H.R. 2167, introduced by Rep. David Schweikert, removes an impediment to capital formation for small companies by raising the shareholder threshold for mandatory registration with the SEC from 500 to 1,000 shareholders. The shareholder threshold was originally adopted in 1964 and has not been modernized since then. At a recent hearing, the Committee received testimony from… Read more »
H.R. 2940, introduced by Rep. Kevin McCarthy, removes the regulatory ban that prevents small, privately held companies from using advertisements to solicit investors for private offerings. Securities laws not only prohibit general solicitation and advertising but require investors to have an existing relationship with the company in order to meet SEC exemption requirements. This ban has… Read more »
H.R. 2930, introduced by Rep. Patrick McHenry, permits “crowdfunding” to finance new businesses by allowing companies to accept and pool donations up to $5 million without registering with the SEC. Crowdfunding is an innovative and lower-risk form of financing that enables several individuals to pool money to in a particular company. SEC regulations prohibiting general solicitation… Read more »
The legislation, introduced by Rep. Stephen Fincher, expands the exemptions available to small companies from certain costly reporting requirements of the Sarbanes-Oxley Act. Since 2007 the SEC has exempted small companies with a market capitalization of less than $75 million. Market participants have repeatedly said the current SEC exemption provides no benefit since the threshold… Read more »
Five bills that ease the regulatory burden on small businesses and emerging growth companies were approved by a Financial Services subcommittee yesterday.
The proposals make it easier for entrepreneurs and small businesses to access capital so their companies can grow and create jobs.
“These proposals help create an environment that is pro-job, pro-market, and pro-growth,” said… Read more »
Financial Services Committee Chairman Spencer Bachus made the following statement today during a Full Committee hearing with Treasury Secretary Tim Geithner on the first report of the Financial Stability Oversight Council (FSOC).
"Mr. Secretary, this morning you were quoted as saying that 'the biggest risk we face is financial institutions not taking enough risk.' Secretary… Read more »
Treasury Secretary Timothy Geithner will testify before the Financial Services Committee on Thursday about efforts to implement regulatory reforms and identify emerging threats to the nation’s financial stability.
Secretary Geithner will deliver to the Committee the annual report of the Financial Stability Oversight Council (FSOC), which was established by the Dodd-Frank Act to… Read more »
The Subcommittee on Housing, Insurance and Community Opportunity will hold a hearing this week to examine the Obama Administration’s response to the housing crisis, including new proposals announced by the President during his recent speech to a joint session of Congress.
The Administration created a number of programs designed to help borrowers avoid foreclosure or refinance… Read more »
The Domestic Monetary Policy and Technology Subcommittee, chaired by Rep. Ron Paul, will hold a hearing on auditing the Federal Reserve and the need for transparency at the central bank.
The Subcommittee will receive testimony from the Government Accountability Office (GAO) on its procedural audit and report, issued in July, of the Federal Reserve’s emergency lending facilities. The… Read more »
The Financial Services Committee released an updated schedule of hearings and mark ups for the first half of October.
The Committee schedule is tentative and will depend upon witness availability and other factors that may require changes. Therefore, each meeting will become final only when the official notice is distributed. Hearing witnesses will be announced at later… Read more »
