H.R. 6541, Regulation A+ Improvement Act of 2025

H.R. 6541 would raise the limits on the dollar amount of securities that companies can issue in a single issuance and over a 12-month period and remain exempt from registering their public offerings with the Securities and Exchange Commission (SEC). The bill would direct the SEC to adjust those new limits for inflation every five years.

CBO expects that exempting certain issuers from that registration requirement would reduce the number of companies who pay fees imposed on filings for public offerings. Those fees are recorded in the budget as revenues. Because the SEC is required to collect those fees equal to an annual statutory target ($888 million in fiscal year 2026, adjusted annually for inflation), CBO expects that the commission would adjust its rates such that the net change in its collections of those fees would be negligible over the 2026-2036 period.

CBO estimates that the costs to the SEC to implement H.R. 6541 would be less than $500,000 over the same period. Because the SEC is authorized to collect transaction fees each year to offset its annual appropriation, CBO expects that the net effect on discretionary spending over the 2026-2031 period would be negligible, assuming appropriation actions consistent with that authority.

If the SEC increased fees to offset the costs of implementing provisions in H.R. 6541, the cost of an existing private-sector mandate on entities required to pay those fees would increase as well. CBO estimates that the incremental cost of the mandate would be small and would fall well below the annual threshold established in the Unfunded Mandates Reform Act for private-sector mandates ($214 million in 2026, adjusted annually for inflation).

The bill would not impose any intergovernmental mandates.

The CBO staff contacts for this estimate are Sean Christensen (for federal costs) and Rachel Austin (for mandates). The estimate was reviewed by H. Samuel Papenfuss, Deputy Director of Budget Analysis.