H.R.2796 — Promoting Opportunities for Non-Traditional Capital Formation Act
House Roll Call
H.R.2796
| Bill | H.R.2796 — Promoting Opportunities for Non-Traditional Capital Formation Act |
|---|---|
| Vote question | On Motion to Suspend the Rules and Pass, as Amended |
| Vote type | 2/3 Yea-And-Nay |
| Result | Passed |
| Totals | Yea 309 / Nay 67 / Present 0 / Not Voting 58 |
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| R | 131 | 67 | 0 | 23 |
| D | 178 | 0 | 0 | 35 |
| I | 0 | 0 | 0 | 0 |
Research Brief
On Motion to Suspend the Rules and Pass, as Amended
Bill Analysis
Bill Summary: HR 2796 - Promoting Opportunities for Non-Traditional Capital Formation Act
The Promoting Opportunities for Non-Traditional Capital Formation Act (HR 2796) aims to enhance access to capital for small businesses and startups, particularly those in underserved communities. The bill seeks to amend existing securities laws to facilitate non-traditional capital formation methods, including crowdfunding and other innovative financing mechanisms.
Key Provisions:
- Regulatory Adjustments: HR 2796 proposes changes to the Securities Act of 1933 and the Securities Exchange Act of 1934, allowing for increased flexibility in how businesses can raise funds. This includes raising the thresholds for crowdfunding offerings and simplifying the regulatory requirements for small issuers.
- Support for Emerging Managers: The bill establishes a framework to support emerging fund managers, particularly those from diverse backgrounds, by providing them with access to capital and resources to manage investment funds effectively.
- Investor Protections: While promoting capital formation, the bill includes provisions to ensure investor protections are maintained, requiring transparency and accountability from businesses utilizing non-traditional funding methods.
Funding and Authorities: The bill does not allocate specific funding but empowers the Securities and Exchange Commission (SEC) to implement the regulatory changes and oversee compliance. It is designed to stimulate private investment rather than relying on federal funding.
Affected Programs and Agencies: The primary agency impacted by this legislation is the SEC, which will oversee the implementation of new rules and regulations. Additionally, small businesses, startups, and emerging fund managers will directly benefit from the proposed changes.
Beneficiaries and Regulation: The bill targets small businesses, particularly those in underrepresented communities, as well as individual investors seeking new opportunities. It aims to reduce barriers to entry for capital formation, thereby fostering economic growth and innovation.
Key Timelines: HR 2796 was introduced in the House and has been received in the Senate, where it was read twice and referred to the Committee on Banking, Housing, and Urban Affairs for further consideration. The timeline for further action remains to be determined as it progresses through the legislative process.
Yea (309)
C
Colin Allred
K
Kelly Armstrong
E
Earl Blumenauer
J
Jamaal Bowman
C
Cori Bush
K
Ken Calvert
Y
Yadira Caraveo
J
Jerry Carl
L
Lori Chavez-DeRemer
G
Gerald Connolly
J
Jason Crow
A
Anthony D'Esposito
L
Lloyd Doggett
J
John Duarte
A
Anna Eshoo
A
A. Ferguson
M
Mike Gallagher
M
Mike Garcia
K
Kay Granger
G
Garret Graves
J
Jeff Jackson
S
Sheila Jackson Lee
B
Bill Johnson
D
Daniel Kildee
D
Derek Kilmer
A
Ann Kuster
J
Jake LaTurner
B
Barbara Lee
B
Blaine Luetkemeyer
K
Kathy Manning
L
Lucy McBath
L
Lisa McClain
P
Patrick McHenry
M
Marcus Molinaro
A
Alexander Mooney
G
Grace Napolitano
W
Wiley Nickel
B
Bill Pascrell
D
Donald Payne
D
Dean Phillips
C
Cathy Rodgers
C
C. Ruppersberger
J
John Rutherford
D
David Schweikert
P
Pete Sessions
A
Abigail Spanberger
E
Eric Swalwell
R
Rashida Tlaib
D
David Trone
N
Nydia Velázquez
M
Michael Waltz
D
Debbie Wasserman Schultz
B
Brad Wenstrup
J
Jennifer Wexton
B
Brandon Williams
Nay (67)
D
Dan Bishop
K
Ken Buck
M
Michael Burgess
J
Jeff Duncan
S
Scott Franklin
M
Matt Gaetz
B
Bob Good
M
Mark Green
D
Doug Lamborn
D
Debbie Lesko
G
Greg Pence
B
Bill Posey
M
Matthew Rosendale
G
George Santos
Not Voting (58)
L
Larry Bucshon
T
Tony Cárdenas
M
Matt Cartwright
D
David Cicilline
R
Ruben Gallego
J
John Garamendi
R
Raúl Grijalva
B
Brian Higgins
M
Mary Peltola
K
Katie Porter
J
John Sarbanes
M
Michelle Steel
C
Chris Stewart
S
Susan Wild
