The House Financial Services Committee recently passed the Investment Advisers Modernization Act of 2016 (H.R. 5424) with a bipartisan vote of 47-12.
This legislation was introduced by Congressman Robert Hurt (R-Virginia), along with Congressman Juan Vargas (D-California), Congressman Steve Stivers (R-Ohio), and Congressman Bill Foster (D-Illinois). The Investment Advisers Modernization Act of 2016 would update outdated portions of the Investment Advisers Act (IAA), a 76 year-old law, by removing duplicative and burdensome regulations that impose an unnecessary burden on small business’ access to capital.
“At a time when economic uncertainty and federal over-regulation are hindering job creation, it is critical that we look for bipartisan solutions to create jobs in our local communities and get our economy back on track. Small businesses are the backbone of our economy, and the ability for these entities to access private capital is imperative for their success and the success of our local and national economies. In order for our economy to grow and for our small business owners to be able to create the jobs that we need, we must remove unnecessary regulations that tie up private capital and create economic uncertainty and put in place policies that encourage investment, innovation, and the entrepreneurial spirit that makes America the beacon of economic opportunity.
“I was pleased to see this bipartisan effort to rid the IAA of outdated, cumbersome regulatory schemes advance through the Financial Services Committee with strong bipartisan support. I look forward to the bill’s consideration before the House of Representatives and continued advancement through the legislative process.”
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