Getting a capital markets regulatory package through the Senate could prove challenging, Sen. Pat Toomey (R-Pa.) said June 19.
Toomey said the same Democratic senators who supported a recently enacted law benefiting small and midsize banks also support the package, but they may not vote for it because of pushback from other members of their party.
“I think they feel like they paid a political price,” Toomey, a Senate Banking Committee member, told a Washington conference hosted by The Clearing House and the Securities Industry and Financial Markets Association. “They are in a difficult position politically.”
With the banking deregulation bill signed, House Republicans are working on a legislative package meant to promote capital formation and small business creation. The House Financial Services Committee has scheduled a June 21 markup for bills aimed at reducing Securities and Exchange Commission requirements for emerging growth companies.
The committee will mark up legislation (H.R. 5970) from Rep. Ann Wagner (R-Mo.) that would direct the SEC to consider shorter and simplified alternatives to the current Form 10-Q for companies to disclose quarterly financial information.
Also on the committee’s agenda is a bill (H.R. 6130) from Rep. Keith Rothfus (R-Pa.) that would give some emerging growth companies an additional five years of exemptions from certain SEC disclosure requirements.
The committee is also expected to consider bipartisan legislation (number unavailable) from Reps. Maxine Waters (D-Calif.), the committee’s top Democrat, and Bill Huizenga (R-Mich.). Their bill would require the SEC to study investor demand and the availability of research reports on small and emerging growth companies. The SEC would issue recommendations to improve the quality and volume of such research, among other things.
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