Small Entity Update Act

Floor Speech

Mr. Speaker, I rise in support of H.R. 2792, the Small Entity Update Act, sponsored by the gentlewoman from Missouri.

This bill directs the SEC to carry out a study and rulemaking, if appropriate, on its definitions of ``small entities'' under the Regulatory Flexibility Act to ensure that the SEC accounts for impacts on businesses when pursuing rulemakings.

The Regulatory Flexibility Act provides small entities with an expanded opportunity to participate in the development of certain regulations. Through the study contemplated under the bill, ``small entities'' under SEC's jurisdiction would gain a louder voice when it comes to the development of SEC regulations that directly apply to them.

I am pleased that Mrs. Wagner was willing to accept changes to this bill I pressed for that would ensure that the SEC remains in exclusive control of the study, and whatever the outcome of the study, SEC's actions would be consistent with its overall mission.

Mr. Speaker, I thank Mrs. Wagner for working with us on this bill. I also thank Mrs. Wagner for working with Mr. Casten to include his suggestion related to an inflation adjustment for this bill.

Mr. Speaker, I urge my colleagues to vote ``yes'' on this bill, and I yield back the balance of my time.

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