Amends the Securities Exchange Act of 1934 to increase from $1 million to $10 million the shareholder registration threshold for an issuer of securities.
Requires an issuer that is either a bank or a bank holding company to register a security with the Securities and Exchange Commission (SEC) if its assets exceed $10 million and include a certain class of equity security held of record by 2,000 or more persons.
Requires termination of a security registration in the case of a bank or a bank holding company if the number of holders of record of the class of security is reduced to less than 1,200. Repeals periodic reporting requirements also for such a bank or bank holding company.
Directs the Chief Economist and the Director of the Division of Corporation Finance of the SEC to conduct a joint cost-benefit analysis of shareholder registration thresholds.
Directs the SEC to issue final regulations to implement this Act not later than 1 year after its date of enactment.
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
Referred to the Subcommittee on Capital Markets and Government Sponsored Enterprises.
Subcommittee Hearings Held.
Subcommittee Consideration and Mark-up Session Held.
Forwarded by Subcommittee to Full Committee (Amended) by Voice Vote .
Committee Consideration and Mark-up Session Held.
Ordered to be Reported by Voice Vote.
Mr. Schweikert moved to suspend the rules and pass the bill, as amended.
Considered under suspension of the rules. (consideration: CR H7226-7229)
DEBATE - The House proceeded with forty minutes of debate on H.R. 1965.
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.
Considered as unfinished business. (consideration: CR H7235-7236)
Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 420 - 2 (Roll no. 819).(text: CR H7226-7227)
Roll Call #819 (House)Motion to reconsider laid on the table Agreed to without objection.
On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 420 - 2 (Roll no. 819). (text: CR H7226-7227)
Roll Call #819 (House)Received in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time.
Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 223.
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