Bill sponsor U.S. Rep. Patrick McHenry led a debate on the bill this week supporting small businesses and entrepreneurs, an area where he said a divided Congress can find consensus.
03/07/2024 2:35 P.M.
2 minute read
Legislation from the House Financial Services Committee would foster business development and growth through access to capital, said sponsor U.S. Rep. Patrick McHenry, R-N.C., who chairs the committee, on the House floor this week.
The Expanding Access to Capital Act, H.R. 2799, builds on the bipartisan JOBS Act of 2012 to “facilitate capital formation by strengthening our public markets, helping small businesses and entrepreneurs, and creating new opportunities for all investors,” according to a news release from McHenry’s office.
“This legislation … will benefit Americans in every single one of our districts—either by growing their retirement savings or through job creation and economic growth in their community,” McHenry said.
“Not to mention, it has traditionally been an area where a divided Washington can find consensus,” he added.
For an industry like financial services, this legislation is important for its goal to have a community supporting business creation and growth.
“To make our public markets more attractive, H.R. 2799 includes provisions that right-size regulatory burdens on public companies, streamline the process of going public, and allow more companies to qualify as an emerging growth company,” McHenry said. “… This legislation supports small businesses and entrepreneurs, who are the true engine of our economy and account for 99.9% of U.S. businesses. Among other policies, H.R. 2799 allows small businesses to raise more money through offerings.”
The legislation remains under review in the House after Thursday’s debate.
Meanwhile, McHenry also responded to regulatory actions in a statement against the Consumer Financial Protection Bureau’s final rule on credit card late fees, ACA International previously reported.
The House Financial Services Subcommittee on Financial Institutions and Monetary Policy held a hearing Thursday on “Politicized Financial Regulation and its Impact on Consumer Credit and Community Development.”
ACA submitted a letter (PDF) to House Financial Services Committee leadership focusing on actions of the CFPB, including pending medical debt and Fair Credit Reporting Act regulations.
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