Small Company Simple Registration Act of 2015
Floor Speech
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Mr. Speaker, I yield myself such time as I may consume.
Mr. Speaker, H.R. 1723, the Small Company Simple Registration Act of 2015 is a commonsense provision to help smaller companies avoid having to obtain an audit related to a filing that is itself already audited. The bill would no longer require a company to amend its registration statement when it issues a quarterly or annual filing.
Although one witness noted the concern that all information would no longer be reflected in a single document, she recommended that the SEC's public filing system be improved and that the issuer be required to post the registration statement on its Web site, complete with hyperlinks to the documents that are incorporated by reference. This seems like a reasonable approach. I believe that the SEC can do both and likely would if H.R. 1723 is passed.
This one change has the potential to help companies save $10,000, and with all SEC filings able to be quickly found online, it does not diminish investor protections in any way.
Last Congress, this provision was unfortunately attached to a larger bill that did not make a lot of sense. I am glad to see it has now been offered on its own, as I think it now has a much better likelihood of moving to the President's desk. I certainly support the adoption of this bill.
Mr. Speaker, I reserve the balance of my time.
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Mr. Speaker, I yield myself such time as I may consume.
I am pleased to also support this legislation. This bipartisan legislation is another example of how we can work together on the Financial Services Committee on behalf of small businesses in this country.
Both Democrats and Republicans have said over and over again that we must do everything that we can to support our small businesses. That is from capital formation to making sure that we get rid of bureaucratic rules and regulations.
Again, this is another great example of that, and I am pleased to be a part of that.
Mr. Speaker, I yield back the balance of my time.
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