Access to Capital for Job Creators Act

Bill: 112-hr-2940
Sponsor: Rep. McCarthy, Kevin [R-CA-22]
Introduced: 2011-09-15 in the House
Policy area: Finance and Financial Sector
Subjects: Administrative law and regulatory procedures
Financial services and investments
Marketing and advertising
Securities
Securities and Exchange Commission (SEC)

Summary:
action_date: 2011-09-15
text: 
Access to Capital for Job Creators Act - Directs the Securities and Exchange Commission (SEC) to revise rules governing an exemption from public offering requirements for limited offers and sales without regard to the dollar amount of the offering (Regulation D), so as to provide that a specified prohibition against general solicitation or general advertising does not apply to offers and sales of securities made pursuant to Regulation D if all purchasers of the securities are accredited investors.
 
 

action_date: 2011-10-31
text: 
Access to Capital for Job Creators Act - Amends the Securities Act of 1933 to exempt from specified prohibitions relating to interstate commerce and the mails any transactions by an issuer that do not involve a public offering (as under current law), whether or not such transactions involve general solicitation or general advertising. 
 
 Directs the Securities and Exchange Commission (SEC) to revise rules governing an exemption from public offering requirements for limited offers and sales without regard to the dollar amount of the offering (Regulation D), so as to provide that a specified prohibition against general solicitation or general advertising does not apply to offers and sales of securities made pursuant to Regulation D if all purchasers of the securities are accredited investors. Requires such rules to require the issuer to take reasonable steps to verify that purchasers of the securities are accredited investors, using methods determined by the SEC.
 

 
 

action_date: 2011-11-03
text: 

(This measure has not been amended since it was reported by the House on October 31, 2011. The summary of that version is repeated here.)

 
Access to Capital for Job Creators Act - Amends the Securities Act of 1933 to exempt from specified prohibitions relating to interstate commerce and the mails any transactions by an issuer that do not involve a public offering (as under current law), whether or not such transactions involve general solicitation or general advertising. 
 
 Directs the Securities and Exchange Commission (SEC) to revise rules governing an exemption from public offering requirements for limited offers and sales without regard to the dollar amount of the offering (Regulation D), so as to provide that a specified prohibition against general solicitation or general advertising does not apply to offers and sales of securities made pursuant to Regulation D if all purchasers of the securities are accredited investors. Requires such rules to require the issuer to take reasonable steps to verify that purchasers of the securities are accredited investors, using methods determined by the SEC.
 


Legislative actions:
action_date: 2011-11-08
text: Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 225.
action_date: 2011-11-07
text: Received in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time.
action_date: 2011-11-03
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2011-11-03
text: The Clerk was authorized to correct section numbers, punctuation, and cross references, and to make other necessary technical and conforming corrections in the engrossment of H.R. 2930.
action_date: 2011-11-03
text: The Clerk was authorized to correct section numbers, punctuation, and cross references, and to make other necessary technical and conforming corrections in the engrossment of H.R. 2940.
action_date: 2011-11-03
text: On passage Passed by recorded vote: 413 - 11 (Roll no. 828). (text: CR H7289)
action_date: 2011-11-03
text: Passed/agreed to in House: On passage Passed by recorded vote: 413 - 11 (Roll no. 828).(text: CR H7289)
action_date: 2011-11-03
text: On motion to recommit with instructions Failed by recorded vote: 190 - 236 (Roll no. 827). (consideration: CR H7313)
action_date: 2011-11-03
text: The previous question on the motion to recommit with instructions was ordered without objection. (consideration: CR H7313)
action_date: 2011-11-03
text: DEBATE - The House proceeded with 10 minutes of debate on the DeFazio motion to recommit with instructions. The instructions contained in the motion seek to require the bill to be reported back to the House with an amendment to prohibit those who have been convicted of fraud in connection with a financial transaction.
action_date: 2011-11-03
text: Mr. DeFazio moved to recommit with instructions to Financial Services. (consideration: CR H7312; text: CR H7312)
action_date: 2011-11-03
text: Considered as unfinished business. (consideration: CR H7311-7314)
action_date: 2011-11-03
text: POSTPONED PROCEEDINGS - At the conclusion of debate on the Miller (NC) amendment, the Chair put the question on adoption of the amendment and by voice vote announced that the noes had prevailed. Mr. Miller (NC) demanded a recored vote and the Chair postponed further proceedings on the amendment under clause 8(a)(1)(A) of rule XX.
action_date: 2011-11-03
text: DEBATE - Pursuant to the provisions of H. Res. 453, the House proceeded with 10 minutes of debate on the Miller (NC) Part B amendment.
action_date: 2011-11-03
text: DEBATE - The House proceeded with one hour of debate on H.R. 2940.
action_date: 2011-11-03
text: Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. The resolution provides that the amendments in the nature of a substitute recommended by the Committee on Financial Services now printed in each of the bills are considered adopted. The bills, as amended, are considered read. Specified amendments are in order.
action_date: 2011-11-03
text: Considered under the provisions of rule H. Res. 453. (consideration: CR H7289-7295)
action_date: 2011-11-03
text: Rule H. Res. 453 passed House.
action_date: 2011-11-02
text: Rules Committee Resolution H. Res. 453 Reported to House. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. The resolution provides that the amendments in the nature of a substitute recommended by the Committee on Financial Services now printed in each of the bills are considered adopted. The bills, as amended, are considered read. Specified amendments are in order.
action_date: 2011-10-31
text: Placed on the Union Calendar, Calendar No. 176.
action_date: 2011-10-31
text: Reported (Amended) by the Committee on Financial Services. H. Rept. 112-263.
action_date: 2011-10-31
text: Reported (Amended) by the Committee on Financial Services. H. Rept. 112-263.
action_date: 2011-10-26
text: Ordered to be Reported by Voice Vote.
action_date: 2011-10-26
text: Committee Consideration and Mark-up Session Held.
action_date: 2011-10-05
text: Forwarded by Subcommittee to Full Committee (Amended) by Voice Vote .
action_date: 2011-10-05
text: Subcommittee Consideration and Mark-up Session Held.
action_date: 2011-10-04
text: Referred to the Subcommittee on Capital Markets and Government Sponsored Enterprises.
action_date: 2011-09-21
text: Hearings Held by the Subcommittee on Capital Markets and Government Sponsored Enterprises Prior to Referral.
action_date: 2011-09-15
text: Referred to the House Committee on Financial Services.
action_date: 2011-09-15
text: Introduced in House
action_date: 2011-09-15
text: Introduced in House