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Legislative bills

Wagner's Small Business Growth Legislation Passes House with Bipartisan Support

Strategic Insights

— 1 min read

Congresswoman Ann Wagner (R-MO) has successfully guided the Small Entity Update Act (H.R. 3382) through the House, reaping bipartisan support in the process. This legislation aims to reform the regulatory approach of the Securities and Exchange Commission (SEC) to make it easier for small businesses to achieve their growth goals. By assessing the costs of compliance for small and growing businesses, the SEC will be able to ensure that regulations are not overly burdensome and allow these businesses to compete with larger firms.

Key Takeaways:

  • The Small Entity Update Act (H.R. 3382) was passed by the House, marking a significant step forward in reforming the SEC's regulatory approach for small businesses.
  • The legislation directs the SEC to assess the costs of compliance for small and growing businesses, aiming to prevent overly burdensome regulations.
  • Congresswoman Ann Wagner, Chair of the Financial Services Subcommittee on Capital Markets, championed the bill, highlighting its potential to support small businesses in achieving their growth goals.
  • Wagner emphasized that regulations have a disproportionate impact on smaller businesses, which often lack the legal and regulatory expertise of larger firms.
  • The bill is part of a broader package of seven Capital Markets bills supported by Wagner, aiming to provide Main Street investors with more opportunities for saving and investing in the future.
  • The legislation recognizes the importance of supporting small businesses in achieving the American dream, fostering economic growth and job creation.
  • The Small Entity Update Act demonstrates Wagner's commitment to promoting small business growth and development through regulatory reform.

Statistics:

  • 7: The number of Capital Markets bills championed by Wagner, including the Small Entity Update Act.
  • Bipartisan support: The legislation received backing from both Republican and Democratic lawmakers, highlighting the need for regulatory reform.
  • Small businesses affected: The SEC's revised regulatory approach will impact small businesses, several of which have already demonstrated the importance of regulatory ease in their growth strategy.
  • 1: The number of regulatory reform efforts championed by Wagner, aimed at easing compliance for small businesses.

Sources:

  • Wagner, A. (2023, July 21). Wagner Small Business Growth Legislation Passes House. [Press Release]. Retrieved from https://wagner.house.gov/media-center/press-releases/wagner-small-business-growth-legislation-passes-house
  • Wagner, A. (2023). Original text. [House Website].

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