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House Passes Bipartisan Bill to Improve Small Business Access to Capital


WASHINGTON, Sep 9 -

The House of Representatives today passed the Investment Advisers Modernization Act by a vote of 261-145.  The bipartisan bill updates portions of a 76-year-old law by updating regulations that impose an unnecessary burden on smaller companies’ access to capital.

“We know small businesses across the country are struggling to find the investments and financing options that enable them to open their doors, hire workers and to succeed.  They are struggling because of the growing regulatory burden imposed by Washington,” said Financial Services Committee Chairman Jeb Hensarling (R-TX).  “In order for our economy to grow and for our small business owners to create the jobs that Americans need, we need to remove unnecessary regulations that tie up private capital and cause economic uncertainty.”

Introduced by Rep. Robert Hurt (R-VA), the Investment Advisers Modernization Act is designed to update the application of the Investment Advisers Act of 1940 to better reflect today’s capital markets. The bill would make modest, common sense modifications while maintaining strong regulatory oversight of investment advisers.

H.R. 5424 passed the Financial Services Committee on June 6, 2016 by a vote of 47-12.