WASHINGTON, DC - U.S. Congressman Pete Sessions (R-TX), Chairman of the House Committee on Rules, released the following statement in support of a measure to amend the Securities and Exchange Commission Rule 701 to increase the threshold amount for requiring issuers to provide certain disclosures relating to compensatory benefit plans from $5 million to $10 million and indexes the amount for inflation every five years:
"As a part of our pro-growth agenda, House Republicans have taken active measures to get people back to work and encourage free market based solutions that stimulate budding industries. Recently my hometown of Dallas was named one of the top 25 cities for tech innovation. In 2016, Texas’ technology industry added more than 11,000 new jobs and employed an estimated 593,000 workers. While this industry has been booming, the laws on the books are hindering their ability to prosper. Currently, these small businesses face immense challenges raising capital since traditional lenders have greatly reduced their lending programs for small business. That is why I proudly supported today’s measure to eliminate obstacles that have hampered the ability of employers to attract and retain employees. There is so much talent and opportunity in this budding marketplace and this bill allows us to harness this opportunity and encourage businesses to grow and thrive."
To learn more about H.R. 1343, Encouraging Employee Ownership Act of 2017, click here.
Caroline Boothe, Communications Director