financialservices.house.gov

Cmte Financial Services (R)
Contact:


Hensarling on President Trump’s Call to Study SEC Reporting Requirements

Washington, Aug 17 -

House Financial Services Committee Chairman Jeb Hensarling (R-TX) issued the following statement in response to President Trump’s call for the SEC to study the impact of reporting requirements on American companies.

“I applaud the President’s continued efforts to evaluate the impact and cost of federal regulation on American businesses and entrepreneurs.  In order to sustain 3% economic growth and ensure we are able to compete with China, we must modernize our capital markets regulations in a way that maximizes economic growth while maintaining the transparency and accountability needed to protect investors. The bipartisan ‘JOBS and Investor Confidence Act of 2018,’ which passed the House with near unanimous support in July, would do just that. I urge my colleagues in the Senate to support small businesses, entrepreneurs and investors by passing JOBS Act 3.0.”

Among the 32 bipartisan pieces of legislation that make up JOBS Act 3.0 is H.R. 5970, the Modernizing Disclosures for Investors Act. Authored by Rep. Ann Wagner (R-MO), the provision requires the SEC to provide a report to Congress with a cost-benefit analysis of reporting companies’ use of SEC Form 10-Q, which companies use to report information every three months, as well as recommendations for decreasing costs, increasing transparency, and increasing efficiency of periodic financial reporting by EGCs.