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Cmte Financial Services (R)
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Committee Approves Bipartisan Jobs Bills
Legislation to Help Small Businesses Access Much-Needed Capital Heads to the House Floor
Washington, May 20 -
As small businesses continue to be mired in the longest, slowest recovery in the post-war era, the Financial Services Committee today approved 13 bills that will help Main Street businesses access the capital they need to grow the economy and create jobs.
True, sustainable economic growth that increases paychecks and creates opportunity for all comes from Main Street, not Washington. Yet excessive Washington regulations make it harder for small businesses on Main Street to grow and create jobs. Small businesses are the primary innovators and job creators of our economy, but the cost of regulation falls heaviest on them. Businesses with fewer than 20 employees spend 45 percent more per employee complying with federal regulations than bigger businesses. “We still have millions and millions of our fellow countrymen, hardworking moderate-income taxpayers, who find themselves with stagnant to lower paychecks; bank accounts that are less than before the great economic crisis -- and they need more jobs, better jobs, and you can’t have more and better jobs without more and better capital formation,” said Committee Chairman Jeb Hensarling (R-TX). A list and summary of the bills passed today are as follows: H.R. 432, the SBIC Advisers Relief Act of 2015 Sponsor: Rep Blaine Luetkemeyer (R-MO) Summary: Amends the Investment Advisers Act of 1940 to reduce unnecessary regulatory costs and eliminate duplicative regulation of advisers to SBICs. The Financial Services Committee approved the bill today by a vote of 53-0 H.R. 686, the Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act Sponsors: Reps. Bill Huizenga (R-MI) and Brian Higgins (D-NY) Summary: Amends Section 15(b) of the Exchange Act to create a simplified SEC registration system for brokers known as M&A brokers that perform services in connection with the transfer of ownership of smaller privately held companies. The Financial Services Committee approved the bill today by a vote of 36-24 HR 1334, the Holding Company Registration Threshold Equalization Act of 2015 Sponsors: Reps. Ann Wagner (R-MO), Steve Womack (R-AR), and Jim Himes (D-CT) Summary: Applies the shareholder registration and deregistration thresholds contained in the JOBS Act to savings and loan holding companies. The Financial Services Committee approved the bill today by a vote of 60-0 HR 1525, the Disclosure Modernization and Simplifications Act of 2015 Sponsor: Rep Scott Garrett (R-NJ) Summary: Directs the SEC to simplify its disclosure regime for issuers and investors. The Financial Services Committee approved the bill today by a vote of 60-0 HR 1675 the Encouraging Employee Ownership Act Sponsors: Reps. Randy Hultgren (R-IL) and John Delaney (D-MD) Summary: Allows the employees of privately-held businesses to take full advantage of JOBS Act shareholder provisions. The Financial Services Committee approved the bill today by a vote of 45-15 HR 1723, the Small Business Freedom and Growth Act Sponsors: Reps. Ann Wagner (R-MO) and Terri Sewell (D-AL) Summary: Simplifies the registration process for new securities offerings. The Financial Services Committee approved the bill today by a vote of 60-0 HR 1847, the Swap Data Repository and Clearinghouse Indemnification Correction Act Sponsors: Reps. Rick Crawford (R-AR), Bill Huizenga (R-MI), and Gwen Moore (D-WI) Summary: Repeals sections of the Dodd-Frank Act to increase market transparency and facilitate global regulatory cooperation. The Financial Services Committee approved the bill today by a vote of 60-0 HR 1965, the Small Company Disclosure Simplification Act Sponsor: Rep. Robert Hurt (R-VA) Summary: Provides a voluntary exemption for certain Emerging Growth Companies from SEC filing requirements. The Financial Services Committee approved the bill today by a vote of 44-11 HR 1975, the Securities and Exchange Commission Overpayment Credit Act Sponsors: Reps. Randy Hultgren (R-IL) and Gregory Meeks (D-NY) Summary: Allows self-regulating organizations to offset fee over payments with future fee assessments. The Financial Services Committee approved the bill today by a vote of 57-0 HR 2064, the Improving Access to Capital for Emerging Growth Companies Act Sponsors: Reps. Stephen Fincher (R-TN) and John Delaney (D-MD) Summary: Makes changes related to the treatment of Emerging Growth Companies and their registration with the SEC. The Financial Services Committee approved the bill today by a vote of 57-0 HR 2354, the Streamlining Excessive and Costly (SEC) Regulations Review Act Sponsor: Rep. Robert Hurt (R-VA) Summary: Requires the SEC to review significant regulations it has previously issued. The Financial Services Committee approved the bill today by a vote of 41-16 HR 2356, the Fair Access to Investment Research Act Sponsor: Rep. French Hill (R-AR) Summary: Directs the SEC to provide a safe harbor for research reports that cover Exchange Traded Funds. The Financial Services Committee approved the bill today by a vote of 48-9 HR 2357, the Accelerating Access to Capital Act Sponsor: Rep. Ann Wagner (R-MO) Summary: Further reduces the burdens of SEC registration on smaller companies. The Financial Services Committee approved the bill today by a vote of 33-24