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HR 2792 118th Congress House Finance and Financial Sector Administrative law and regulatory procedures Congressional oversight Government studies and investigations Securities and Exchange Commission (SEC) Small business

Small Entity Update Act

Introduced: April 20, 2023 Introduced by: Wagner, Ann Republican · Missouri See on congress.gov
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 Everywhere this bill has been 15 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 31, 2023
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
May 30, 2023
Motion to reconsider laid on the table Agreed to without objection.
May 30, 2023
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)
May 30, 2023
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): 367 - 8 (Roll no. 238). (text: CR H2652)
May 30, 2023
Considered as unfinished business. (consideration: CR H2661-2662)
May 30, 2023
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.
May 30, 2023
DEBATE - The House proceeded with forty minutes of debate on H.R. 2792.
May 30, 2023
Considered under suspension of the rules. (consideration: CR H2652-2653)
May 30, 2023
Mrs. Wagner moved to suspend the rules and pass the bill, as amended.
May 30, 2023
Placed on the Union Calendar, Calendar No. 59.
May 30, 2023
Reported (Amended) by the Committee on Financial Services. H. Rept. 118-80.
Apr 26, 2023
Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 42 - 0.
Apr 26, 2023
Committee Consideration and Mark-up Session Held.
Apr 20, 2023
Referred to the House Committee on Financial Services.
Apr 20, 2023
Introduced in House
 Votes taken on this bill 1
DateChamberWhat was voted onResultYes–No
May 30, 2023 House · vote #238 On Motion to Suspend the Rules and Pass, as Amended Passed 367–8 See who voted →
 Plain-English summary Congressional Research Service

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.

What's happening now May 31, 2023

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

 Committees of jurisdiction 2
 Cosponsors 4
All 4 Democratic 3 Republican 1