Rounds Introduces Legislative Package to Promote Economic Growth
Rounds: Let’s keep the momentum going on the economy
WASHINGTON—U.S. Sen. Mike Rounds (R-S.D.), a member of the Senate Committee on Banking, Housing and Urban Affairs, today introduced six bills to reduce the regulatory burden for investors and small businesses seeking to raise capital so they can create jobs and grow our economy.
“These bills seek to lessen financial regulatory burdens, making it easier for consumers to invest and for job creators to thrive,” said Rounds. “They maintain protections for consumers and have already received strong, bipartisan support in the House of Representatives, as the majority were part of the JOBS and Investor Confidence Act, which passed nearly unanimously earlier this year. Over the past two years, we’ve made significant strides in enacting pro-growth policies and growing our economy. This legislation will help keep the momentum going.”
“These important provisions – which were key components of the “JOBS and Investor Confidence Act of 2018” which passed the House with near unanimous support – will help sustain 3 percent economic growth and ensure we are able to compete globally with countries like China,” said House Financial Services Committee Chairman Jeb Hensarling. “I commend Senator Rounds for introducing them in the Senate so that we can continue to make a difference for economic growth for all Americans.”
Pro-Growth Legislation Introduced Today by Rounds:
- Alleviating Stress Test Burdens to Help Investors Act provides relief to non-bank financial institutions by removing bank-centric stress testing requirements and instead allows more appropriate regulators – the Securities and Exchange Commission (SEC) or the Commodities Futures Trading Commission (CFTC) – to conduct stress tests on these companies.
- Modernizing Disclosures for Investors Act requires the SEC to conduct a study (due in 180 days) aimed at simplifying the quarterly financial reporting system for small, emerging growth companies.
- Improving Investment Research for Small and Emerging Issuers Act directs the SEC to study issues that inhibit the dissemination of research on emerging growth companies. Current lack of research coverage makes it more difficult for small companies to obtain capital they need to grow.
- Developing and Empowering our Aspiring Leaders (DEAL Act) Act requires the SEC to expand the type of assets that venture capitalists can invest in without having to undergo burdensome registration.
- Investment Adviser Regulatory Flexibility Improvement Act requires the SEC to revise its definition of a "small business" when assessing the impact of its regulations on small, Main Street investment advisers. Under the bill, the SEC must look beyond assets under management and include other factors, such as the number of employees at a small advisory firm.
- Financial Stability Oversight Council (FSOC) Improvement Act enhances the transparency and procedural fairness of the non-bank systemically important financial institutions (SIFI) designation process. It also provides affected institutions a greater opportunity to be heard by the functional regulator and modify its business, structure or operations prior to the SIFI designation.