# 119-hr-4129: Tailoring for Main Street’s Investors Act

119-hr-4129, Tailoring for Main Street’s Investors Act, is a 119th Congress bill sponsored by Rep. Garbarino, Andrew R. [R-NY-2] (R-NY); status introduced; PRIA reads it as touching household money (as of 2026-09-26).

- Canonical: https://policyrisk.com/legislation/119-hr-4129
- As of: 2026-09-26
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Bill: 119-hr-4129
- Congress: 119
- Title: Tailoring for Main Street’s Investors Act
- Status: introduced
- Introduced: 2025-06-25
- Sponsor: Rep. Garbarino, Andrew R. [R-NY-2] (R-NY)
- Cosponsors: 3
- Policy area: Finance and Financial Sector
- Touches household money: yes
- Last recorded action: 2026-09-26

## Summary

**Creates a targeted federal registration exemption for certain private fund advisers.** The bill also streamlines reporting for smaller advisers and directs the SEC to build a short Form ADV for small filers. - Advisers to private funds that manage less than $5 billion in U.S. assets and whose investors are all qualified purchasers, accredited investors, or licensed investment professionals can avoid SEC registration if funds give no routine redemption rights. - Covered entities with under $1 billion in assets under management file Form ADV no more often than once every two years, and the SEC must develop a short Form ADV within 280 days of enactment. - Exempt advisers still must keep records and provide biennial reports the SEC finds necessary to protect investors, and those reporting requirements may not be more burdensome than current small-adviser rules.

## Cosponsors (3)

- Rep. Mackenzie, Ryan [R-PA-7] (R-PA), 2026-09-24T00:00:00.000Z
- Rep. Barr, Andy [R-KY-6] (R-KY), 2025-12-09T00:00:00.000Z
- Rep. Lawler, Michael [R-NY-17] (R-NY), 2026-06-22T00:00:00.000Z

## Provisions PRIA read

- Fewer SEC filings for small investment advisers: benefit, medium. Starting on the date of enactment, advisers with under $1,000,000,000 in assets would file Form ADV no more than once every two years. The SEC would also create a short Form ADV for these firms within 280 days. This could cut compliance time and costs for small investment advisers.
- SEC registration break for small private fund advisers: mixed, medium. This bill would let some private fund advisers skip SEC registration. To qualify, they would need to advise only private funds and have under $5,000,000,000 in U.S. assets. Every investor would have to be a qualified purchaser, an accredited investor, or a licensed investment professional if the SE…

## Related bills

- 119-hr-6644: 21st Century ROAD to Housing Act
- 119-hr-3151: SHIPS for America Act of 2025
- 119-hr-2725: Affordable Housing Credit Improvement Act of 2025
- 119-hr-2548: Sanctioning Russia Act of 2025
- 119-hr-1410: 9/11 Responder and Survivor Health Funding Correction Act of 2025
- 119-hr-3226: Law Enforcement Officers Equity Act

## Sources
- [119-hr-4129 on Congress.gov](https://www.congress.gov/bill/119th-congress/house-bill/4129)

## Related
- [119-hr-6644: 21st Century ROAD to Housing Act](https://policyrisk.com/legislation/119-hr-6644)
- [119-hr-3151: SHIPS for America Act of 2025](https://policyrisk.com/legislation/119-hr-3151)
- [119-hr-2725: Affordable Housing Credit Improvement Act of 2025](https://policyrisk.com/legislation/119-hr-2725)
- [119-hr-2548: Sanctioning Russia Act of 2025](https://policyrisk.com/legislation/119-hr-2548)
- [119-hr-1410: 9/11 Responder and Survivor Health Funding Correction Act of 2025](https://policyrisk.com/legislation/119-hr-1410)
- [119-hr-3226: Law Enforcement Officers Equity Act](https://policyrisk.com/legislation/119-hr-3226)
- [All bills in Congress](https://policyrisk.com/legislation)

Source: PRIA, https://policyrisk.com/legislation/119-hr-4129 (as of 2026-09-26).