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
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The House Financial Services Committee approved two amendments to the Dodd-Frank Act that would (i) bring the CFPB within the ordinary Congressional appropriations process and (ii) eliminate the "orderly liquidation authority."
The House of Representatives passed a bill that directs the SEC to provide a safe harbor allowing broker-dealers to publish research reports on investment funds that are in continuous distribution without having to deem those reports to be "prospectuses."
SEC Chair Mary Jo White testified before the Senate Banking Committee. She noted progress and completion of rulemakings required by the Jumpstart Our Business Startups Act, the Fixing America's Surface Transportation Act and the Dodd-Frank Act.
Senator Sherrod Brown urged the SEC to finalize its recently proposed rules concerning liquidity risk for open-end funds and derivatives use by investment companies.