To direct the Securities and Exchange Commission to eliminate the prohibition against general solicitation as a requirement for a certain exemption under Regulation D.
(This measure has not been amended since it was reported by the House on October 31, 2011. The summary of that version is repeated here.)
Access to Capital for Job Creators Act - Amends the Securities Act of 1933 to exempt from specified prohibitions relating to interstate commerce and the mails any transactions by an issuer that do not involve a public offering (as under current law), whether or not such transactions involve general solicitation or general advertising.
Directs the Securities and Exchange Commission (SEC) to revise rules governing an exemption from public offering requirements for limited offers and sales without regard to the dollar amount of the offering (Regulation D), so as to provide that a specified prohibition against general solicitation or general advertising does not apply to offers and sales of securities made pursuant to Regulation D if all purchasers of the securities are accredited investors. Requires such rules to require the issuer to take reasonable steps to verify that purchasers of the securities are accredited investors, using methods determined by the SEC.
Committee on Banking, Housing, and Urban Affairs Subcommittee on Securities, Insurance and Investment. Hearings held. With printed Hearing: S.Hrg. 112-465.
Motion to reconsider laid on the table Agreed to without objection.
Placed on the Union Calendar, Calendar No. 176.
Rules Committee Resolution H. Res. 453 Reported to House. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. The resolution provides that the amendments in the nature of a substitute recommended by the Committee on Financial Services now printed in each of the bills are considered adopted. The bills, as amended, are considered read. Specified amendments are in order.
Rule H. Res. 453 passed House.
Considered under the provisions of rule H. Res. 453. (consideration: CR H7289-7295)
Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. The resolution provides that the amendments in the nature of a substitute recommended by the Committee on Financial Services now printed in each of the bills are considered adopted. The bills, as amended, are considered read. Specified amendments are in order.
DEBATE - The House proceeded with one hour of debate on H.R. 2940.
DEBATE - Pursuant to the provisions of H. Res. 453, the House proceeded with 10 minutes of debate on the Miller (NC) Part B amendment.
POSTPONED PROCEEDINGS - At the conclusion of debate on the Miller (NC) amendment, the Chair put the question on adoption of the amendment and by voice vote announced that the noes had prevailed. Mr. Miller (NC) demanded a recored vote and the Chair postponed further proceedings on the amendment under clause 8(a)(1)(A) of rule XX.
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Considered as unfinished business. (consideration: CR H7311-7314)
Mr. DeFazio moved to recommit with instructions to Financial Services. (consideration: CR H7312; text: CR H7312)
DEBATE - The House proceeded with 10 minutes of debate on the DeFazio motion to recommit with instructions. The instructions contained in the motion seek to require the bill to be reported back to the House with an amendment to prohibit those who have been convicted of fraud in connection with a financial transaction.
The previous question on the motion to recommit with instructions was ordered without objection. (consideration: CR H7313)
On motion to recommit with instructions Failed by recorded vote: 190 - 236 (Roll no. 827). (consideration: CR H7313)
Roll Call #827 (House)Passed/agreed to in House: On passage Passed by recorded vote: 413 - 11 (Roll no. 828).(text: CR H7289)
Roll Call #828 (House)On passage Passed by recorded vote: 413 - 11 (Roll no. 828). (text: CR H7289)
Roll Call #828 (House)The Clerk was authorized to correct section numbers, punctuation, and cross references, and to make other necessary technical and conforming corrections in the engrossment of H.R. 2940.
The Clerk was authorized to correct section numbers, punctuation, and cross references, and to make other necessary technical and conforming corrections in the engrossment of H.R. 2930.
Motion to reconsider laid on the table Agreed to without objection.
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. 225.