Hearing Information
Amendment Deadline
Tuesday, February 27, 2024 - 12:00pm View Announcement »
Meeting Information
Tuesday, March 5, 2024 - 4:00pm H-313, The Capitol View Announcement »
H.R. 2799 - Expanding Access to Capital Act of 2023
Video
Bill Text
Hearing Documents
Rule Information
COMMITTEE ACTION:
REPORTED BY A RECORD VOTE of 9-3 on Tuesday, March 5, 2024.
FLOOR ACTION ON H. RES. 1052:
Agreed to by a record vote of 214-211, after agreeing to the previous question by a record vote of 215-205, on Wednesday, March 6, 2024.
MANAGERS: Houchin/McGovern
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1. |
Structured rule for H.R. 2799. |
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2. |
Waives all points of order against consideration of the bill. |
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3. |
Provides one hour of general debate equally divided and controlled by the chair and ranking minority member of the Committee on Financial Services or their respective designees. |
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4. |
Provides that the amendment in the nature of a substitute recommended by the Committee on Financial Services now printed in the bill, modified by the amendment printed in part A of the Rules Committee report, shall be considered as adopted, and the bill, as amended, shall be considered as read. |
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5. |
Waives all points of order against provisions in the bill, as amended. |
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6. |
Makes in order only those amendments printed in part B of the Rules Committee report. Each amendment shall be considered only in the order printed in the report, may be offered only by a Member designated in the report, 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. |
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7. |
Waives all points of order against the amendments printed in part B of the report. |
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8. |
Provides one motion to recommit. |
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9. |
Closed rule for H.R. 7511. |
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10. |
Waives all points of order against consideration of the bill. |
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11. |
Provides that the bill shall be considered as read. |
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12. |
Waives all points of order against provisions in the bill. |
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13. |
Provides one hour of general debate equally divided and controlled by the chair and ranking minority member of the Committee on the Judiciary or their respective designees. |
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14. |
Provides one motion to recommit. |
Amendments (click headers to sort)
| # | Version # | Sponsor(s) | Party | Summary | Status |
|---|---|---|---|---|---|
| 1 | Version 1 | Crockett (TX) | Democrat | Requires the rulemaking under the Gig Worker Title to specify that the securities provided under this title may only be provided if they are in addition to, and not a replacement for, the remuneration the individual would have otherwise received. | Submitted |
| 2 | Version 1 | Crockett (TX) | Democrat | Prevents issuers convicted of, or assessed a civil penalty for, violation of state or federal securities laws or rules issued by the SEC or state securities regulators in the past 10 years from using the new state preemption language added in Section 2702(a) of the Crowdfunding Title. | Submitted |
| 3 | Version 1 | Wagner (MO), Meeks (NY), Nickel (NC), Scott, David (GA) | Bi-Partisan | Allows a closed-end investment company, an entity that invests in securities using money raised in its initial public offering, to invest its assets in securities issued by private funds. | Made in Order |
| 4 | Version 1 | Sherman (CA) | Democrat | Revises the definition of "Held of Record" to count each individual on behalf of whom an investment company invests in a security as a beneficial owner for purposes of the 2,000 beneficial owner limitation. | Submitted |
| 5 | Version 1 | Sherman (CA) | Democrat | Allows an individual to invest not more than 5 percent of the net worth of the individual excluding the individual's primary residence in any one private offering. Limits the aggregate investment of the individual in private offerings to 25 percent of the net worth of the individual excluding the individual's primary residence. | Made in Order |
| 6 | Version 1 | Landsman (OH) | Democrat | Requires that any entities or private investments that will now face the less stringent regulations and registration requirements of a venture capital fund under the revised definitions of H.R. 2799 must also meet the new requirement of at least 15% of total investment per fiscal year being invested in small businesses owned by socially and economically disadvantaged individuals, veterans, or women, per the SBA definitions. | Submitted |
| 7 | Version 1 | Lucas (OK), Gottheimer (NJ), Foster (IL) | Bi-Partisan | Amends Federal securities laws to allow 403(b) plans to invest in collective investment trusts (CITs) and insurance contracts that currently may be invested in by comparable retirement plans, such as 401(k)s. | Made in Order |
| 8 | Version 1 | Houlahan (PA) | Democrat | Requires the Advocate for Small Business Capital Formation to include in its report to Congress and the SEC [Sec. 2603(b)] the effects of the failure of Silicon Valley Bank on community banks and small business lending. | Made in Order |
| 9 | Version 3 | McHenry (NC) | Republican | MANAGER’S AMENDMENT Revised Strikes title VII. Makes technical corrections to the reported bill, including striking section 3103. | Considered as Adopted |
| 10 | Version 1 | Lawler (NY), Gottheimer (NJ) | Bi-Partisan | Clarifies the definition of "general solicitation" and "angel investor" for purposes of the federal securities laws to ensure that startups can discuss their products and business plans at certain events, known as "demo days." | Made in Order |
| 11 | Version 2 | Lieu (CA), Ocasio-Cortez (NY) | Democrat | Revised Requires public companies to disclose sexual harassment claims and implement mandatory sexual harassment training. | Revised |
| 12 | Version 2 | Huizenga (MI), Auchincloss (MA), Nickel (NC), Steil (WI) | Bi-Partisan | Revised Directs the Securities and Exchange Commission to promulgate rules with respect to the electronic delivery of certain required disclosures to investors. | Made in Order |
| 13 | Version 1 | Sherman (CA) | Democrat | Ensures that an exemption or benefit provided under this Act or the amendments made by this Act may only apply to a company that provides: a description of the degree to which each supply chain of such public company relies upon or is exposed to China, Hong Kong’s special administrative region, the Macau special administrative region, Taiwan, Japan, Mongolia, the Democratic People’s Republic of Korea, and the Republic of Korea; a description of the operations of the public company in the aforementioned markets; a narrative description of the public company’s China risk; and if the company identifies a material China risk, then a narrative description of actions the company has taken or will take to minimize China risk and additional actions the company may take to minimize the China risk if there is a significant disruption in the economic relationship between the U.S. and People’s Republic of China as a result of a hostile actions by China against Taiwan. | Submitted |
| 14 | Version 1 | Waters (CA) | Democrat | Requires any investment adviser, private fund, or an investment company that is subject to the bill to annually and publicly disclose their investments into women-owned, minority-owned, veteran-owned, rural-domiciled, and other businesses. | Made in Order |
| 15 | Version 1 | Tlaib (MI) | Democrat | Ensures exemptions or benefits provided by HR 2799 may only apply to companies that do not impose junk fees on customers. | Made in Order |
| 16 | Version 1 | Lynch (MA) | Democrat | Provides that the Act will take effect only when the SEC, in consultation with State securities regulators, certifies to Congress that nothing in the Act will increase fraud. | Made in Order |
| 17 | Version 1 | Horsford (NV) | Democrat | Requires disclosure of investments in residential real estate to the Securities and Exchange Commission from qualifying Venture Capital Funds. | Submitted |
| 18 | Version 1 | Norman (SC) | Republican | Withdrawn Inserts text of Stop Woke Investing Act | Withdrawn |
| 19 | Version 1 | Norman (SC) | Republican | Withdrawn Inserts text of the Businesses Over Activists Act | Withdrawn |
| 20 | Version 1 | Beatty (OH) | Democrat | Late Revises the definition of a well-known seasoned issuer to require that the issuer not have been convicted of violating various laws, including the Anti-Money Laundering Act. | Submitted |
| 21 | Version 2 | Pettersen (CO) | Democrat | Late Revised Limits exemptions or benefits provided under this act to only apply to companies that have not been convicted of a violation of securities laws. | Revised |
Committee Votes
Rules Committee Record Vote No. 203
Motion by Mr. McGovern to amend the rule to make in order amendment #21 to H.R. 2799, offered by Representative Pettersen, which limits exemptions or benefits provided under this act to only apply to companies that have not been convicted of a violation of securities laws. Defeated: 3–9
Majority Member
Vote
Mr. Burgess
Nay
Mr. Reschenthaler
Nay
Mrs. Fischbach
Nay
Mr. Massie
Nay
Mr. Norman
Nay
Mr. Roy
Nay
Mrs. Houchin
Nay
Mr. Langworthy
Nay
Mr. Cole, Chairman
Nay
Minority Member
Vote
Mr. McGovern
Yea
Ms. Scanlon
Yea
Mr. Neguse
No Vote
Ms. Leger Fernández
Yea
Rules Committee Record Vote No. 204
Motion by Mrs. Houchin to report the rule. Adopted: 9–3
Majority Member
Vote
Mr. Burgess
Yea
Mr. Reschenthaler
Yea
Mrs. Fischbach
Yea
Mr. Massie
Yea
Mr. Norman
Yea
Mr. Roy
Yea
Mrs. Houchin
Yea
Mr. Langworthy
Yea
Mr. Cole, Chairman
Yea
Minority Member
Vote
Mr. McGovern
Nay
Ms. Scanlon
Nay
Mr. Neguse
No Vote
Ms. Leger Fernández
Nay