To require the Securities and Exchange Commission to carry out a study and rulemaking on the definition of the term "small entity" for purposes of the securities laws, and for other purposes.
Small Entity Update Act
This bill requires the Securities and Exchange Commission (SEC) to report on and revise the definition of small entity. Agencies are required to consider the impact of their rules on small entities under the Regulatory Flexibility Act.
Under the bill, the SEC must provide specific and detailed recommendations to Congress on how the SEC can revise the definition of small entity to (1) align with specified statutory goals, including reducing unnecessary burdens on small entities; and (2) expand the number of entities covered. In addition, the SEC must adjust the appropriate dollar amounts for inflation every five years.
The SEC must also revise the applicable rules to implement these recommendations.
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
Committee Consideration and Mark-up Session Held.
Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 42 - 0.
Reported (Amended) by the Committee on Financial Services. H. Rept. 118-80.
Reported (Amended) by the Committee on Financial Services. H. Rept. 118-80.
Placed on the Union Calendar, Calendar No. 59.
Mrs. Wagner moved to suspend the rules and pass the bill, as amended.
Considered under suspension of the rules. (consideration: CR H2652-2653)
DEBATE - The House proceeded with forty minutes of debate on H.R. 2792.
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.
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Considered as unfinished business. (consideration: CR H2661-2662)
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): 367 - 8 (Roll no. 238). (text: CR H2652)
Roll Call #238 (House)On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 367 - 8 (Roll no. 238). (text: CR H2652)
Roll Call #238 (House)Motion to reconsider laid on the table Agreed to without objection.
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.