This week the US House of Representatives passed a bipartisan package of 32 bills intended to increase access to capital markets for small businesses and startups. Lawmakers voted almost unanimously to pass the JOBS and Investor Confidence Act after the leaders of the House Financial Services Committee announced a deal following months of markups and negotiations.
The package has several dozen bills focused on capital markets regulations, all of which passed the Financial Services panel or House with meager resistance.
Included in the package were two bills introduced by Georgia’s 11th District Congressman Barry Loudermilk. HR 3555, the Exchange Regulatory Improvement Act, would modernize the Security Exchange Act while HR 5953, Building Up Independent Lives and Dreams Act, gives some regulatory relief to charities and non-profits.
In discussing the legislation Representative Loudermilk had these comments:
Georgia companies face compliance burdens on parts of their businesses that should not be regulated as exchanges, and this bill will put guardrails on the agencies to prevent overregulation. We need a new, fresh approach, and this bipartisan legislation (HR 3555) will go a long way in bringing a 1930s law into the 21st century.
My bill (HR5953) aims to cut some of the red-tape and alleviate unnecessary burdens brought on by Dodd-Frank regulations. This legislation will allow non-profits, such as Habitat for Humanity, to choose to be exempt from the overly complicated mortgage disclosure requirements of Dodd-Frank, and replace them with a more simplified system.
While the package of bills passed the House 406-4, negotiating in the Senate is less certain with support needed from at least 10 Democrat Senators. The White House has also indicated minimal support unless there are substantive changes to the House version as reported by the Hill.