More Capital Formation and Capital Markets Bills Approved by US House and Sent to Senate

More Bills Included in "JOBS Act 3.0" Bi-partisan Capital Formation Legislative Package
By: US House of Representatives
 
DALLAS - Nov. 6, 2018 - PRLog -- Ronald A. Woessner, a Dallas-based investor and entrepreneur who advocates for pro-capital formation governmental initiatives, today provided a summary of 11 additional capital formation legislative package designed to help America's small businesses and entrepreneurs access needed capital and to protect investors.

This summary supplements an earlier summary included in a press release of November 6, 2018.

The legislative package, known as the "JOBS and Investor Confidence Act of 2018," is comprised of 22 individual bills approved by the US House of Representatives in the Summer of 2018.  This "JOBS Act 3.0" follows two earlier capital formation legislative packages, the "Jump Start our Business Startups Act of 2012"  ("JOBS Act 1.0"), and "JOBS Act 2.0 of 2015" incorporated into the 2015 FAST Act.

HR 4537, International Insurance Standards Act Sponsored by Rep. Sean Duffy (R-WI) and cosponsored by Rep. Denny Heck (D-WA), ensures that international insurance standards and agreements are consistent with our domestic insurance system and provides greater Congressional oversight and transparency over international insurance standard negotiations.

HR 4566, Alleviating Stress Test Burdens to Help Investors Act (Secs. 2 and 3) Sponsored by Rep. Bruce Poliquin (R-ME), the section of this legislation to be included in JOBS Act 3.0 amends the Dodd-Frank Act to exempt nonbank financial institutions not  primarily regulated by either a federal banking agency or the Federal Housing Finance Agency from the Dodd-Frank Act's mandatory company-run stress-testing requirements. Additionally, the bill clarifies that the SEC and the Commodity Futures Trading Commission retain their authority to issue regulations to require nonbank financial companies to conduct periodic analysis of the financial condition of such companies under adverse economic conditions.

HR 4768, National Strategy for Combating the Financing of Transnational Criminal Organizations Act Sponsored by Rep. David Kustoff (R-TN) and cosponsored by Rep. Kyrsten Sinema (D-AZ), H.R. 4768 requires the Secretary of the Treasury to develop a national strategy to combat the financial networks of transnational criminal organizations (TCOs) not later than one year after the enactment of this Act and every two years thereafter. The strategy will assess the most significant TCO threats and the individuals, entities, and networks that provide financial support or facilitation to those TCOs.  It also reviews current goals, priorities, and actions against TCOs' financial support networks and will recommend new ways to deter and prosecute those who financially enable TCOs.

HR 5288, Common Sense Credit Union Capital Relief Act Sponsored by Rep. Bill Posey (R-FL) and cosponsored by Rep. Denny Heck (D-WA), the bill delays the effective date of the rule used by the National Credit Union Administration titled "Risk-Based Capital" from 2019 to 2021. Included in HR 5841.

HR 5749, Options Markets Stability Act Sponsored by Rep. Randy Hultgren (R-IL) and cosponsored by Rep. Bill Foster (D-IL), requires the prudential regulators to implement a risk-adjusted approach to value centrally-cleared exchange-listed derivatives as it relates to capital rules to better and more accurately reflect exposure and to promote  market-making activity.

HR 5783, Cooperate with Law Enforcement Agencies and Watch Act of 2018 Sponsored by Rep. French Hill (R-AR) and cosponsored by Rep. Bill Foster (D-IL), the "Cooperate with Law Enforcement Agencies and Watch Act of 2018" provides a safe harbor for financial institutions that maintain a customer account at the request of a Federal, State, tribal or local law enforcement agency.

HR 5877, Main Street Growth Act Sponsored by Rep. Tom Emmer (R-MN), the "Main Street Growth Act" amends the Securities Exchange Act of 1934 to allow for the registration of venture exchanges with the SEC to provide a venue that is tailored to the needs of small and emerging companies and offers qualifying companies one venue in which their securities can trade.

HR 5953, Building Up Independent Lives and Dreams (BUILD) Act Sponsored by Rep. Barry Loudermilk (R-GA) and Rep. Brad Sherman (D-CA), H.R. 5953 allows certain non-profits that are conducting charitable mortgage loan transactions to use either the truth in lending (TIL), good faith estimate (GFE), and HUD-1 forms, or those required under the TILA-RESPA Integrated Disclosure (TRID) rule.

HR 5970, Modernizing Disclosures for Investors Act Sponsored by Rep. Ann Wagner (R-MO), the "Modernizing Disclosures for Investors Act" requires the SEC to provide a report to Congress with a cost-benefit analysis of EGCs' use of SEC Form 10-Q, including the costs and benefits to investors and other market participants of the current requirements for reporting on Form 10-Q, as well as the expected impact of the use of alternative formats of quarterly reporting for EGCs. The bill also directs the SEC to report to Congress with recommendations for decreasing costs, increasing transparency, and increasing efficiency of quarterly financial reporting by EGCs.

HR 6069, Fight Illicit Networks and Detect (FIND) Trafficking Act Sponsored by Rep. Juan Vargas (D-CA) and cosponsored by Rep. Keith Rothfus (R-PA), the "FIND Trafficking Act" requires the Comptroller General of the United States to carry out a study on how virtual currencies and online marketplaces are used to buy, sell, or facilitate the financing of goods or services associated with sex trafficking or drug trafficking, and for other purposes.

HR 6139, Improving Investment Research for Small and Emerging Issuers Act Sponsored by Rep. Bill Huizenga (R-MI) and cosponsored by Rep. Maxine Waters (D-CA), the bill requires the SEC to carry out a study to evaluate the issues affecting the provision of and reliance upon investment research into small issuers and pre-IPO companies, including EGCs and other small issuers.

This legislative package is pending in the US Senate for potential vote in 2018.

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Microcap Strategies Advisors
www.microcapstrategies.com

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Source:US House of Representatives
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