The House Financial Services Committee has scheduled a hearing for next Wednesday, October 11 with an entire battalion of bills to consider. The more than twenty bills include several interesting acts of legislation. Included on the list is a fix to the onerous definition of an Accredited Investor. If this bill passes it will address an act of disenfranchisement that has excluded much of the US from participating in private offerings for far too many years. As companies have dodged the IPO bullet, due to excessive costs and compliance hurdles, IPOs have become more of an exit as opposed to an opportunity to raise growth capital thus boxing out an investment opportunity. The wording of the bill now gives the SEC ability to determine whether or not someone should be considered Accredited.
The Micro-Exemption is another item of note. This makes a $500,000 raise pretty much rule free as long as you do not top 35 investors and a pre-existing relationship exists.
There is plenty more, all listed below.
- H.R. 477, the “Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2017”
- H.R. 1116, the “Taking Account of Institutions with Low Operation Risk Act of 2017”
- H.R. 1585, To amend the Securities Act of 1933 to codify certain qualifications of individuals as accredited investors for purposes of the securities laws.
- An Amendment in the Nature of a Substitute expected to be offered by Mr. Hill. Members wishing to offer amendments are counseled to do so with reference to this text.
- H.R. 1645, the “Fostering Innovation Act of 2017”
- H.R. 1699, the “Preserving Access to Manufactured Housing Act of 2017”
- H.R. 2121, the “Pension, Endowment, and Mutual Fund Access to Banking Act”
- An Amendment in the Nature of a Substitute expected to be offered by Mr. Rothfus. Members wishing to offer amendments are counseled to do so with reference to this text.
- H.R. 2148, the “Clarifying Commercial Real Estate Loans”
- H.R. 2201, the “Micro Offering Safe Harbor Act”
- H.R. 2396, the “Privacy Notification Technical Clarification Act”
- Amendment in the Nature of a Substitute expected to be offered by Mr. Trott. Members wishing to offer amendments are counseled to do so with reference to this text.
- H.R. 2706, the “Financial Institution Customer Protection Act of 2017”
- Amendment in the Nature of a Substitute expected to be offered by Mr. Luetkemeyer. Members wishing to offer amendments are counseled to do so with reference to this text.
- H.R. 2954, the “Home Mortgage Disclosure Adjustment Act”
- Amendment in the Nature of a Substitute expected to be offered by Mr. Emmer. Members wishing to offer amendments are counseled to do so with reference to this text.
- H.R. 3072, the “Bureau of Consumer Financial Protection Examination and Reporting Threshold Act of 2017”
- H.R. 3299, the “Protecting Consumers’ Access to Credit Act of 2017”
- H.R. 3312, the “Systemic Risk Designation Improvement Act of 2017”
- H.R. 3758, the “Senior Safe Act of 2017”
- H.R. 3857, the Protecting Advice for Small Savers Act of 2017”
- H.R. 3898, the “Impeding North Korea’s Access to Finance Act of 2017”
- An Amendment in the Nature of a Substitute expected to be offered by Mr. Barr. Members wishing to offer amendments are counseled to do so with reference to this text.
- H.R. 3903, the “Encouraging Public Offerings Act of 2017”
- H.R. 3911, the “Risk-Based Credit Examination Act”
- H.R. 3948, the “Protection of Source Code Act”
- H.R. 3971, the “Community Institution Mortgage Relief Act of 2017”
- H.R. 3972, the “Family Office Technical Correction Act of 2017”
- H.R. 3973, the “Market Data Protection Act of 2017”