Bill · H.R. 3352· House(119-HR-3352)
HALOS Act of 2025
- Introduced
- 5/13/2025
- Last activity
- 6/24/2025 — Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- Sponsored by
- Michael Lawler
- Cosponsors
- - 1 - 1
- Introduced
- Passed House
- In Senate committee
What this bill would do
The HALOS Act of 2025 directs the Securities and Exchange Commission to revise Regulation D regarding general solicitation and advertising rules. This change would allow issuers to make presentations or communications at specific types of events without violating current prohibitions. These events can be sponsored by various entities such as higher education institutions, nonprofits, or angel investor groups. To qualify, the events must meet specific conditions regarding the venue, the sponsor's role, and the type of information shared. The Act aims to clarify how these communications are handled in relation to investment offerings.
Yes· 3 of 6
Does this make it easier to run a small business?+5
The bill assists early-stage businesses by providing more structured ways to communicate their offerings to potential investors.
Would business owners be better off under this?+5
Early-stage company owners benefit from expanded, regulated channels to present their business opportunities to investors.
Is this likely to create jobs?+4
By allowing early-stage companies to present at specific events, the bill eases capital access which can facilitate business expansion and hiring.
The opposite
No question was scored the opposite.
Who it would affect, and how
Potential Positive Impacts for People
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Increased Opportunities for Early-Stage Companies: Issuers, defined as businesses not in bankruptcy, receivership, or acting as shell companies, would be able to present their plans at specific events (Section 2(a)(2), Section 2(b)).
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Support for Angel Investor Groups: The bill defines "angel investor groups" as those composed of accredited investors interested in personal capital for early-stage companies, allowing them to potentially host or sponsor events (Section 2(a)(1)).
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Educational and Nonprofit Engagement: Institutions of higher education and nonprofit organizations are listed as eligible sponsors for these presentations (Section 2(b)(1)).
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Information Transparency: Attendees would be provided with a disclosure, not longer than one page, that describes the nature of the event and the risks of investing in the presenting issuers (Section 2(b)(4)(E)).
Potential Negative Impacts for People
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Restrictions on Venue Selection: Presentations cannot be held in facilities owned or operated by a religious organization, unless it is an accredited institution of higher education operated primarily for post-secondary education (Section 2(b)(2)).
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Limitations on Information Shared: Issuers are restricted in what they can communicate at these events, such as being prohibited from sharing specific information other than the type of securities, the amount offered, amounts already subscribed, and intended use of proceeds (Section 2(b)(5)).
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Sponsor Restrictions: To ensure the event remains within these new rules, sponsors are prohibited from making investment recommendations, providing investment advice, or engaging in active investment negotiations (Section 2(b)(4)(A-B)).
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Hover a score for the reason it gave.
- Economy And Finance
- Improves Small Business Support+5Increases Job Creation+4Improves Economic Growth+3
- Demographic And Interest Groups
- Good For Business Owners+5Good For High Income Households+3
- Education And Technology
- Improves College Affordability+1
- 6/24/2025
- Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- 6/23/2025
- Motion to reconsider laid on the table Agreed to without objection.
- Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (consideration: CR H2866-2867)
- On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (consideration: CR H2866-2867)
- DEBATE - The House proceeded with forty minutes of debate on H.R. 3352.
- Considered under suspension of the rules. (consideration: CR H2866-2868)
- Mrs. Wagner moved to suspend the rules and pass the bill, as amended.
- 6/3/2025
- Reported (Amended) by the Committee on Financial Services. H. Rept. 119-123.
- Placed on the Union Calendar, Calendar No. 93.
- 5/20/2025
- Committee Consideration and Mark-up Session Held
- Ordered to be Reported (Amended) by the Yeas and Nays: 50 - 1.
- 1 Cosponsor added.
- 5/13/2025
- Referred to the House Committee on Financial Services.
- 1 Cosponsor added.
- Introduced in House
One bill Congress.gov lists as related to this one — companions in the other chamber, earlier versions, and bills this one absorbed or was folded into.
Josh GottheimerDemocrat · New Jersey
Maria SalazarRepublican · Florida