Small Entity Update Act

Bill: 118-hr-2792
Sponsor: Rep. Wagner, Ann [R-MO-2]
Introduced: 2023-04-20 in the House
Policy area: Finance and Financial Sector
Subjects: Administrative law and regulatory procedures
Congressional oversight
Government studies and investigations
Securities and Exchange Commission (SEC)
Small business

Summary:
action_date: 2023-04-20
text: 

Small Entity Update Act 

 
This bill requires the Securities and Exchange Commission (SEC) to report on and revise the definition of 
small entity
 every five years. Agencies are required to consider the impact of their rules on small entities under the Regulatory Flexibility Act. 
 
Under the bill, the SEC must provide specific and detailed recommendations to Congress on how the SEC can revise the definition of 
small entity
 to (1) align with specified statutory goals, including reducing unnecessary burdens on small entities; and (2) expand the number of entities covered. 
 
The SEC must also issue a proposed rule to implement these recommendations. 

action_date: 2023-05-30
text: 

Small Entity Update Act 

 
This bill requires the Securities and Exchange Commission (SEC) to report on and revise the definition of 
small entity
. Agencies are required to consider the impact of their rules on small entities under the Regulatory Flexibility Act. 
 
Under the bill, the SEC must provide specific and detailed recommendations to Congress on how the SEC can revise the definition of 
small entity
 to (1) align with specified statutory goals, including reducing unnecessary burdens on small entities; and (2) expand the number of entities covered. In addition, the SEC must adjust the appropriate dollar amounts for inflation every five years.
 
The SEC must also revise the applicable rules to implement these recommendations. 


Legislative actions:
action_date: 2023-05-31
text: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
action_date: 2023-05-30
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2023-05-30
text: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 367 - 8 (Roll no. 238). (text: CR H2652)
action_date: 2023-05-30
text: Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 367 - 8 (Roll no. 238). (text: CR H2652)
action_date: 2023-05-30
text: Considered as unfinished business. (consideration: CR H2661-2662)
action_date: 2023-05-30
text: 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.
action_date: 2023-05-30
text: DEBATE - The House proceeded with forty minutes of debate on H.R. 2792.
action_date: 2023-05-30
text: Considered under suspension of the rules. (consideration: CR H2652-2653)
action_date: 2023-05-30
text: Mrs. Wagner moved to suspend the rules and pass the bill, as amended.
action_date: 2023-05-30
text: Placed on the Union Calendar, Calendar No. 59.
action_date: 2023-05-30
text: Reported (Amended) by the Committee on Financial Services. H. Rept. 118-80.
action_date: 2023-05-30
text: Reported (Amended) by the Committee on Financial Services. H. Rept. 118-80.
action_date: 2023-04-26
text: Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 42 - 0.
action_date: 2023-04-26
text: Committee Consideration and Mark-up Session Held.
action_date: 2023-04-20
text: Referred to the House Committee on Financial Services.
action_date: 2023-04-20
text: Introduced in House
action_date: 2023-04-20
text: Introduced in House