Federal RuleAug 21
62
DOL Rewrites Disability Rules for 'Merit-Based Opportunity' Push
RuleLabor DepartmentFederal Contract Compliance Programs OfficeSignificant Wallet
119-hr-3645119th CongressWALLET
ACCESS Act of 2025
Sponsored By: Representative Meuser, Daniel [R-PA-9]
In Committee
Summary
Expands access to crowdfunding capital. The ACCESS Act would raise the point at which a crowdfunded offering must include financial statements reviewed by a public accountant independent of the issuer from $100k to $250k. It would also let the SEC increase that cap to up to $400k after recommendations from the Office of the Advocate for Small Business Capital Formation and the Office of the Investor Advocate.
Show full summary
- Small businesses and startups: Could offer up to $250k under the crowdfunding exemption without triggering the independent-accountant review that applied at $100k, reducing upfront accounting burden.
- Investors: Would see fewer offerings with independent-accountant reviewed financial statements in the $100k to $250k range.
- Accountants and auditors: Fewer small offerings would require independent-accountant reviews, likely lowering demand for that specific review work.
- Regulators: Gives the SEC discretionary authority to raise the threshold to as much as $400k, contingent on recommendations from the two advocate offices.
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 0 benefits, 0 costs, 1 mixed.
Higher review threshold for crowdfunding
If enacted, this bill would raise the dollar level that triggers a reviewed financial statement in SEC crowdfunding. The trigger would move from $100,000 to $250,000 per offering. The SEC could later raise it to as much as $400,000, but only with recommendations from the Office of the Advocate for Small Business Capital Formation and the Office of the Investor Advocate, and a Commission vote. Small businesses would face fewer review costs on smaller offerings. Investors could see less required financial disclosure for those offerings, and the change would take effect upon enactment.
Sponsors & CoSponsors
Sponsor
Meuser, Daniel [R-PA-9]
PA • R
Cosponsors
Rep. De La Cruz, Monica [R-TX-15]
TX • R
Sponsored 5/29/2025
Rep. McClain, Lisa C. [R-MI-9]
MI • R
Sponsored 5/29/2025
Rep. Nunn, Zachary [R-IA-3]
IA • R
Sponsored 5/29/2025
Rep. Salazar, Maria Elvira [R-FL-27]
FL • R
Sponsored 5/29/2025
Roll Call Votes
No roll call votes available for this bill.
View on Congress.gov