Committee Advances Three Bills
Washington,
June 21, 2018 -
This week, the Financial Services Committee approved three bills aimed at improving capital markets and increasing opportunities for Main Street investors.
“If we want to truly sustain long-term 3% economic growth then we must find ways to reduce regulatory burdens on our capital markets, which are vital to job creation and innovation,” said Committee Chairman Jeb Hensarling (R-TX). “These bills are a step in the right direction and I thank Members on both sides of the aisle for their hard work today.”
Below is a list of the bills the committee reported favorably to the House for further consideration:
H.R. 5970, the “Modernizing Disclosures for Investors Act”
Introduced by Representative Ann Wagner (R-MO), the “Modernizing Disclosures for Investors Act,” as amended, requires the Securities and Exchange Commission no later than 180 days after enactment to provide a report to Congress with a cost-benefit analysis of emerging growth companies’ use of SEC Form 10-Q and recommendations for decreasing costs, increasing transparency, and increasing efficiency of quarterly financial reporting by emerging growth companies.
The bill passed 56-0.
H.R. 6130, the “Helping Startups Continue to Grow Act”
Introduced by Representative Keith Rothfus (R-PA), the “Helping Startups Continue to Grow Act” expands the on-ramp for emerging growth companies by providing an additional five years of exemptions from certain disclosure requirements.
The bill passed 32-24.
H.R. 6139, the “Improving Investment Research for Small and Emerging Issuers Act”
Introduced by Representative Bill Huizenga (R-MI) and Representative Maxine Waters (D-CA), the “Improving Investment Research for Small and Emerging Issuers Act” requires the Securities and Exchange Commission to carry out a study to evaluate the issues affecting the provision of and reliance upon investment research into small issuers, including emerging growth companies and pre-IPO companies.
The bill passed 58-0.
