House Subcommittee on Capital Markets Hearing on Barriers to Capital Formation
The House Financial Service Subcommittee on Capital Markets and Government Sponsored Enterprises held a hearing titled, "Legislation to Further Reduce Impediments to Capital Formation."The hearing examined seven legislative proposals:
- H.R. 31 The Next Steps for Credit Availability Act
- H.R. 1800 The Small Business Credibility Act
- H.R. 1973 The Business Development Company Modernization Act
- H.R. 2274 Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act
- H.R. __ To direct the SEC to revise its regulations relating to requiring the use of eXtensible Business Reporting Language for periodic reporting to exempt smaller public companies from such requirements
- H.R. __ To amend the Securities Exchange Act of 1934 to provide for an optional pilot program allowing certain emerging growth companies to increase the tick sizes of their stocks
- H.R. __ To amend certain provisions of the securities laws relating to the treatment of emerging growth companies
The following witnesses testified:
- Heath Abshure, Arkansas Securities Commissioner, on behalf of the North American Securities Administration (written testimony)
- Michael Arougheti, Chief Executive Officer, Areas Capital Corporation (written testimony)
- J. Michael Ertel, Managing Director, Broker, Legacy M&A Advisors, LLC (written testimony)
- Alexander C. Frank, Chief Financial Officer, Fifth Street (written testimony)
- Gary K. Wunderlich, Jr., Chief Executive Officer, Wunderlich Securities, on behalf of Securities Industry and Financial Markets Association (written testimony)
- Mr. Tom Quaadman, Vice President, Center for Capital Markets Competitiveness, U.S. Chamber of Commerce (written testimony)
- David Weild, Chairman and Chief Executive Officer, IssuWorks (written testimony)
See: Hearing Memorandum; Archived Video of Hearing.See also: NASAA Encourages Congress to take "Balanced Approach" Regarding Capital Formation.