To require the Securities and Exchange Commission, when developing rules and regulations about disclosures to retail investors, to conduct investor testing, including a survey and interviews of retail investors, and for other purposes.
SEC Disclosure Effectiveness Testing Act
This bill requires the Securities and Exchange Commission (SEC) to assess the usefulness of certain disclosure rules to retail investors. Specifically, the SEC must make these assessments regarding both current and new securities rules and regulations that require the disclosure of documents or information to retail investors.
Motion to reconsider laid on the table Agreed to without objection.
Considered under the provisions of rule H. Res. 629. (consideration: CR H8209-8224; text: CR H8215-8216)
Rule provides for consideration of H.R. 1815 and H.R. 3624 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Specified amendments are in order.
The Speaker designated the Honorable James R. Langevin to act as Chairman of the Committee.
House resolved itself into the Committee of the Whole House on the state of the Union pursuant to H. Res. 629 and Rule XVIII.
GENERAL DEBATE - The Committee of the Whole proceeded with one hour of general debate on H.R. 1815.
DEBATE - Pursuant to the provisions of H.Res. 629, the Committee of the Whole proceeded with 10 minutes of debate on the Huizenga amendment No. 1.
POSTPONED PROCEEDINGS - At the conclusion of debate on the Huizenga amendment, the Chair put the question on the amendment and by voice vote, announced that the noes had prevailed. Mr. Huizenga demanded a recorded vote and the Chair postponed further proceedings on agreeing to the amendment until a time to be announced.
DEBATE - Pursuant to the provisions of H.Res. 629, the Committee of the Whole proceeded with 10 minutes of debate on the Gottheimer amendment No. 2.
POSTPONED PROCEEDINGS - At the conclusion of debate on the Gottheimer amendment, the Chair put the question on the amendment and by voice vote, announced that the ayes had prevailed. Mr. Gottheimer demanded a recorded vote and the Chair postponed further proceedings on agreeing to the amendment until a time to be announced.
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DEBATE - Pursuant to the provisions of H.Res. 629, the Committee of the Whole proceeded with 10 minutes of debate on the Wagner amendment No. 3.
POSTPONED PROCEEDINGS - At the conclusion of debate on the Wagner amendment, the Chair put the question on the amendment and by voice vote, announced that the noes had prevailed. Mrs. Wagner demanded a recorded vote and the Chair postponed further proceedings on agreeing to the amendment until a time to be announced.
DEBATE - Pursuant to the provisions of H.Res. 629, the Committee of the Whole proceeded with 10 minutes of debate on the Casten (IL) amendment No. 4.
The House rose from the Committee of the Whole House on the state of the Union to report H.R. 1815.
The previous question was ordered pursuant to the rule.
The House adopted the amendment in the nature of a substitute as agreed to by the Committee of the Whole House on the state of the Union.
Passed/agreed to in House: On passage Passed by the Yeas and Nays: 229 - 186 (Roll no. 564).
Roll Call #564 (House)On passage Passed by the Yeas and Nays: 229 - 186 (Roll no. 564).
Roll Call #564 (House)Motion to reconsider laid on the table Agreed to without objection.
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. 1815.
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.