Expanding Investment in Small Businesses Act

Bill: 115-hr-6319
Sponsor: full_name: Rep. Hultgren, Randy [R-IL-14]
Introduced: 2018-07-10
Policy area: Finance and Financial Sector
Subjects: Banking and financial institutions regulation

Business investment and capital

Competition and antitrust

Congressional oversight

Government information and archives

Government studies and investigations

Small business
Latest action: action_date: 2018-07-31
text: Placed on the Union Calendar, Calendar No. 676.

Summaries:
action_date: 2018-07-10
action_desc: Introduced in House
text: <p><b>Expanding Investment in Small Businesses Act </b></p> <p>This bill directs the Securities and Exchange Commission to report on: (1)&nbsp;the limitiation on shares of an individual company that a diversified investment company may own, and (2) the limitation's impact on capital formation. </p>

action_date: 2018-07-31
action_desc: Reported to House without amendment
text: <p><b>Expanding Investment in Small Businesses Act </b></p> <p>This bill directs the Securities and Exchange Commission to report on: (1)&nbsp;the limitiation on shares of an individual company that a diversified investment company may own, and (2) the limitation's impact on capital formation. </p>

tv_txt: I 115th CONGRESS 2d Session H. R. 6319 IN THE HOUSE OF REPRESENTATIVES July 10, 2018 Mr. Hultgren introduced the following bill; which was referred to the Committee on Financial Services A BILL To require the Securities and Exchange Commission to carry out a study of the 10 per centum threshold limitation applicable to the definition of a diversified company under the Investment Company Act of 1940, and for other purposes.

1. Short title This Act may be cited as the Expanding Investment in Small Businesses Act . 2. SEC study (a) In general The Securities and Exchange Commission shall carry out a study of the 10 per centum threshold limitation applicable to the definition of a diversified company under section 5(b)(1) of the Investment Company Act of 1940 ( 15 U.S.C. 80a–5(b)(1) ) and determine whether such threshold limits capital formation. (b) Considerations In carrying out the study required under subsection (a), the Commission shall consider the following: (1) The size and number of diversified companies that are currently restricted in their ability to own more than 10 percent of the voting shares in an individual company. (2) If investing preferences of diversified companies have shifted away from companies with smaller market capitalizations. (3) The expected increase in the availability of capital to small and emerging growth companies if the threshold is increased. (4) The ability of registered funds to manage liquidity risk. (5) Any other consideration that the Commission considers necessary and appropriate for the protection of investors. (c) Solicitation of public comments In carrying out the study required under subsection (a), the Commission may solicit public comments. (d) Report Not later than the end of the 180-day period beginning on the date of enactment of this Act, the Commission shall issue a report to the Congress, and make such report publicly available on the website of the Commission, containing— (1) all findings and determinations made in carrying out the study required under subsection (a); and (2) any legislative recommendations of the Commission, including any recommendation to update the 10 per centum threshold.

tv_txt: IB Union Calendar No. 676 115th CONGRESS 2d Session H. R. 6319 [Report No. 115–878] IN THE HOUSE OF REPRESENTATIVES July 10, 2018 Mr. Hultgren introduced the following bill; which was referred to the Committee on Financial Services July 31, 2018 Committed to the Committee of the Whole House on the State of the Union and ordered to be printed A BILL To require the Securities and Exchange Commission to carry out a study of the 10 per centum threshold limitation applicable to the definition of a diversified company under the Investment Company Act of 1940, and for other purposes.

1. Short title This Act may be cited as the Expanding Investment in Small Businesses Act . 2. SEC study (a) In general The Securities and Exchange Commission shall carry out a study of the 10 per centum threshold limitation applicable to the definition of a diversified company under section 5(b)(1) of the Investment Company Act of 1940 ( 15 U.S.C. 80a–5(b)(1) ) and determine whether such threshold limits capital formation. (b) Considerations In carrying out the study required under subsection (a), the Commission shall consider the following: (1) The size and number of diversified companies that are currently restricted in their ability to own more than 10 percent of the voting shares in an individual company. (2) If investing preferences of diversified companies have shifted away from companies with smaller market capitalizations. (3) The expected increase in the availability of capital to small and emerging growth companies if the threshold is increased. (4) The ability of registered funds to manage liquidity risk. (5) Any other consideration that the Commission considers necessary and appropriate for the protection of investors. (c) Solicitation of public comments In carrying out the study required under subsection (a), the Commission may solicit public comments. (d) Report Not later than the end of the 180-day period beginning on the date of enactment of this Act, the Commission shall issue a report to the Congress, and make such report publicly available on the website of the Commission, containing— (1) all findings and determinations made in carrying out the study required under subsection (a); and (2) any legislative recommendations of the Commission, including any recommendation to update the 10 per centum threshold.

July 31, 2018 Committed to the Committee of the Whole House on the State of the Union and ordered to be printed