Private Company Flexibility and Growth Act
Latest action · Dec 12, 2011 Placed on the Union Calendar, Calendar No. 223.
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.
- IntroducedJun 14, 2011
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Private Company Flexibility and Growth Act - Amends the Securities Exchange Act of 1934 to change the thresholds for total assets and for class of equity security holders of record which trigger the requirement for a securities issuer to register with the Securities and Exchange Commission (SEC). Increases the total assets threshold from $1 million to $10 million, and the class of equity security holders of record threshold from 500-750 to 1,000 persons.
Declares that, with respect to such registration requirement, the definition of "held of record" does not include securities held by persons who received them pursuant to an employee compensation plan in transactions exempted from specified registration requirements of the Securities Act of 1933 (exempt transactions). (Thus exempts securities held by such persons from registration requirements.)
Directs the SEC to: (1) revise the definition of "held of record" in accordance with this Act, and (2) adopt safe harbor provisions issuers can follow when determining that holders of their securities received them pursuant to an employee compensation plan in an exempt transaction.
Cosponsors 27
Members who signed on, in the order they did. Signatures ran from Jun 14, 2011 to Oct 26, 2011; 7 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-CA | Darrell Issa | Original | Jun 14, 2011 |
| D-CO | Ed Perlmutter | Original | Jun 14, 2011 |
| R-TX | Francisco "Quico" Canseco | Original | Jun 14, 2011 |
| D-CT | James A. Himes | Original | Jun 14, 2011 |
| R-IL | Judy Biggert | Original | Jun 14, 2011 |
| D-IL | Mike Quigley | Original | Jun 14, 2011 |
| R-NC | Walter B. Jones | Original | Jun 14, 2011 |
| R-CA | John Campbell | Jun 15, 2011 | |
| R-NC | Patrick T. McHenry | Jun 15, 2011 | |
| R-IL | Donald A. Manzullo | Jun 24, 2011 | |
| R-OH | Robert E. Latta | Jul 28, 2011 | |
| D-NY | Gregory W. Meeks | Aug 9, 2011 | |
| D-CO | Jared Polis | Aug 9, 2011 | |
| D-CA | Loretta Sanchez | Sep 9, 2011 | |
| R-VA | Robert Hurt | Sep 9, 2011 | |
| D-OK | Dan Boren | Sep 20, 2011 | |
| R-PA | Michael G. Fitzpatrick | Sep 20, 2011 | |
| D-VT | Peter Welch | Sep 20, 2011 | |
| D-NY | Gary L. Ackerman | Oct 4, 2011 | |
| R-NY | Nan A. S. Hayworth | Oct 4, 2011 | |
| R-IL | Robert J. Dold | Oct 4, 2011 | |
| D-WA | Adam Smith | Oct 5, 2011 | |
| D-NY | Carolyn B. Maloney | Oct 5, 2011 | |
| D-DE | John C. Carney, Jr. | Oct 5, 2011 | |
| D-TX | Ruben Hinojosa | Oct 5, 2011 | |
| D-VA | Gerald E. Connolly | Oct 24, 2011 | |
| R-MN | John Kline | Oct 26, 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 Jun 14, 2011Markup Oct 26, 2011Reported Dec 12, 2011 |
| Capital Markets Subcommittee | Hearings Sep 21, 2011Referred Oct 4, 2011Markup Oct 5, 2011Reported Oct 5, 2011 |
Actions 10
Everything that happened, newest first.
- Dec 12, 2011Reported (Amended) by the Committee on Financial Services. H. Rept. 112-327.
- Dec 12, 2011Placed on the Union Calendar, Calendar No. 223.
- Oct 26, 2011Committee Consideration and Mark-up Session Held.
- Oct 26, 2011Ordered to be Reported by Voice Vote.
- Oct 5, 2011Subcommittee Consideration and Mark-up Session Held.
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
- Oct 31, 2011H.R. 2167, Private Company Flexibility and Growth ActCost estimate for the bill as ordered reported by the House Committee on Financial Services on October 26, 2011
Constitutional authority
The sponsor’s statement, as printed in the page H4186.
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. 112-63 | LEGISLATIVE PROPOSALS TO FACILITATE SMALL BUSINESS CAPITAL FORMATION AND JOB CREATION159 pages | Financial Services Committee | Sep 21, 2011 |
CRS reports 2
Congressional Research Service work that CRS links to this bill or the law it became, newest first.
Cite it 2
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 |
| 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 1824 | Private Company Flexibility and Growth Act | Related bill | Mar 6, 2012 |
Titles 3
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To amend the Securities Exchange Act of 1934 to change the threshold number of shareholders for required registration under that Act.
- Short Titles as Introduced
- Private Company Flexibility and Growth Act
- Short Titles as Reported to House
- Private Company Flexibility and Growth Act
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
Text 2
Each version as it was printed, newest first.
- Dec 12, 2011Reported in House
- Jun 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.
