In June, 2011, a bill was introduced in the House would raise the 500-shareholder threshold for becoming an SEC registered reporting company to 1000 and exclude accredited investors and employees.
The bill, HR 2167 has been referred to the House Financial Services Committee for review. This means the bill is in the first step in the legislative process. “Introduced bills and resolutions first go to committees that deliberate, investigate, and revise them before they go to general debate. The majority of bills and resolutions never make it out of committee,” according to the legislative tracking service, SEC Reviewing 500
