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Creating Financial Prosperity for Businesses and Investors Act
Legislative Progress
Momentum (last 30 days)
0
score
0 actions · 0 new cosponsors · 0 votes
Speed vs cohort
40pct
4d open
vs 6,526 other HR bills in the 114th — cohort avg 56d
(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.) Creating Financial Prosperity for Businesses and Investors Act TITLE I--SMALL BUSINESS CAPITAL FORMATION ENHANCEMENT (Sec. 101) This bill amends the Small Business Investment Incentive Act of 1980 to require the Securities and Exchange Commission (SEC) to issue a public statement, and disclose any actions it intends to take, each time its annual government-business forum submits findings or recommendations regarding the current status of problems and programs relating to small business capital formation. TITLE II--SEC SMALL BUSINESS ADVOCATE (Sec. 201) This title amends the Securities Exchange Act of 1934 to establish within the SEC an Office of the Advocate for Small Business Capital Formation and a Small Business Capital Formation Advisory Committee. The Advocate for Small Business Capital Formation shall: assist small businesses and small business investors in resolving significant problems they may have with the SEC or with self-regulatory organizations; identify areas in which such businesses and investors would benefit from changes in SEC regulations or the rules of such organizations; identify problems that small businesses have with securing access to capital, including any unique challenges to minority-owned and women-owned small businesses; analyze the potential impact on such businesses and investors of proposed SEC regulations and proposed rules that are likely to have a significant economic impact on small businesses and small business capital formation; conduct outreach to such businesses and investors to solicit views on relevant capital formation issues; propose to the SEC changes in its regulations or orders, and propose to Congress legislative, administrative, or personnel changes, to mitigate problems identified and to promote the interests of such businesses and investors; consult with the Investor Advocate on such proposals and advise the Investor Advocate on small business-related issues; submit annual reports on its activities to specified congressional committees; and be responsible for planning, organizing, and executing the annual government-business forum on small business capital formation. The Small Business Capital Formation Advisory Committee shall provide the SEC with advice on SEC rules, regulations, and policies regarding its mission of protecting investors, maintaining fair, orderly, and efficient markets, and facilitating capital formation, as they relate to: capital raising by emerging, privately held small businesses and publicly traded companies with less than $250 million in public market capitalization through securities offerings; trading in the securities of such businesses and companies; and public reporting and corporate governance requirements of such businesses and companies. The SEC shall assess the committee's recommendations and disclose any action it intends to take with respect to such recommendations. TITLE III--SUPPORTING AMERICA'S INNOVATORS (Sec. 301) This title amends the Investment Company Act of 1940 to increase from 100 to 250 the limit on the number of people who may own securities in certain venture capital funds before the issuer is required to register as an investment company. Under current law, an issuer is exempt from requirements to register as an investment company if its outstanding securities (other than short-term paper) are beneficially owned by not more than 100 persons and it is not making a public offering. The bill revises this exemption to allow a special category of venture capital funds (with no more than $10 million in invested capital, adjusted annually for inflation) to remain exempt from these registration requirements until they have more than 250 persons who own their securities. TITLE IV--FIX CROWDFUNDING (Sec. 401) This title amends the Securities Act of 1933 and the Investment Company Act of 1940 to allow crowdfunding issuers to sell shares through a special purpose entity known as a crowdfunding vehicle, and exempt them from registering as investment companies, if their crowdfunding vehicle is a company that: has purposes limited to acquiring, holding, and disposing securities issued by a single company in one or more transactions and made pursuant to crowdfunding exemption transaction requirements; issues only one class of securities; receives no compensation for such acquisition, holding, or disposition of securities; is a co-issuer with the company whose securities it holds; and meets specified requirements related to disclosure obligations and the use of investment advisers. (Crowdfunding is a method of capital formation in which groups of people pool money, typically composed of small individual contributions, and often via Internet platforms, either to invest in a company or to support an effort by others to accomplish a specific goal.) (Sec. 402) The bill amends the Securities Exchange Act of 1934 to revise the conditions upon which the SEC shall exempt securities issued in crowdfunding transactions from SEC registration requirements. Under current law, holders of crowdfunded shares do not count toward the shareholder threshold beyond which an issuer is required to register its securities with the SEC, provided that the issuer: (1) is current in its annual reporting obligations, (2) retains the services of a registered transfer agent, and (3) has less than $25 million in assets. The bill maintains this exemption but removes and replaces the conditions upon which it applies. Specifically, holders of crowdfunded shares shall not count toward the shareholder threshold if the issuer has: (1) a public float of less than $75 million, and (2) annual revenues of less than $50 million. TITLE V--FAIR INVESTMENT OPPORTUNITIES FOR PROFESSIONAL EXPERTS (Sec. 501) This title amends the Securities Act of 1933 to qualify as accredited investors four categories of natural persons: whose individual net worth, or joint net worth with his or her spouse, exceeds $1 million (adjusted every five years for inflation); whose individual income exceeded $200,000 in each of the two most recent years, or whose joint income with spouse exceeded $300,000 in each of those years, and has a reasonable expectation of reaching the same income level in the current year; who are currently licensed or registered as a broker or investment adviser by the SEC, the Financial Industry Regulatory Authority (FINRA) (or an equivalent self-regulatory organization), or a state division responsible for licensing or registration of individuals in connection with securities activities; or whose demonstrable education or job experience qualifies as professional knowledge of a subject related to a particular investment, and whose education or job experience is verified by the FINRA or an equivalent self-regulatory organization. For purposes of the first category of net worth qualifications, a person's net worth shall exclude: the person's primary residence; and as a liability any indebtedness secured by the primary residence, up to the estimated fair market value of the residence at the time of the sale of securities. Indebtedness secured by the person's primary residence in excess of the residence's estimated fair market value at the time of the sale of securities, however, shall be included in net worth as a liability. TITLE VI--U.S. TERRITORIES INVESTOR PROTECTION (Sec. 601) This title amends the Investment Company Act of 1940 to repeal the exemption from its coverage of investment companies created under the laws of Puerto Rico, the Virgin Islands, or any other U.S. possession.
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Filing registrants (4)
2016 · fourth_quarter · Small Business
Access to Capital: SBE Council continues to advocate for reforms and solutions to improve capital formation in the U.S. and access to capital for small businesses. Specific bills include: H.R. 6427, Creating Financial Prosperity for Businesses and Investors Act. Supported House passage. H.R. 3784, Securities and Exchange Commission (SEC) Small Business Advocate Act. Supported Senate passage. Regulatory Reform and Modernization: SBE Council continues to voice support for comprehensive reform including streamlining regulations, more openness and transparency in the regulatory process, giving small businesses a meaningful voice in rulemakings, cost-benefit analysis, and looks-backs and sunsetting of regulations. Specific bills include: Regulatory Relief for Small Businesses, Schools, and Nonprofits Act (H.R. 6094): Supported House passage. H.R. 5982, Midnight Rules Relief Act. Supported House passage. H.R. Regulatory Accountability Act. Continued to push for Senate action and making the bill a priority in the 115th Congress. Overtime regulation: Advocated for changes to limit the impact on small businesses by phasing in increases and making other changes to the final Department of Labor regulation. H.R. 4139, Fostering Innovation Act. Urged Senate action on the House-passed bill. H.R. 4168, Small Business Capital Formation Enhancement Act. Urged Senate action on this House-passed bill. H.R. 4498, Helping Angels Lead Our Startups Act (HALOs Act). Urged Senate action on this House-passed bill. H.R. 4596, Small Business Broadband Deployment Act. Urged Senate action on this House-passed bill. Federal Communications Commission rules on Set-Top-Box: Oppose proposed rulemaking and pushed for changes and a more open process. Tax Reform and Relief: SBE Council continues to engage with Congress and the Administration on the need for tax system overhaul, fairness and simplicity for small businesses. Specific bills and actions include: Section 385 regulatory changes by U.S. Treasury: Expressed concern and opposed hasty changes. New Valuation Rules by the U.S. Treasury on estates. Expressed concerns and opposed changes. Protect Family Farms and Businesses Act (H.R. 6100 and S. 3436): Support both bills. International Trade, Competitiveness and Tariff Relief, Intellectual Property: SBE Council continues to voice support for trade agreements and efforts to improve and simplify exporting for small businesses, and strengthening IP protections. Affordable Health Coverage and ACA Reform: SBE Council continues to support multiple efforts to fully reform the Affordable Care Act and replace with market-based alternatives and solutions that produce competition and lower costs for small businesses. Specific bills include: Fixing Health Reimbursement Accounts (HRAs) to make sure small businesses can use the accounts without being unduly punished through harsh financial penalties. The fix was included within the 21st Century Cures Act, and SBE Council supported House and Senate passage of the full act. Original bills were H.R. 5447 and S. 3060. Privacy and Cybersecurity: Improving Small Business Cybersecurity Act (S.3024): Supported Senate bill and passage OTHER: Postal Rates Submitted Comments to the Postal Regulatory Commission opposing the rate hike in first class mail. Good Government H.R. 598, Taxpayers Right-to-Know Act. Urged Senate action of this House-passed bill.
Received in the Senate.
Motion to reconsider laid on the table Agreed to without objection.
On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 391 - 2 (Roll no. 602). (text: CR H7152-7154)
HousePassed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 391 - 2 (Roll no. 602).(text: CR H7152-7154)
HouseConsidered as unfinished business. (consideration: CR H7176-7177)
At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
DEBATE - The House proceeded with forty minutes of debate on H.R. 6427.
Considered under suspension of the rules. (consideration: CR H7152-7156)
Mr. Garrett moved to suspend the rules and pass the bill.
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Sources: Congress.gov
Client expense: $30,000 · Firm income: Not reported
Government targets: Federal Communications Commission (FCC), HOUSE OF REPRESENTATIVES, Postal Regulatory Commission, SENATE, Treasury, Dept of
2016 · fourth_quarter · Small Business
Capital Formation Investment Incentives ---Reform of Capital Gains Rules ---Reform of Net Operating Loss Rules ---Reform of Passive Loss Rules ---S. 341: Start-up Jobs and Innovation Act ---S. 537: COMPETE Act ---H.R. 2179: PARTNER Act Capital Market Enhancements ---Financial CHOICE Act (House Discussion Draft) ---H.R. 1675/S. 576: Encouraging Employee Ownership Act ---H.R. 1675: Capital Markets Improvement Act ---H.R. 2187: Fair Investment Opportunities for Professional Experts Act ---H.R. 2354: Streamlining Excessive and Costly Regulations Review Act ---H.R. 2357: Accelerating Access to Capital Act ---H.R. 3784/S.2867: Securities & Exchange Commission Small Business Advocate Act ---H.R. 4168: Small Business Capital Formation Enhancement Act ---H.R. 4638: Main Street Growth Act ---H.R. 6427: Creating Financial Prosperity for Businesses and Investors Act ---PCAOB Audit Cost Increases Legislative Amendments to SEC Rule 12b-2 Filing Status Definitions ---Financial CHOICE Act (House Discussion Draft) ---H.R. 5311: Corporate Governance Reform and Transparency Act ---Impact of Policies on Small Public Companies Proxy Advisory Services ---Financial CHOICE Act (House Discussion Draft) ---H.R. 5311: Corporate Governance Reform and Transparency Act ---Impact of Policies on Small Public Companies Reform of SEC Regulation D ---Financial CHOICE Act (House Discussion Draft) ---H.R. 4498/S. 978: HALOS Act Sarbanes Oxley Section 404 (b) ---Financial CHOICE Act (House Discussion Draft) ---H.R. 4139: Fostering Innovation Act ---PCAOB Audit Cost Increases ---Small Issuer Exemption Short Selling Transparency ---H.R.5485-S.3067: Financial Services and General Government Appropriations Act for FY 2017 Stock Exchange Tick Size XBRL Exemption for Small Public Companies ---Financial CHOICE Act (House Discussion Draft) ---H.R. 1675: Capital Markets Improvement Act ---H.R. 1965: Small Company Disclosure Simplification Act
Client expense: $2,330,000 · Firm income: Not reported
Government targets: Agriculture, Dept of (USDA), Centers For Medicare and Medicaid Services (CMS), Environmental Protection Agency (EPA), Food & Drug Administration (FDA), HOUSE OF REPRESENTATIVES, Health & Human Services, Dept of (HHS), Natl Institutes of Health (NIH), Office of Management & Budget (OMB), Office of Science & Technology Policy (OSTP), SENATE, U.S. Trade Representative (USTR)
2016 · fourth_quarter · Financial Institutions/Investments/Securities
H.R. 1309, Systemic Risk Designation Improvement Act of 2015 H.R. 1486, Taking Account of Bureaucrats' Spending (TABS) Act of 2016 H.R. 1550, Financial Stability Oversight Council Improvement Act of 2015 H.R. 2356, Fair Access to Investment Research Act of 2015 H.R. 2357, Accelerating Access to Capital Act of 2015 H.R. 2477, Financial Transparency Act of 2015 H.R. 3340, Financial Stability Oversight Council Reform Act H.R. 3557, FSOC Transparency and Accountability Act H.R. 3738, Office of Financial Research Accountability Act of 2015 H.R. 3784, SEC Small Business Advocate Act of 2015 H.R. 3791, To raise the consolidated assets threshold under the small bank holding company policy statement, and for other purposes H.R. 3798, Due Process Restoration Act of 2015 H.R. 3868, Small Business Credit Availability Act H.R. 4096, Investor Clarity and Bank Parity Act H.R. 4139, Fostering Innovation Act of 2015 H.R. 4166, Expanding Proven Financing for American Employers Act H.R. 4168, Small Business Capital Formation Enhancement Act H.R. 4216/S. 1802, Consumer Financial Choice and Capital Markets Protection Act of 2015 H.R. 4293, Affordable Retirement Advice Protection Act H.R. 4294, Strengthening Access to Valuable Education and Retirement Support (SAVERS) Act of 2015 H.R. 4450/S. 2489, Incorporation Transparency and Law Enforcement Assistance Act H.R. 4498/S. 978, Helping Angels Lead Our Startups (HALOS) Act H.R. 4620, Preserving Access to CRE Capital Act of 2016 H.R. 4718, Gender Diversity in Corporate Leadership Act of 2016 H.R. 4852, Private Placement Improvement Act of 2016 H.R. 4854, Supporting America's Innovators Act of 2016 H.R. 4855, Fix Crowdfunding Act H.R. 5019, Fair Access to Investment Research Act of 2016 H.R. 5143, Transparent Insurance Standards Act of 2016 H.R. 5311, Corporate Governance Reform and Transparency Act of 2016 H.R. 5424, Investment Advisers Modernization Act of 2016 H.R. 5429, SEC Regulatory Accountability Act H.R. 5485/S. 3067, Financial Services and General Government Appropriations Act, 2017, including provisions related to House Amendment 1253 H.R. 5982, Midnight Rules Relief Act of 2016 H.R. 5983, Financial CHOICE Act of 2016 H.R. 6392, Systemic Risk Designation Improvement Act of 2016 H.R. 6427, Creating Financial Prosperity for Businesses and Investors Act S. 2867, SEC Small Business Advocate Act of 2016 Final regulation on definition of the term "fiduciary"; conflict of interest rule--retirement investment advice (81 Fed. Reg. 20,946, April 8, 2016) Proposed regulations on arbitration agreements (81 Fed. Reg. 32,830, May 24, 2016) Proposed regulations on amendments relating to disclosure of records and information (81 Fed. Reg. 58,310, August 24, 2016) Proposed regulations on universal proxy (81 Fed. Reg. 79,122, November 10, 2016) Proposed regulations on regulation automated trading (81 Fed. Reg. 85,334, November 25, 2016) Proposed regulations on cross-border application of the registration thresholds and external business conduct standards applicable to swap dealers and major swap participants (81 Fed. Reg. 71,946, October 18, 2016) Proposed rule on regulations Q and Y; risk-based capital and other regulatory requirements for activities of financial holding companies related to physical commodities and risk-based capital requirements for merchant banking investments (81 Fed. Reg. 67,220, September 30, 2016) Notice regarding consumer response company response survey (81 Fed. Reg. 50,484, August 1, 2016) Various issues relating to the implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act (P.L. 111-203); Basel III capital standards, bank capital, and liquidity reform; political spending disclosures; systemic risk regulation and capital standards for non-bank financial companies; changes to Credit Repair Organizations Act (CROA) of 1996 (P.L. 90-321, Title IV); Federal Reserve reform; proxy voting system
Client expense: $18,590,000 · Firm income: Not reported
Government targets: Agriculture, Dept of (USDA), Army, Dept of (Corps of Engineers), Bureau of Industry and Security (BIS), Commerce, Dept of (DOC), Commodity Futures Trading Commission (CFTC), Consumer Financial Protection Bureau (CFPB), Consumer Product Safety Commission (CPSC), Council on Environmental Quality (CEQ), Defense, Dept of (DOD), Education, Dept of, Energy, Dept of, Environmental Protection Agency (EPA), Equal Employment Opportunity Commission (EEOC), Executive Office of the President (EOP), Federal Bureau of Investigation (FBI), Federal Communications Commission (FCC), Federal Reserve System, Federal Trade Commission (FTC), General Services Administration (GSA), HOUSE OF REPRESENTATIVES, Health & Human Services, Dept of (HHS), Homeland Security, Dept of (DHS), Interior, Dept of (DOI), Internal Revenue Service (IRS), Justice, Dept of (DOJ), Labor, Dept of (DOL), Natl Economic Council (NEC), Natl Institute of Standards & Technology (NIST), Natl Labor Relations Board (NLRB), Natl Security Council (NSC), Occupational Safety & Health Administration (OSHA), Office of Management & Budget (OMB), Patent & Trademark Office (PTO), Pension Benefit Guaranty Corporation (PBGC), SENATE, Securities & Exchange Commission (SEC), Small Business Administration (SBA), State, Dept of (DOS), Transportation Security Administration (TSA), Transportation, Dept of (DOT), Treasury, Dept of, U.S. Copyright Office, U.S. Customs & Border Protection, U.S. Fish & Wildlife Service (USFWS), U.S. Geological Survey (USGS), U.S. Trade Representative (USTR), White House Office
2016 · fourth_quarter · Financial Institutions/Investments/Securities
Issues related to the JOBS Act. Legislation on strategic investing. H.R. 2187, Fair Opportunities for Professionals Act, all provisions. H.R. 4854, Supporting Americas Innovators Act, all provisions. H.R. 4855, Fix Crowdfunding Act, all provisions. S. 978, Helping Angels Lead Our Startups Act (HALOS Act), all provisions. H.R. 6427, Creating Financial Prosperity for Businesses and Investors Act, title III (relating to the number of persons in venture capital funds that trigger registration as an investment company), title IV (relating to crowdfunding) and title V (relating to accredited investors).
Client expense: Not reported · Firm income: $15,000
Government targets: Executive Office of the President (EOP), HOUSE OF REPRESENTATIVES, SENATE
2016 · fourth_quarter · Financial Institutions/Investments/Securities
S. 978, Helping Angels Lead Our Startups Act (HALOS Act), all provisions. H.R. 2187, 2187, Fair Investment Opportunities for Professional Experts Act, all provisions. H.R. 4854, Supporting America's Innovators Act of 2016, provisions dealing with accredited investors. H.R. 5983, Financial CHOICE Act of 2016, provisions dealing with accredited investors. H.R. 6427, Creating Financial Prosperity for Businesses and Investors Act, title III (provisions dealing with accredited investors) and title V (provisions dealing with accredited investors).
Client expense: Not reported · Firm income: $18,000
Government targets: HOUSE OF REPRESENTATIVES, SENATE
Referred to the House Committee on Financial Services.
Introduced in House
Congress.gov source codes: 1000, Intro-H
| Republican |
| AZ |
| John C. Carney Jr. | Democratic | DE |
| Nydia M. Velázquez | Democratic | NY |
| Patrick T. McHenry | Republican | NC |
| Randy Neugebauer | Republican | TX |
| Robert Hurt | Republican | VA |
| Sean P. Duffy | Republican | WI |
| HR 5983 |
114th |
| Related bill |
| HR 5485 | 114th | Related bill |
| HR 5322 | 114th | Related bill |
| HR 4855 | 114th | Related bill |
| HR 4854 | 114th | Related bill |
| HR 4168 | 114th | Related bill |
| HR 3784 | 114th | Related bill |
| HR 2187 | 114th | Related bill |