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HR 37 - Promoting Job Creation and Reducing Small Business Burdens Act - National Key Vote

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Title: Promoting Job Creation and Reducing Small Business Burdens Act

Vote Smart's Synopsis:

Vote to pass a bill that amends the Dodd-Frank Wall Street Reform and Consumer Protection Act and reduces the U.S. Securities and Exchange Commission's regulatory authority over certain businesses.

Highlights:

  • Prohibits a banking entity or non-bank financial company from investing in a debt security of a collateralized loan obligation after July 21, 2019 (Sec. 801).
  • Exempts a merger and acquisitions broker from registering with the Securities and Exchange Commission, except in the following circumstances (Sec. 401):
    • If the broker receives, holds, transmits, or has custody of funds or securities to be exchanged in connection with the transfer of ownership of certain privately held companies; or
    • If the broker engages on behalf of an issuer in a public offering of securities that is required to be registered with the commission or with respect to which the issuer is required to file periodic information, documents, and reports.
  • Exempts an emerging growth company, or an issuer with less than $250 billion million of annual gross revenues, from using Extensible Business Reporting Language for financial statements to be filed with the Commission (Sec. 701).
  • Authorizes an emerging growth company or an issuer to omit historical financial information when registering with the Commission provided that the issuer includes all historical financial information before distributing a preliminary prospectus to investors (Sec. 603).
  • Increases the aggregate sales price or amount of securities sold in a 12 month period from $5 million to $10 million, above which an issuer must deliver additional disclosures to investors regarding compensatory benefit plans and compensation contracts (Sec. 1101).
  • Requires the commission to further scale or eliminate requirements of regulation S-K in order to reduce the burden on emerging growth companies, accelerated filers, smaller reporting companies, and other smaller issuers (Sec. 1002).
  • Requires the commission to eliminate provisions of regulation S-K that are duplicative, overlapping, outdated, or unnecessary (Sec. 1002).

 

Full Bill Text

NOTE: THIS VOTE WAS TAKEN UNDER A SUSPENSION OF THE RULES TO CUT OFF DEBATE EARLY AND VOTE TO PASS THE BILL, THEREBY REQUIRING A TWO-THIRDS MAJORITY FOR PASSAGE.

Full Bill Text

Title: Promoting Job Creation and Reducing Small Business Burdens Act

Full Bill Text

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