Today, at a House Committee on Financial Services markup of bipartisan legislation, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, gave the following statement:
As Prepared for Delivery
Thank you, Mr. Chairman.
Mr. Chairman, I want to thank you and Members of the Committee for considering six Democratic bills today that will ensure small businesses have increased access to capital, enhance investor protections and improve investors’ ability to make informed decisions.
These bills include a bill from Mr. Gottheimer that would create a taskforce at the SEC to protect senior investors; a bill from Ms. Moore that would reassess the regulatory impact on small investment advisers; a bill from Mr. Himes to examine the underwriting costs mid-sized companies must pay to go public; a bill from Mr. Meeks that would improve investors’ ability to assess the risks and rights associated with multi-class stock structures at public companies; and H.R. 1611, a bill from Ms. Maloney to increase gender diversity among public company boards of directors.
Additionally, I am sponsoring the Promoting Transparent Standards for Corporate Insiders Act, which would limit the ability of corporate insiders to trade on non-public information. For years, we have heard stories about executives abusing their power by using loopholes in the securities laws to personally gain from confidential information. This bill would require the SEC to study whether to amend antifraud provisions that are used to combat illegal insider trading, report to Congress and write rules consistent with the results of the study.
Mr. Chairman, these Democratic measures that I have outlined are a step in the right direction as you continue your effort to move forward a package of capital markets bills known as the JOBS Act 3.0.
For the JOBS Act 3.0 to truly facilitate capital formation, promote a stronger economy and create jobs, it is important that we work together to include common-sense bipartisan legislation.
Last week, the Labor Department reported another month of jobs growth, marking 93 consecutive months of growth that started under the Obama Administration. I am committed to supporting legislation that will make sure this economic growth extends to everyone, including small businesses, which are at the forefront of job creation, and hardworking families.
I look forward to working with you to make sure we are inclusive in the legislation that is considered during these markups, and that a stronger economy and more jobs for America’s families are top priorities for this committee.
Thank you and I yield back the balance of my time.