this bill
Companies eligible for Regulation A+ exemption, typically smaller issuers seeking to raise capital without full SEC registration.
An exemption from SEC registration under Section 3(b)(2) of the Securities Act that allows companies to raise capital through public offerings with reduced regulatory requirements, subject to dollar limits.
We use a combination of our own taxonomy and classification in addition to large language models to assess meaning and potential beneficiaries. High confidence means strong textual evidence. Always verify with the original bill text.
Learn more about our methodology