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WASHINGTON – Small businesses would get more attention and support from the Securities and Exchange Commission (SEC) and local banks would get some help complying with regulations under bipartisan bills approved by the House on Monday.
“The president’s policies have delivered the slowest and weakest recovery in history, so Congress must take action on every good opportunity to help create jobs and grow the economy. I’m very pleased the Financial Services Committee continues to produce good, bipartisan bills that promote greater economic opportunities so hardworking taxpayers can achieve financial independence,” said Chairman Jeb Hensarling (R-TX).
H.R. 3784, the SEC Small Business Advocate Act, establishes the Office for Small Business Capital Formation and the Small Business Advisory Committee within the SEC. This will help ensure that small businesses have a voice at the SEC and that the SEC takes into account the impact of regulatory burdens on small businesses.
The bill, sponsored by Reps. Sean Duffy (R-WI) and John Carney (D-DE), passed the House on Monday by voice vote. It was approved by the Financial Services Committee 56-0 in December.
H.R. 4168, the Small Business Capital Formation Enhancement Act, requires the SEC to respond to any findings and recommendations put forth by the SEC’s Government-Business Forum on Small Business Capital Formation.
H.R. 4168 is sponsored by Reps. Bruce Poliquin (R-ME) and Juan Vargas (D-CA) and passed the House by a vote of 390-1. The Financial Services Committee approved the bill in December by a vote of 55-1.
In addition, the House approved two other bills on Monday that came out of the Financial Services Committee.
H.R. 2187, the Fair Investment Opportunities for Professional Experts Act, modernizes securities laws so more Americans will have investment opportunities. The bill amends the definition of an accredited investor to expand the pool of potential investors and enhance the ability of small and mid-sized business to raise capital.
The House approved the bill on a vote of 347-8. The bill’s sponsor is Rep. David Schweikert (R-AZ). H.R. 2187 passed the Financial Services Committee 54-2 in December.
H.R. 2209 will encourage financial institutions to continue investing in local communities. The bill allows banks to use highly rated municipal bonds to help satisfy new regulations that threaten to stop the flow of funding for infrastructure projects like roads, bridges and schools.
Rep. Luke Messer (R-IN) sponsored the bill, which requires federal banking agencies to treat certain municipal securities that are liquid, readily marketable, and investment grade as of the calculation date as high-quality level 2A assets.
The House approved the bill by voice vote. It received the Financial Services Committee’s support by a vote of 56-1 in November.
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