Encouraging Employee Ownership Act of 2015

Floor Speech

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Mrs. BEATTY. Mr. Chairman, I think it is simple today. We have heard Congresswoman Maxine Waters outline our position for this.

Let me just say that this bill is flawed, overly broad, avoids appropriate oversight, duplicative of existing administrative authorities, and could be wasteful and costly. I join Ms. Maxine Waters of California today in opposition to H.R. 1675, a package of capital market deregulatory bills that undermine the Security and Exchange Commission's effective oversight of capital markets and places the GOP special interests ahead of those hardworking Americans whom we are here to serve.

Secondly, the package also excludes exemptions from certain investor disclosures and SEC filing requirements and a safe harbor from certain broker-dealer liabilities, all without commensurate investor protections.

A key component of this package is title V, H.R. 2354, which is an unnecessary, burdensome, and unfunded mandate requiring a full-scale review designed to hamstring the SEC's ability to perform basic oversight of the financial markets.

Title III of the package exempts small business merger and acquisition brokers from registering as a broker-dealer with the SEC.

Mr. Chairman, let me sum it up by saying that the bad outweighs the good in this bill. I stand in opposition to it.

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