; and (B) in paragraph (4), by striking 300 persons and all that follows through 1,200 persons persons and inserting 1,200 persons ; and (2) in section 15(d)(1), by striking 300 persons and all that follows through 1,200 persons persons and inserting 1,200 persons . U Small Company Capital Formation Enhancements 498. JOBS Act-related exemption Section 3(b) of the Securities Act of 1933 ( 15 U.S.C. 77c(b) ) is amended— (1) in paragraph (2)(A), by striking $50,000,000 and inserting $75,000,000, adjusted for inflation by the Commission every 2 years to the nearest $10,000 to reflect the change in the Consumer Price Index for All Urban Consumers published by the Bureau of Labor Statistics ; and (2) in paragraph (5)— (A) by striking such amount as and inserting: such amount, in addition to the adjustment for inflation provided for under such paragraph (2)(A), as ; and (B) by striking such amount, it and inserting such amount, in addition to the adjustment for inflation provided for under such paragraph (2)(A), it . V Encouraging Public Offerings 499. Expanding testing the waters and confidential submissions The Securities Act of 1933 ( 15 U.S.C. 77a et seq.) is amended— (1) in section 5(d), by striking an emerging growth company or any person authorized to act on behalf of an emerging growth company and inserting an issuer or any person authorized to act on behalf of an issuer ; and (2) in section 6(e)— (A) in the heading, by striking Emerging growth companies and inserting Draft registration statements