Financial Services Committee approves two Robert Hurt bills

Congressman Robert Hurt (R-Virginia) today responded following votes by the full Financial Services Committee approving his bills, H.R. 1965, the Small Company Disclosure Simplification Act, and H.R. 2354, the Streamlining Excessive and Costly Regulations Review Act.

Both of these bills were favorably reported from the Financial Services Committee with bipartisan votes and now await consideration by the full House of Representatives.  After today’s Committee vote, Congressman Hurt released the following statement:

“At a time when Virginia’s Fifth District continues to face unacceptably high unemployment rates, the House Financial Services Committee remains committed to removing overregulation of small businesses as a barrier to job creation.  Given the Securities and Exchange Commission (SEC)’s role in our marketplace, its regulations directly affect the efficiency and success of our Main Street businesses.  The Small Company Disclosure Simplification Act is a commonsense solution that will ease the regulatory burden for smaller public companies and require the SEC to perform a cost-benefit analysis on the regulations’ impact on these companies.

“The Streamlining Excessive and Costly Regulations Review Act is a good-government measure requiring the SEC to comprehensively review its regulations every ten years – a process that other financial regulatory bodies already perform – to streamline their rules and ensure they are all up-to-date.  I was pleased the Financial Services Committee approved these bills with bipartisan support, and I look forward to the bills’ consideration by the full House of Representatives.  I remain committed to removing unnecessary, bureaucratic red tape to make it easier for small businesses to strengthen our economy.”

Background

• The Small Company Disclosure Simplification Act, H.R. 1965, would streamline regulations for small public companies, removing disincentives for companies to access capital in the public markets.  It was approved with a bipartisan vote of 44-11.
• The Streamlining Excessive and Costly Regulations Review Act, H.R. 2354, would require the Securities and Exchange Commission (SEC) to review its significant regulations to determine if they are necessary in the public interest or should be amended or rescinded. It was approved with a bipartisan vote of 41-16.