Family Office Technical Correction Act of 2017
Latest action · Oct 25, 2017 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
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.
- IntroducedOct 5, 2017
- Passed HouseOct 24, 2017
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Family Office Technical Correction Act of 2017
(Sec. 2) This bill provides that family offices are accredited investors as set forth by the Securities and Exchange Commission in Regulation D, allowing such investors to purchase certain unregistered securities. (A family office is a company that has no clients other than family clients, is wholly owned and exclusively controlled by family clients, and does not hold itself out to the public as an investment advisor.)
A family office is an accredited investor if:
- the office manages assets in excess of $5 million,
- the office was not formed for the purpose of acquiring the offered securities, and
- a qualified person is directing the purchase.
Cosponsors
Members who signed on, in the order they did.
Committees 2
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 Oct 5, 2017Markup Oct 12, 2017Reported Oct 23, 2017 |
| Senate | Banking, Housing, and Urban Affairs Committee | Referred Oct 25, 2017 |
Actions 13
Everything that happened, newest first.
- Oct 25, 2017Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- Oct 24, 2017Mr. Barr moved to suspend the rules and pass the bill, as amended.
- Oct 24, 2017Considered under suspension of the rules. (consideration: CR H8097-8099)
- Oct 24, 2017DEBATE - The House proceeded with forty minutes of debate on H.R. 3972.
- Oct 24, 2017Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H8097)
- Oct 24, 2017Motion to reconsider laid on the table Agreed to without objection.
- Oct 23, 2017Reported (Amended) by the Committee on Financial Services. H. Rept. 115-362.
- Oct 23, 2017Placed on the Union Calendar, Calendar No. 266.
- Oct 12, 2017Committee Consideration and Mark-up Session Held.
- Oct 12, 2017Ordered to be Reported (Amended) by the Yeas and Nays: 60 - 0.
- Oct 11, 2017Committee Consideration and Mark-up Session Held.
- Oct 5, 2017Introduced in House
- Oct 5, 2017Referred to the House Committee on Financial Services.
In the Congressional Record 1
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 H8097–H8099Text printed H8097 | Andy Barr R-KY, Carolyn B. Maloney D-NY, Jeb Hensarling R-TX, Maxine Waters D-CA | Oct 24, 2017 |
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 20, 2017H.R. 3972, Family Office Technical Correction Act of 2017As ordered reported by the House Committee on Financial Services on October 12, 2017
Constitutional authority
The sponsor’s statement, as printed in the Congressional Record, vol. 163, no. 160, October 5, 2017, page H7888.
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 |
|---|---|---|---|
| IN10950 | Financial Services and General Government (FSGG) FY2019 Appropriations and Financial Regulatory Reform Archived | Insight | Nov 27, 2018 |
| R45308 | JOBS and Investor Confidence Act (House-Amended S. 488): Capital Markets Provisions Archived | Report | Sep 7, 2018 |
Related bills 3
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 488 | Encouraging Employee Ownership Act | Related bill | Jul 18, 2018 |
| HR 6147 | Interior, Environment, Financial Services and General Government, Agriculture, Rural Development, Food and Drug Administration, and Transportation, Housing and Urban Development Appropriations Act, 2019 | Related bill | Sep 7, 2018 |
| HR 6258 | Financial Services and General Government Appropriations Act, 2019 | Related bill | Jun 28, 2018 |
Titles 4
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To clarify that family offices and family clients are accredited investors, and for other purposes.
- Short Titles as Introduced
- Family Office Technical Correction Act of 2017
- Short Titles as Reported to House
- Family Office Technical Correction Act of 2017
- Short Titles as Passed House
- Family Office Technical Correction Act of 2017
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
Text 4
Each version as it was printed, newest first.
- Oct 25, 2017Referred in Senate
- Oct 24, 2017Engrossed in House
- Oct 23, 2017Reported in House
- Oct 5, 2017Introduced 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.
