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House Passes Hensarling's 'JOBS Act 3.0'

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Mike Scarcella US Capitol building. (Photo: Mike Scarcella/ALM)

The full House on Tuesday night passed by a 406-4 vote the JOBS and Investor Confidence Act of 2018, also known as House Financial Services Committee Chairman Jeb Hensarling’s “JOBS Act 3.0,” which includes a package of 32 bills, some of which make changes to the Dodd-Frank law.

“What we’re trying to do, and do it on a bipartisan basis, is ensure that our entrepreneurs at least don’t face the challenge of having the capital they need to launch their companies,” said Rep. Jeb Hensarling, chairman of the House Financial Services Committee, lead sponsor of the bill, during comments on the House floor.

“The small businesses of today become the Amazons, Googles and Microsofts of tomorrow,” he continued. ”Thanks to the hard work of members on both sides of the aisle — especially Ranking Member Maxine Waters who worked so strongly and fervently on a bipartisan, cooperative basis — this bill will make a difference for economic growth for all Americans.”

Hensarling and Waters, D-Calif., announced Monday that they had reached an agreement on the JOBS Act 3.0.

“Throughout my work on this legislation, I insisted that nothing could be included that would weaken Dodd-Frank’s financial reforms, harm consumers, or provide giveaways to Wall Street,” Waters said in comments on the House floor. “Instead, building on the bipartisan work of the financial services committee, S. 488 includes measures that will help small businesses grow and protect hardworking Americans that entrust their savings to the capital markets.”

Waters noted the package’s inclusion of H.R. 6323, the National Senior Investor Initiative Act of 2018, which requires the Securities and Exchange Commission to set up a senior task force.

Also included is H.R. 6321, the Investment Adviser Regulatory Flexibility Improvement Act, a bills that require the SEC to revise the definitions of a ‘‘small business’’ and ‘‘small organization’’ under the Investment Advisers Act.

The Investment Adviser Association said after the Tuesday vote that it “strongly supports the Regulatory Flexibility Improvement Act.  This legislation will require the SEC to more effectively consider the burden of its rules on smaller investment advisers, which has long been a top policy priority for the IAA.”

The International Insurance Standards Act, H.R. 4537, was also part of the package, and  ensures that international insurance standards and agreements are consistent with our domestic insurance system and provides greater Congressional oversight and transparency on international insurance standard negotiations.

The Crowdfunding Amendments Act, H.R. 6380, was also included and allows crowdfunding investors to pool their money together into a fund that is advised by a registered investment advisor.


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