To require the Securities and Exchange Commission to carry out a study and rulemaking on the definition of the term "small entity" under the securities laws for purposes of chapter 6 of title 5, United States Code, and for other purposes.
Small Entity Update Act
This bill requires the Securities and Exchange Commission (SEC) to study approaches to reduce the impact of SEC rules on small businesses and other small entities, make appropriate recommendations, and revise applicable rules.
Specifically, the bill requires the SEC to evaluate the current definition of small entity with respect to SEC rules.
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 for inflation every five years any dollar amounts used to define small entities.
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 (Amended) by the Yeas and Nays: 51 - 0.
Reported (Amended) by the Committee on Financial Services. H. Rept. 119-125.
Reported (Amended) by the Committee on Financial Services. H. Rept. 119-125.
Placed on the Union Calendar, Calendar No. 95.
Mr. Hill (AR) moved to suspend the rules and pass the bill, as amended.
Considered under suspension of the rules. (consideration: CR H3500-3501)
DEBATE - The House proceeded with forty minutes of debate on H.R. 3382.
Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H3500)
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On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H3500)
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.