The House of Representative passed the Capital Markets Improvement Act by a vote of 265-159 on Wednesday. This legislation will help increase small businesses’ access to capital so they may better grow the economy and create jobs; it includes the Small Company Disclosure Simplification Act and the Streamlining Excessive and Costly Regulations Review Act — both introduced by Congressman Robert Hurt (R-Virginia). After the House vote today, Congressman Hurt released the following statement:
“Making sure that hardworking Virginians and Americans have access to our capital markets is imperative to sustained economic growth and job creation across the nation, and I remain committed to removing overregulation of small businesses that far too often stands in the way of this vital objective. The Small Company Disclosure Simplification Act is a commonsense solution that will ease the regulatory burden for smaller public companies and require the Securities and Exchange Commission (SEC) to perform a cost-benefit analysis on the regulations’ impact on these companies. The Streamlining Excessive and Costly Regulations Review Act is a pragmatic bill requiring the SEC to comprehensively review its major 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. These measures, and the others included in the Capital Markets Improvement Act, are important steps in removing burdensome regulation and enhancing access to our capital markets.
“I was pleased the House approved these two bills with bipartisan support as a part of the Capital Markets Improvement Act. This legislative package of bipartisan bills will help improve small businesses’ access capital, allowing them to create jobs. I urge our colleagues in the Senate to consider this legislation expeditiously to send it to the President. I remain committed to removing unnecessary, bureaucratic red tape to make it easier for small businesses to strengthen our economy.”