Creating Financial Prosperity for Businesses and Investors Act
This bill amends the Small Business Investment Incentive Act of 1980 to require the Securities and Exchange Commission (SEC) to issue a public statement, and disclose any actions it intends to take, each time its annual government-business forum submits findings or recommendations regarding the current status of problems and programs relating to small business capital formation.
The Securities Exchange Act of 1934 is amended to establish within the SEC an Office of the Advocate for Small Business Capital Formation and a Small Business Capital Formation Advisory Committee.
The Investment Company Act of 1940 is amended to increase from 100 to 250 the limit on the number of people who may own securities in certain venture capital funds (with no more than $10 million in invested capital, adjusted annually for inflation) before the issuer is required to register as an investment company.
The bill allows a crowdfunding issuer to sell shares through a crowdfunding vehicle (a company that aggregates small individual contributions into a single investment in the issuer) that meets certain requirements and revises conditions upon which the SEC exempts securities issued in crowdfunding transactions from SEC registration requirements.
The Securities Act of 1933 is amended to add to the definition of accredited investor certain categories of natural persons whose net worth or income exceeds specified levels, who are licensed or registered as brokers or investment advisors, or whose verified education or job experience qualifies as professional knowledge for a particular investment.
The Investment Company Act of 1940 is amended to repeal the exemption from its coverage of investment companies created under the laws of Puerto Rico, the Virgin Islands, or any other U.S. possession.
| Action Date | Type | Text | Source |
|---|---|---|---|
| 2016-12-06 | IntroReferral | Received in the Senate. | Senate |
| 2016-12-05 | Floor | Motion to reconsider laid on the table Agreed to without objection. | House floor actions |
| 2016-12-05 | Vote | On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 391 - 2 (Roll no. 602). (text: CR H7152-7154) | House floor actions |
| 2016-12-05 | Floor | Considered as unfinished business. (consideration: CR H7176-7177) | House floor actions |
| 2016-12-05 | Floor | At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed. | House floor actions |
| 2016-12-05 | Floor | DEBATE - The House proceeded with forty minutes of debate on H.R. 6427. | House floor actions |
| 2016-12-05 | Floor | Considered under suspension of the rules. (consideration: CR H7152-7156) | House floor actions |
| 2016-12-05 | Floor | Mr. Garrett moved to suspend the rules and pass the bill. | House floor actions |
| 2016-12-02 | IntroReferral | Referred to the House Committee on Financial Services. | House floor actions |
| 2016-12-02 | IntroReferral | Introduced in House | Library of Congress |