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HR 8998 117th Congress House Finance and Financial Sector

Unlocking Capital for Small Businesses Act of 2022

Introduced: September 28, 2022 Introduced by: Budd, Ted Republican · North Carolina See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Sep 28, 2022
Referred to the House Committee on Financial Services.
Sep 28, 2022
Introduced in House
 Plain-English summary Congressional Research Service

Unlocking Capital for Small Businesses Act of 2022

This bill revises the regulatory treatment of private-placement brokers (brokers who receive transaction-based compensation for the sale of securities to preselected individuals or institutions) and finders (private-placement brokers who do not exceed a specified amount of compensation, transaction value, or number of transactions in a year).

Specifically, the bill (1) requires the Securities and Exchange Commission to establish registration requirements for private-placement brokers that are no more stringent than those imposed on crowdfunding portals, (2) allows for membership in any national securities association for private-placement brokers, (3) exempts private-placement brokers from broker regulations, and (4) otherwise modifies provisions related to private-placement brokers and finders.

What's happening now September 28, 2022

Referred to the House Committee on Financial Services.

 Committees of jurisdiction 1