New Financial Legislation Takes Another Step

Four bills made their way through the Capital Markets and Government Sponsored Enterprises Subcommittee of the House Financial Services Committee last week and this week were approved by the full Financial Services Committee .

• Private Company Flexibility and Growth Act (H.R. 2167)
• Access to Capital for Job Creators Act (H.R. 2940)
• Entrepreneur Access to Capital Act (H.R. 2930)
• The Small Company Job Growth and Regulatory Relief Act (H.R. 1965)

The Congress had to throw in some attacks against the Securities and Exchange Commission.

"We cannot wait for the SEC to act when millions of Americans are out of work and small businesses can't access capital because of outdated regulations.  Small business accounts for the majority of new jobs created in the U.S.  The Committee took action today and passed common-sense ideas that will promote jobs," said Financial Services Chairman Spencer Bachus. "Capital formation is essential for a robust economy. The bills approved today provide the modernized regulatory environment that is needed to help small businesses create jobs."

Sources:

• Jobs Bills Pass Committee With Bipartisan Support
• Legislation Allowing General Solicitation under SEC Rule 506 of Reg D Approved by House Financial Services Committee
• House Financial Services Committee Reports Out Legislation Raising 500-Shareholder Limit
• House Financial Services Committee Approves Crowdfunding Legislation with Added Investor Protections and Agreement to Preserve State Authority

For additional commentary on developments in compliance and ethics, visit Compliance Building, a blog hosted by Doug Cornelius.

For more information about LexisNexis products and solutions connect with us through our corporate site.