I voted yes on the motion to suspend the rules and pass #HR2274, Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2013. The bill exempts brokers who help arrange the sale of small, privately held companies (e.g., the family-owned ice cream shop down the street) from registration with the Securities and Exchange Commission (SEC). The one-size-fits-all SEC requirements are so costly for small, local brokers—estimated at about $75,000 per year, which would have to be passed on to the small business owners who use them—that many such brokers simply cant afford to register and have been technically breaking the law for years. This bill distinguishes between the sale of small, private businesses and the sale of securities of large, publicly traded companies. These brokers are still subject to SEC recordkeeping and other requirements, and state securities laws still apply. It passed 422-0.
Posted on: Thu, 16 Jan 2014 00:29:39 +0000
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