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HR 1070 112th Congress House Finance and Financial Sector Administrative law and regulatory procedures Business investment and capital Business records Securities Securities and Exchange Commission (SEC) Small business

Small Company Capital Formation Act of 2011

Introduced: March 14, 2011 Introduced by: Schweikert, David Republican · Arizona See on congress.gov
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 Everywhere this bill has been 22 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Nov 7, 2011
Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 222.
Nov 3, 2011
Received in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time.
Nov 2, 2011
The title of the measure was amended. Agreed to without objection.
Nov 2, 2011
Motion to reconsider laid on the table Agreed to without objection.
Nov 2, 2011
On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 421 - 1 (Roll no. 820). (text: CR H7229-7230)
Nov 2, 2011
Considered as unfinished business. (consideration: CR H7236)
Nov 2, 2011
At 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.
Nov 2, 2011
DEBATE - The House proceeded with forty minutes of debate on H.R. 1070.
Nov 2, 2011
Considered under suspension of the rules. (consideration: CR H7229-7232)
Nov 2, 2011
Mr. Bachus moved to suspend the rules and pass the bill, as amended.
Nov 2, 2011
Passed/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): 421 - 1 (Roll no. 820).(text: CR H7229-7230)
Sep 14, 2011
Placed on the Union Calendar, Calendar No. 135.
Sep 14, 2011
Reported (Amended) by the Committee on Financial Services. H. Rept. 112-206.
Jun 22, 2011
Ordered to be Reported (Amended) by Voice Vote.
Jun 22, 2011
Committee Consideration and Mark-up Session Held.
May 4, 2011
Forwarded by Subcommittee to Full Committee (Amended) by Voice Vote .
May 4, 2011
Subcommittee Consideration and Mark-up Session Held.
May 3, 2011
Subcommittee Consideration and Mark-up Session Held.
Apr 4, 2011
Referred to the Subcommittee on Capital Markets and Government Sponsored Enterprises.
Mar 16, 2011
Hearings Held by the Subcommittee on Capital Markets and Government Sponsored Enterprises Prior to Referral.
Mar 14, 2011
Referred to the House Committee on Financial Services.
Mar 14, 2011
Introduced in House
 Votes taken on this bill 1
DateChamberWhat was voted onResultYes–No
Nov 2, 2011 House · vote #820 On Motion to Suspend the Rules and Pass, as Amended Passed 421–1 See who voted →
 Plain-English summary Congressional Research Service

Small Company Capital Formation Act of 2011 - (Sec. 2) Amends the Securities Act of 1933 (Act) to direct the Securities and Exchange Commission (SEC) to exempt from its regulation a class of securities for which the aggregate offering amount of all securities sold within the prior 12-month period in reliance upon such exemption does not exceed $50 million. Restricts any such exemption to equity securities, debt securities, and debt securities convertible or exchangeable to equity interests, including any guarantees of such securities.

Subjects to civil liability certain violations arising from offering or selling securities by use of prospectuses and communications.

Authorizes the SEC to: (1) require an issuer of such exempted class of securities to make periodic disclosures available to investors regarding the issuer, its business operations, financial condition, corporate governance principles, and use of investor funds; (2) require the issuer to file electronically with the SEC and distribute to prospective investors an offering statement which includes this information; (3) provide for the suspension and termination of this disclosure requirement with respect to that issuer; and (4) prescribe exemption disqualification requirements, substantially similar to regulations adopted in accordance with the Dodd-Frank Wall Street Reform and Consumer Protection Act, based on the disciplinary history of the issuer and related persons, including predecessors, affiliates, officers, directors, and underwriters.

Requires the SEC to: (1) review and increase biennially such offering amount limitation, as appropriate; and (2) report to certain congressional committees its reasons for not increasing the amount if it determines not to do so.

Exempts from state regulation the securities covered and required exempted from SEC regulation by this Act.

What's happening now November 7, 2011

Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 222.

 Committees of jurisdiction 2