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house Bill H.R. 1525

Simplifying Required SEC Reports

Argument in favor

Fast growing companies are unfairly burdened with these reporting requirements compared to larger competitors. Eliminating redundant filings saves time for both the companies submitting information and regulators.

DonaldTrump's Opinion
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10/05/2015
"Right now, government regulations cost us annually $1.75 trillion. They constitute a stealth tax that is larger than the amount the Internal Revenue Service collects every year from corporations and individuals combined." [washingtontimes.com]
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BTSundra's Opinion
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11/19/2015
Unnecessary regulations and rules do nothing but hurt the people and companies.
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SherryTX's Opinion
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07/12/2015
Reducing redundant paperwork saves money. What a concept!
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Argument opposed

Congress has already told the SEC to get rid of repetitive regulations — it seems doubtful that the agency will have a change of heart and do their job just because of this bill.

BernieSanders's Opinion
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10/05/2015
“If an institution is too big to fail, it is too big to exist and that is the bottom line.” [twitter.com]
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BarackObama's Opinion
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10/05/2015
"Reform will constrain the growth of the largest financial firms, restrict the riskiest financial activities, and create a mechanism for the government to shut down failing financial companies without precipitating a financial panic that leaves taxpayers and small businesses on the hook." [whitehouse.gov]
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ElizabethWarren's Opinion
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10/05/2015
“to reduce risks to the financial system by limiting banks’ ability to engage in activities other than socially valuable core banking activities” [nytimes.com]
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What is House Bill H.R. 1525?

This bill would allow companies issuing securities (like stocks and bonds) to submit a summary page that cross references information found their 10-K financial statement.

The Securities and Exchange Commission (SEC) would be required to revise regulation S-K, which covers the filing of financial statements, in order to:

  • Reduce the burden on small issuers of securities -- including emerging growth companies, accelerated filers, and smaller reporting companies.

  • Eliminate duplicative, overlapping, outdated, or unnecessary provisions.

This bill would also direct the SEC to study ways to modernize and simplify requirements in regulation S-K, and to evaluate better presentation methods while discouraging repetition and the inclusion of unnecessary information.

Impact

Companies making 10-K or S-K filings with the SEC, the SEC.

Cost of House Bill H.R. 1525

A CBO cost estimate is unavailable.

More Information

In-Depth: According to Rep. Scott Garrett (R-NJ), this bill came about because of the SEC’s inaction on the issue of redundant filing requirements:

“As part of the JOBS Act, Congress directed the SEC to review its existing disclosure requirements and identify ways to make our current disclosure regime less burdensome for issuers and more useful for investors, but the agency has yet to act.”

This bill was passed on a unanimous, bipartisan basis by the House Financial Services Committee through a 60 to 0 vote.


Media:

Summary by Eric Revell
(Photo Credit: "Domesday-book-1804x972" by Andrews, William - Andrews, William: “Historic Byways and Highways of Old England” (1900)[2]. Licensed under Public Domain via Commons)

AKA

Disclosure Modernization and Simplification Act of 2015

Official Title

To require the Securities and Exchange Commission to make certain improvements to form 10-K and regulation S-K, and for other purposes.

bill Progress


  • Not enacted
    The President has not signed this bill
  • The senate has not voted
      senate Committees
      Committee on Banking, Housing, and Urban Affairs
  • The house Passed October 6th, 2015
    Passed by Voice Vote
      house Committees
      Committee on Financial Services
      Investor Protection, Entrepreneurship, and Capital Markets
    IntroducedMarch 23rd, 2015

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    "Right now, government regulations cost us annually $1.75 trillion. They constitute a stealth tax that is larger than the amount the Internal Revenue Service collects every year from corporations and individuals combined." [washingtontimes.com]
    Like (28)
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    “If an institution is too big to fail, it is too big to exist and that is the bottom line.” [twitter.com]
    Like (35)
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    "Reform will constrain the growth of the largest financial firms, restrict the riskiest financial activities, and create a mechanism for the government to shut down failing financial companies without precipitating a financial panic that leaves taxpayers and small businesses on the hook." [whitehouse.gov]
    Like (14)
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    “to reduce risks to the financial system by limiting banks’ ability to engage in activities other than socially valuable core banking activities” [nytimes.com]
    Like (10)
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    Unnecessary regulations and rules do nothing but hurt the people and companies.
    Like (2)
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    If it's too big to fail it is too big to exist.
    Like (1)
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    Make it easier to operate a business
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    I think this is just an excuse to ease regulations for corporations.
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    Of course the paperwork requirement is silly and there is little reason to believe the government even reads the product. Government is a guaranteed employment scheme for the untalented and unmotivated.
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    “stand up to the bullies on Wall Street.” [washingtonpost.com]
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    Enforce existing law and send SEC officials to jail if they ignore them.
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    Reducing redundant paperwork saves money. What a concept!
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    "Regulatory apparatus should be shifted to the states and the federal permitting process for infrastructure projects needs to be streamlined." Read more at http://www.wsj.com/articles/jeb-bush-to-propose-rollback-of-regulations-1442919601
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    This is the sort of thing that drives me insane. If we don't start making it easier for our business to compete, this entire country is doomed. Red tape bureaucracy is the death of capitalism.
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    As much regulation as is practice should be eliminated. Lowering standards of performance never works. However, if you truly believe that the United States is no longer a Christian Nation, then no amount of regulation will make up for that "lack of vision" and faith.
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    Just eliminate the SEC
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    If the SEC isn't responsive to Congress then cut off their funding. Keep the pressure up on these unelected bureaucrats!!
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    Stupid
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    The correct response to someone not doing their job is not to just back down, you need to tell them again. And hold them accountable when they don't do the job.
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    Complex paperwork increase the odds of non-compliance due to confusion and isn't the most efficient way of tracking which corporations are following the law. Reducing burdensome paperwork requirements also reduces costs for the government and frees up time for corporations to be productive on more necessary things.
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