H.R. 477 - Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2017

Bill Text

    Rules Committee Print 115-43 PDF XML

    Showing the text of H.R. 477 as ordered reported by the Committee on Financial Services.

    Text of H.R. 477 PDF XML

    Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2017 (as reported) 

    H. Rept. 115-431 PDF

    Report from the Committee on Financial Services

Rule Information

COMMITTEE ACTION:
REPORTED BY RECORD VOTE of 8-3 on Wednesday, September 30, 2015.

FLOOR ACTION ON H. RES. 647: 
Agreed to by record vote of 238-188, after agreeing to the previous questions by record vote of 236-190 on Thursday, December 7, 2017.

MANAGERS: Woodall/Slaughter

1. Structured rule for H.R. 477.

2. Provides one hour of debate equally divided and controlled by the chair and ranking minority member of the Committee on Financial Services.

3. Waives all points of order against consideration of the bill.

4. Provides that an amendment in the nature of a substitute consisting of the text of Rules Committee Print 115-43 shall be considered as adopted and the bill, as amended, shall be considered as read.

5. Waives all points of order against provisions in the bill, as amended.

6. Makes in order only the further amendment printed in part A of the Rules Committee report, if offered by the Member designated in the report, which shall be considered as read, shall be debatable for the time specified in the report equally divided and controlled by the proponent and an opponent, shall not be subject to amendment, and shall not be subject to a demand for division of the question.

7. Waives all points of order against the amendment printed in part A of the report.

8. Provides one motion to recommit with or without instructions.

9. Structured rule for H.R. 3971.

10. Provides one hour of debate equally divided and controlled by the chair and ranking minority member of the Committee on Financial Services.

11. Waives all points of order against consideration of the bill.

12. Provides that an amendment in the nature of a substitute consisting of the text of Rules Committee Print 115-44 shall be considered as adopted and the bill, as amended, shall be considered as read.

13. Waives all points of order against provisions in the bill, as amended.

14. Makes in order only the further amendment printed in part B of the Rules Committee report, if offered by the Member designated in the report, which shall be considered as read, shall be debatable for the time specified in the report equally divided and controlled by the proponent and an opponent, shall not be subject to amendment, and shall not be subject to a demand for division of the question.

15. Waives all points of order against the amendment printed in part B of the report.

16. Provides one motion to recommit with or without instructions.

17. Closed rule for H.J. Res. 123.

18. Provides one hour of debate equally divided and controlled by the chair and ranking minority member of the Committee on Appropriations.

19. Waives all points of order against consideration of the joint resolution.

20. Provides that the joint resolution shall be considered as read.

21. Waives all points of order against provisions in the joint resolution.

22. Provides one motion to recommit.

Amendments (click headers to sort)

#Version #Sponsor(s)PartySummaryStatus
1Version 2Sherman (CA), Huizenga (MI)Bi-PartisanLate Revised Makes several changes that provide additional protections for investors and small businesses, which will align the bill with a Securities and Exchange Commission no-action letter issued January 31, 2014. Specifically the amendment includes provisions that would prohibit passive buyers in the M&A transaction, prohibit M&A brokers from binding a party to a transfer of ownership, prohibit M&A brokers from providing financing for the transfer, and require M&A brokers that represents both the buyer and seller to disclose that to both parties and receive written consent.Made In Order

Committee Votes

Rules Committee Record Vote No. 161

Motion by Mr. Cole to report the rule. Adopted: 8-4

Majority Member
Vote
Mr. Cole
Yea
Mr. Woodall
Yea
Mr. Burgess
Yea
Mr. Collins
No Vote
Mr. Byrne
Yea
Mr. Newhouse
Yea
Mr. Buck
Yea
Ms. Cheney
Yea
Mr. Sessions, Chairman
Yea
Minority Member
Vote
Ms. Slaughter
Nay
Mr. McGovern
Nay
Mr. Hastings
Nay
Mr. Polis
Nay