Small Company Capital Formation Act of 2011
Latest action · Nov 7, 2011 Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 222.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedMar 14, 2011
- Passed HouseNov 2, 2011
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Small Company Capital Formation Act of 2011 - (Sec. 2) Amends the Securities Act of 1933 (Act) to direct the Securities and Exchange Commission (SEC) to exempt from its regulation a class of securities for which the aggregate offering amount of all securities sold within the prior 12-month period in reliance upon such exemption does not exceed $50 million. Restricts any such exemption to equity securities, debt securities, and debt securities convertible or exchangeable to equity interests, including any guarantees of such securities.
Subjects to civil liability certain violations arising from offering or selling securities by use of prospectuses and communications.
Authorizes the SEC to: (1) require an issuer of such exempted class of securities to make periodic disclosures available to investors regarding the issuer, its business operations, financial condition, corporate governance principles, and use of investor funds; (2) require the issuer to file electronically with the SEC and distribute to prospective investors an offering statement which includes this information; (3) provide for the suspension and termination of this disclosure requirement with respect to that issuer; and (4) prescribe exemption disqualification requirements, substantially similar to regulations adopted in accordance with the Dodd-Frank Wall Street Reform and Consumer Protection Act, under which the exemption shall not be available to the issuer and related persons, including predecessors, affiliates, officers, directors, and underwriters.
Requires the SEC to: (1) review and increase biennially such offering amount limitation, as appropriate; and (2) report to certain congressional committees its reasons for not increasing the amount if it determines not to do so.
Exempts from state regulation the securities covered and required exempted from SEC regulation by this Act.
(Sec. 3) Directs the Comptroller General to study the impact of state laws regulating securities offerings (Blue Sky laws) on offerings made under Regulation A (which specifies the terms and conditions of exemption from the registration requirements of the Securities Act of 1933).
Recorded votes 1
Newest first. Open one to see how every member voted.
| Roll call | Question | Result | Date |
|---|---|---|---|
| House 820 | On Motion to Suspend the Rules and Pass, as Amended | Passed421–1 | Nov 2, 2011 |
Cosponsors 20
Members who signed on, in the order they did. Signatures ran from Mar 14, 2011 to Jul 20, 2011; 4 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-IL | Judy Biggert | Original | Mar 14, 2011 |
| R-GA | Lynn A. Westmoreland | Original | Mar 14, 2011 |
| R-NJ | Scott Garrett | Original | Mar 14, 2011 |
| R-NC | Walter B. Jones | Original | Mar 14, 2011 |
| R-IL | Donald A. Manzullo | Mar 15, 2011 | |
| R-TX | Francisco "Quico" Canseco | Mar 15, 2011 | |
| R-TN | John J. Duncan, Jr. | Mar 17, 2011 | |
| D-CA | Anna G. Eshoo | Mar 29, 2011 | |
| R-MN | Michele Bachmann | Mar 29, 2011 | |
| R-OH | Steve Stivers | Mar 30, 2011 | |
| D-GA | David Scott | May 2, 2011 | |
| R-TX | Randy Neugebauer | May 2, 2011 | |
| R-IL | Joe Walsh | May 5, 2011 | |
| R-MN | Erik Paulsen | May 11, 2011 | |
| R-TX | Kenny Marchant | May 12, 2011 | |
| R-AZ | Benjamin Quayle | May 26, 2011 | |
| R-TX | John Abney Culberson | May 26, 2011 | |
| R-TN | David P. Roe | Jul 6, 2011 | |
| R-GA | Tom Price | Jul 6, 2011 | |
| R-NY | Nan A. S. Hayworth | Jul 20, 2011 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Financial Services Committee | Referred Mar 14, 2011Markup Jun 22, 2011Reported Sep 14, 2011 |
| Capital Markets Subcommittee | Hearings Mar 16, 2011Referred Apr 4, 2011Markup May 4, 2011Reported May 4, 2011 |
Actions 21
Everything that happened, newest first.
- Nov 7, 2011Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 222.
- Nov 3, 2011Received in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time.
- Nov 2, 2011Mr. Bachus moved to suspend the rules and pass the bill, as amended.
- Nov 2, 2011Considered under suspension of the rules. (consideration: CR H7229-7232)
- Nov 2, 2011DEBATE - The House proceeded with forty minutes of debate on H.R. 1070.
In the Congressional Record 5
Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.
| Where | In the Record | Members | Date |
|---|---|---|---|
| House | Debate and remarks H148 | Richard B. Nugent R-FL | Jan 24, 2012 |
| Senate | Debate and remarks S7164 | Mitch McConnell R-KY | Nov 8, 2011 |
| Senate | Debate and remarks S7146, S7160 | Jeff Merkley D-OR, Mitch McConnell R-KY | Nov 7, 2011 |
| Senate · Extensions | Debate and remarks E2000, S7143 | Harry Reid D-NV, Sheila Jackson Lee D-TX | Nov 3, 2011 |
| House | Debate and remarks H7229–H7232Text printed H7229Recorded votes H7236enact | Anna G. Eshoo D-CA, David Schweikert R-AZ, Gary C. Peters D-MI, George Miller D-CA, John D. Dingell D-MI, Judy Biggert R-IL, Spencer Bachus R-AL | Nov 2, 2011 |
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Committee report
Congressional Budget Office cost estimate
- Sep 14, 2011H.R. 1070, Small Company Capital Formation Act of 2011As ordered reported by the House Committee on Financial Services on June 22, 2011
Constitutional authority
The sponsor’s statement, as printed in the page H1797.
Printed hearings 2
Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.
| Number | Hearing | Committee | Held |
|---|---|---|---|
| S. Hrg. 112-444 | SPURRING JOB GROWTH THROUGH CAPITAL FORMATION WHILE PROTECTING INVESTORS-PART I127 pages | Banking, Housing, and Urban Affairs Committee | Dec 1, 2011 |
| Serial No. 112-19 | LEGISLATIVE PROPOSALS TO PROMOTE JOB CREATION, CAPITAL FORMATION, AND MARKET CERTAINTY147 pages | Financial Services Committee | Mar 16, 2011 |
CRS reports 3
Congressional Research Service work that CRS links to this bill or the law it became, newest first.
Cite it 3
Products on other subjects that cite it, usually among other measures.
| Product | Title | Kind | Published |
|---|---|---|---|
| R44362 | Post-Committee Adjustment in the Modern House: The Use of Rules Committee Prints Archived | Report | Feb 3, 2016 |
| R43262 | The “Pay Ratio Provision” in the Dodd-Frank Act: Legislation to Repeal It in the 113th Congress Archived | Report | Oct 28, 2013 |
| R42427 | U.S. Initial Public Stock Offerings and the JOBS Act Archived | Report | Sep 27, 2012 |
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 1544 | Small Company Capital Formation Act of 2011 | Related bill | Mar 6, 2012 |
Titles 5
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To amend the Securities Act of 1933 to authorize the Securities and Exchange Commission to exempt a certain class of securities from such Act.
- Official Titles as Amended by House
- To amend the Securities Act of 1933 to require the Securities and Exchange Commission to exempt a certain class of securities from such Act.
- Short Titles as Introduced
- Small Company Capital Formation Act of 2011
- Short Titles as Reported to House
- Small Company Capital Formation Act of 2011
- Short Titles as Passed House
- Small Company Capital Formation Act of 2011
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
Text 4
Each version as it was printed, newest first.
- Nov 7, 2011Placed on Calendar Senate
- Nov 2, 2011Engrossed in House
- Sep 14, 2011Reported in House
- Mar 14, 2011Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
