Recent Press Releases
Congressman Robert Hurt today participated in the House Committee on Financial Services mark-up as it reviewed its semiannual activity report detailing Committee actions taken in the 112th Congress:
“At a time when many across the 5th District are being adversely affected by policies put forth in Washington, it is critical that Congress maintain transparency and accountability to those that we represent as we work to adopt policies that will spur job creation and reduce our debt and deficit. Throughout the 112th Congress, the Committee on Financial Services has been focused on advancing policies on behalf of the American people that will rein in federal over-regulation and provide our small businesses and startups access to the environment they need to grow and create the jobs that our communities need. Today’s review of actions the Committee has taken to that end is yet another way to ensure transparency and accountability to the American people as we work to address the most pressing problems facing our nation.”
Financial Services Committee Activity Throughout 112th Congress:
The Committee has conducted several hearings to exercise vigorous oversight of the Dodd-Frank Law as it is implemented. This law, adopted in the previous Congress, has proven to have negative effects on small businesses and communities by stifling the flow of private capital and credit into our markets and therefore impeding job creation. The Committee has worked throughout this Congress to ensure that a regulatory balance is struck that will not place unreasonable burdens on our Main Street businesses while providing important protections for investors.
• 410 bills were referred to the Financial Services Committee
• The Committee reported to the House 31 measures
• The Committee held 131 hearings
• 19 hearings were held by the full Committee
• 23 hearings were held by the Subcommittee on Capital Markets and Government Sponsored Enterprises
• 22 hearings were held by the Subcommittee on Insurance, Housing and Community Opportunity
The JOBS Act:
This legislative package included bills that originated in the Financial Services Committee and was signed into law this Spring. The bills that make up this law collectively provide small businesses the opportunity to access the capital necessary to get started and grow that was previously tied up by federal regulations.
H.R. 3606: Reopening American Capital Markets to Emerging Growth Companies Act
H.R. 3606 is designed to encourage small companies to go public but ensuring they transition to full conformity with regulations over time or as they grow large enough to have the resources to sustain the type of compliance infrastructure associated with more mature enterprises. The Financial Services Committee favorably reported H.R. 3606 to the House by a vote of 54 to 1 on February 16, 2012.
H.R. 2940, the Access To Capital For Job Creators Act
H.R. 2940 would allow companies greater access to accredited investors and to new sources of capital to grow and create jobs, without putting less sophisticated investors at risk. The Committee favorably reported H.R. 2940 to the House by a voice vote on October 26, 2011, and the House passed H.R. 2940 by a vote of 413 to 11 on November 3, 2011.
H.R. 4088, the Capital Expansion Act
H.R. 4088 will reduce the regulatory burdens on small financial institutions and eliminate an impediment of raising equity capital from new shareholders without triggering SEC oversight in addition to prudential regulation.
H.R. 1070, the Small Company Capital Formation Act
H.R. 1070 will help small companies gain access to capital markets without the costs and delays associated with the full-scale securities registration process. H.R. 1070 provides the SEC with the authority to increase the threshold and requires the SEC to re-examine the threshold every two years and report to Congress on its decisions regarding adjustment of the threshold. The Committee favorably reported H.R. 1070 to the House by a voice vote on June 22, 2011, and the House passed H.R. 1070 by a vote of 421 to 1 on November 2, 2011.
H.R. 2167, the Private Company Flexibility and Growth Act
H.R. 2167 raises the threshold for mandatory registration under the Securities Exchange Act of 1934 from 500 shareholders to 1,000 shareholders for all companies and excludes securities held by shareholders who received such securities under employee compensation plans from the calculation in order to eliminate one impediment to capital formation for small companies. The Committee favorably reported H.R. 2167 to the House by a voice vote on October 26, 2011.
H.R. 2930, the Entrepreneur Access To Capital Act
H.R. 2930 will enable entrepreneurs to more easily access capital from potential investors across the United States to grow their business and create jobs. The Committee favorably reported H.R. 2930 to the House by a voice vote on October 26, 2011, and the House passed H.R. 2930 by a vote of 407 to 17 on November 3, 2011.