S 4857
117th Congress
Senate
Finance and Financial Sector
Business records
Corporate finance and management
Securities
Private Markets Transparency and Accountability Act
Introduced: September 15, 2022
Introduced by:
Reed, Jack
Democratic
· Rhode Island
See on congress.gov
Everywhere this bill has been
3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Dec 14, 2022
Committee on Banking, Housing, and Urban Affairs. Hearings held.
Sep 15, 2022
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (Sponsor introductory remarks on measure: CR S4640-4641)
Sep 15, 2022
Introduced in Senate
Plain-English summary
Private Markets Transparency and Accountability Act
This bill requires certain private companies to register with the Securities and Exchange Commission (SEC) and thereby publicly disclose business practices and financial information.
Under current law, companies with assets exceeding $10 million and with a class of securities held by either 2,000 persons, or 500 persons who are not accredited investors, must register with the SEC. In addition, the bill requires companies to register if (1) their valuation exceeds $700 million, or (2) their annual revenue exceeds $5 billion and they have at least 5,000 employees.
What's happening now
Committee on Banking, Housing, and Urban Affairs. Hearings held.
Committees of jurisdiction
1