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H.R. 3352119th CongressFinance and Financial Sector
HALOS Act of 2025
Sponsored by Rep. Michael Lawler (R-NY) · 2 active : 1 Republican, 1 Democrat
Latest action: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Where it standsPassed House, now in the Senate7 senators score as swing votes
Passed House
- House: passedJun 23, 2025
- Senate: next
- President: not yet
Summary
, via Congress.govHelping Angels Lead Our Startups Act of 2025 or the HALOS Act of 2025
This bill directs the Securities and Exchange Commission (SEC) to exempt presentations and communications (e.g., product demonstrations) made at certain events from advertising and solicitation restrictions under Regulation D. (Regulation D exempts certain securities offerings from SEC registration requirements but prohibits general solicitation or general advertising with respect to such offerings.)
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Under the bill, this prohibition does not apply to events where presentations or communications are made by or on behalf of an issuer, if
the advertising does not refer to any specific offering of securities by the issuer;
the event sponsor does not provide investment recommendations or advice to attendees, engage in investment negotiations with attendees, charge certain fees, or receive certain compensation; and
no specific information regarding a securities offering is communicated beyond the type and amount of securities being offered, the unsubscribed amount, and the intended use of proceeds from the offering.
Exempt events must involve participation by more than one issuer and must be sponsored by specified entity types, including
angel investor groups
unconnected to broker dealers or investment advisors. Such events generally may not be held in facilities owned or operated by a religious organization. If such an event is virtual, online participation must be limited to investors associated with the sponsor organization, accredited investors, or individuals invited to the event based on industry or investment experience.
How the projections held up
Each member’s recorded vote compared with their swing projection from before the vote. A member by voting against most of their own party.
House
Passed by voice vote or unanimous consent: no individual votes recorded.
Committees and subjects
Committees
- House Committee on Financial Services · HouseReported by · Markup by · Referred to
- Senate Committee on Banking, Housing, and Urban Affairs · SenateReferred to
Subjects
- Administrative law and regulatory procedures
- Business investment and capital
- Financial services and investments
- Higher education
- Marketing and advertising
- Securities
- Securities and Exchange Commission (SEC)
- Social work, volunteer service, charitable organizations
How the Senate breaks down
- 7Swing 70–100
- 65Middle 30–70
- 28Entrenched 0–30
Members fall into . All 100 senators have enough data to score.
Key players in the Senate
Ranked by swing score, 0–100 · swing-v2Bars show each input from 0 to 100: ideology gap, scorecard gap, . is the seat’s partisan lean, and shows how much of the input data a score has.
Similar past votes, Senate
Earlier behind swing-v3’s inputLoading similar votes
Cosponsors
2 activeShow all 2 cosponsors
- Josh Gottheimer (D-NJ-5)
- Maria Elvira Salazar (R-FL-27)
How the swing score works
Ideology gapHow far a member’s DW-NOMINATE voting score sits from their party’s median in the same chamber.
Scorecard gapHow far their Heritage Action and LCV ratings stray from their party’s average, using the groups’ votes on similar bills where available.
Cross-pressureHow strongly their district or state leans toward the other party, from our own computed partisan lean.
Similar votesHow often they voted against their own party on earlier roll calls about this bill or similar ones.
Committee bonusMembers of the committees handling the bill decide whether it moves, so they get a boost.
Cosponsor checkThe sponsor and active cosponsors have already committed, so they drop toward entrenched.
