HOUSE 2792118th CongressReceived in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Small Entity Update Act

Last Action: 5/31/2023

Actions

2023-05-31Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
2023-05-30Motion to reconsider laid on the table Agreed to without objection.
2023-05-30On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 367 - 8 (Roll no. 238). (text: CR H2652)
2023-05-30Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 367 - 8 (Roll no. 238). (text: CR H2652)
2023-05-30Considered as unfinished business. (consideration: CR H2661-2662)
2023-05-30At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
2023-05-30DEBATE - The House proceeded with forty minutes of debate on H.R. 2792.
2023-05-30Considered under suspension of the rules. (consideration: CR H2652-2653)
2023-05-30Mrs. Wagner moved to suspend the rules and pass the bill, as amended.
2023-05-30Placed on the Union Calendar, Calendar No. 59.
2023-05-30Reported (Amended) by the Committee on Financial Services. H. Rept. 118-80.
2023-05-30Reported (Amended) by the Committee on Financial Services. H. Rept. 118-80.
2023-04-26Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 42 - 0.
2023-04-26Committee Consideration and Mark-up Session Held.
2023-04-20Referred to the House Committee on Financial Services.

Showing 15 of 17 actions. Full history on Congress.gov.

CRS Summary

As of 2023-05-30 (53)

Small Entity Update Act

This bill requires the Securities and Exchange Commission (SEC) to report on and revise the definition of small entity. Agencies are required to consider the impact of their rules on small entities under the Regulatory Flexibility Act.

Under the bill, the SEC must provide specific and detailed recommendations to Congress on how the SEC can revise the definition of small entity to (1) align with specified statutory goals, including reducing unnecessary burdens on small entities; and (2) expand the number of entities covered. In addition, the SEC must adjust the appropriate dollar amounts for inflation every five years.

The SEC must also revise the applicable rules to implement these recommendations.

Cosponsors (5)

James Himes (D-CT)
David Scott (D-GA)
Ritchie Torres (D-NY)
Michael Lawler (R-NY)
Sean Casten (D-IL)

Subjects

Administrative law and regulatory procedures
Congressional oversight
Government studies and investigations
Securities and Exchange Commission (SEC)
Small business

Read on Congress.gov

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