H.R.2793 — Encouraging Public Offerings Act of 2023
House Roll Call
H.R.2793
| Bill | H.R.2793 — Encouraging Public Offerings Act of 2023 |
|---|---|
| Vote question | On Motion to Suspend the Rules and Pass, as Amended |
| Vote type | 2/3 Yea-And-Nay |
| Result | Passed |
| Totals | Yea 384 / Nay 13 / Present 0 / Not Voting 36 |
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| R | 199 | 0 | 0 | 22 |
| D | 185 | 13 | 0 | 14 |
| I | 0 | 0 | 0 | 0 |
Research Brief
On Motion to Suspend the Rules and Pass, as Amended
Bill Analysis
Bill Summary: HR 2793 - Encouraging Public Offerings Act of 2023
The Encouraging Public Offerings Act of 2023 (HR 2793) aims to enhance the accessibility and attractiveness of public offerings for emerging companies, particularly those in the technology and innovation sectors. By amending certain provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934, the bill seeks to streamline the initial public offering (IPO) process and reduce regulatory burdens.
Key Provisions:
- Regulatory Relief: The bill proposes to exempt smaller public companies from certain reporting requirements, thereby reducing compliance costs and encouraging more businesses to consider going public.
- Increased Flexibility: It allows companies to file confidentially for IPOs, enabling them to gauge investor interest without disclosing sensitive information prematurely.
- Investor Protections: The legislation includes measures to ensure that investors are adequately informed about the risks associated with investing in smaller public companies, maintaining a balance between encouraging public offerings and protecting investors.
Funding and Authorities: While the bill does not allocate direct funding, it empowers the Securities and Exchange Commission (SEC) to implement the proposed regulatory changes. The SEC will oversee the enforcement of new rules and ensure compliance among affected companies.
Programs and Agencies Affected: The primary agency impacted by this legislation is the SEC, which will be responsible for the implementation and oversight of the new provisions. Additionally, the bill may influence private equity firms, venture capitalists, and investment banks involved in the IPO process.
Beneficiaries: The primary beneficiaries of HR 2793 are emerging growth companies (EGCs), particularly in high-growth sectors, as well as investors seeking opportunities in the public markets. The bill aims to democratize access to public offerings, potentially leading to increased job creation and innovation.
Key Timelines: As of the latest action, HR 2793 has been received in the Senate, read twice, and referred to the Committee on Banking, Housing, and Urban Affairs for further consideration. The timeline for subsequent actions will depend on the committee’s review and any potential amendments before a Senate vote.
Yea (384)
C
Colin Allred
K
Kelly Armstrong
E
Earl Blumenauer
K
Ken Buck
L
Larry Bucshon
M
Michael Burgess
K
Ken Calvert
Y
Yadira Caraveo
T
Tony Cárdenas
J
Jerry Carl
M
Matt Cartwright
L
Lori Chavez-DeRemer
G
Gerald Connolly
J
Jason Crow
A
Anthony D'Esposito
L
Lloyd Doggett
J
Jeff Duncan
A
Anna Eshoo
A
A. Ferguson
S
Scott Franklin
M
Matt Gaetz
M
Mike Gallagher
R
Ruben Gallego
M
Mike Garcia
B
Bob Good
K
Kay Granger
G
Garret Graves
M
Mark Green
B
Brian Higgins
J
Jeff Jackson
S
Sheila Jackson Lee
B
Bill Johnson
D
Daniel Kildee
D
Derek Kilmer
A
Ann Kuster
D
Doug Lamborn
J
Jake LaTurner
B
Barbara Lee
D
Debbie Lesko
B
Blaine Luetkemeyer
K
Kathy Manning
L
Lucy McBath
L
Lisa McClain
P
Patrick McHenry
M
Marcus Molinaro
G
Grace Napolitano
W
Wiley Nickel
B
Bill Pascrell
D
Donald Payne
M
Mary Peltola
D
Dean Phillips
C
Cathy Rodgers
M
Matthew Rosendale
C
C. Ruppersberger
J
John Rutherford
G
George Santos
J
John Sarbanes
D
David Schweikert
P
Pete Sessions
A
Abigail Spanberger
M
Michelle Steel
C
Chris Stewart
E
Eric Swalwell
D
David Trone
N
Nydia Velázquez
M
Michael Waltz
D
Debbie Wasserman Schultz
B
Brad Wenstrup
J
Jennifer Wexton
S
Susan Wild
B
Brandon Williams
Nay (13)
J
Jamaal Bowman
C
Cori Bush
K
Katie Porter
R
Rashida Tlaib
Not Voting (36)
D
Dan Bishop
J
John Duarte
J
John Garamendi
R
Raúl Grijalva
A
Alexander Mooney
G
Greg Pence
B
Bill Posey
