Like Causes?

Install the App
TRY NOW

house Bill H.R. 477

Reducing Registration Requirements for Brokers Who Help Businesses With Mergers & Acquisitions

Argument in favor

This would help small business owners save money when they sell their business by exempting them from unnecessary registration with the SEC.

AndrewLinder's Opinion
···
12/07/2017
Less government paperwork and involvement in private affairs will boost the economy.
Like (4)
Follow
Share
Chase's Opinion
···
12/07/2017
Increasing the regulatory barriers to entry does not make you any safer from unscrupulous people. All it does is reduce competition by keeping people out of the industry. Worse yet, the majority of the people kept out are poor people who can’t afford the time and money investment to obtain licensure in the first place but would likely have been as good as anyone else. So oppose this bill if you believe that a government bureaucracy can effectively protect you, if you hate poor people, or you are already licensed and don’t want the competition. Support this bill if you want to increase financial mobility and make it easier for M&As to take place (utilizing capital better).
Like (4)
Follow
Share
···
01/17/2018
Whatever is in the best interests of the American people. READ, WEEP, PRINT AND KEEP! This should be on the front page of every newspaper. Charley Reese's Final column! A very interesting column. COMPLETELY NEUTRAL. Be sure to Read the Poem at the end.. Charley Reese's final column for the Orlando Sentinel... He has been a journalist for 49 years. He is retiring and this is HIS LAST COLUMN. Be sure to read the Tax List at the end. This is about as clear and easy to understand as it can be. The article below is completely neutral, neither anti-republican or democrat. Charlie Reese, a retired reporter for the Orlando Sentinel, has hit the nail directly on the head, defining clearly who it is that in the final analysis must assume responsibility for the judgments made that impact each one of us every day. It's a short but good read. Worth the time. Worth remembering! 545 vs. 300,000,000 People -By Charlie Reese Politicians are the only people in the world who create problems and then campaign against them. Have you ever wondered, if both the Democrats and the Republicans are against deficits, WHY do we have deficits? Have you ever wondered, if all the politicians are against inflation and high taxes, WHY do we have inflation and high taxes? You and I don't propose a federal budget. The President does. You and I don't have the Constitutional authority to vote on appropriations. The House of Representatives does. You and I don't write the tax code, Congress does. You and I don't set fiscal policy, Congress does. You and I don't control monetary policy, the Federal Reserve Bank does. One hundred senators, 435 congressmen, one President, and nine Supreme Court justices equates to 545 human beings out of the 300 million are directly, legally, morally, and individually responsible for the domestic problems that plague this country. I excluded the members of the Federal Reserve Board because that problem was created by the Congress. In 1913, Congress delegated its Constitutional duty to provide a sound currency to a federally chartered, but private, central bank. I excluded all the special interests and lobbyists for a sound reason. They have no legal authority. They have no ability to coerce a senator, a congressman, or a President to do one cotton-picking thing. I don't care if they offer a politician $1 million dollars in cash. The politician has the power to accept or reject it. No matter what the lobbyist promises, it is the legislator's responsibility to determine how he votes. Those 545 human beings spend much of their energy convincing you that what they did is not their fault. They cooperate in this common con regardless of party. What separates a politician from a normal human being is an excessive amount of gall. No normal human being would have the gall of a Speaker, who stood up and criticized the President for creating deficits.. ( The President can only propose a budget. He cannot force the Congress to accept it.) The Constitution, which is the supreme law of the land, gives sole responsibility to the House of Representatives for originating and approving appropriations and taxes. Who is the speaker of the House?( John Boehner. He is the leader of the majority party. He and fellow House members, not the President, can approve any budget they want. ) If the President vetoes it, they can pass it over his veto if they agree to. [The House has passed a budget but the Senate has not approved a budget in over three years. The President's proposed budgets have gotten almost unanimous rejections in the Senate in that time. ] It seems inconceivable to me that a nation of 300 million cannot replace 545 people who stand convicted -- by present facts -- of incompetence and irresponsibility. I can't think of a single domestic problem that is not traceable directly to those 545 people. When you fully grasp the plain truth that 545 people exercise the power of the federal government, then it must follow that what exists is what they want to exist. If the tax code is unfair, it's because they want it unfair. If the budget is in the red, it's because they want it in the red. If the Army & Marines are in Iraq and Afghanistan it's because they want them in Iraq and Afghanistan .. If they do not receive social security but are on an elite retirement plan not available to the people, it's because they want it that way. There are no insoluble government problems. Do not let these 545 people shift the blame to bureaucrats, whom they hire and whose jobs they can abolish; to lobbyists, whose gifts and advice they can reject; to regulators, to whom they give the power to regulate and from whom they can take this power. Above all, do not let them con you into the belief that there exists disembodied mystical forces like "the economy," "inflation," or "politics" that prevent them from doing what they take an oath to do. Those 545 people, and they alone, are responsible. They, and they alone, have the power. They, and they alone, should be held accountable by the people who are their bosses. Provided the voters have the gumption to manage their own employees... We should vote all of them out of office and clean up their mess! Charlie Reese is a former columnist of the Orlando Sentinel Newspaper. What you do with this article now that you have read it... is up to you. This might be funny if it weren't so true. Be sure to read all the way to the end: Tax his land, Tax his bed, Tax the table, At which he's fed. Tax his tractor, Tax his mule, Teach him taxes Are the rule. Tax his work, Tax his pay, He works for peanuts anyway! Tax his cow, Tax his goat, Tax his pants, Tax his coat. Tax his ties, Tax his shirt, Tax his work, Tax his dirt. Tax his tobacco, Tax his drink, Tax him if he Tries to think. Tax his cigars, Tax his beers, If he cries Tax his tears. Tax his car, Tax his gas, Find other ways To tax his ass. Tax all he has Then let him know That you won't be done Till he has no dough. When he screams and hollers; Then tax him some more, Tax him till He's good and sore. Then tax his coffin, Tax his grave, Tax the sod in Which he's laid... Put these words Upon his tomb, 'Taxes drove me to my doom...' When he's gone, Do not relax, Its time to apply The inheritance tax. Accounts Receivable Tax Building Permit Tax CDL license Tax Cigarette Tax Corporate Income Tax Dog License Tax Excise Taxes Federal Income Tax Federal Unemployment Tax (FUTA) Fishing License Tax Food License Tax Fuel Permit Tax Gasoline Tax (currently 44.75 cents per gallon) Gross Receipts Tax Hunting License Tax Inheritance Tax Inventory Tax IRS Interest Charges IRS Penalties (tax on top of tax) Liquor Tax Luxury Taxes Marriage License Tax Medicare Tax Personal Property Tax Property Tax Real Estate Tax Service Charge Tax Social Security Tax Road Usage Tax Recreational Vehicle Tax Sales Tax School Tax State Income Tax State Unemployment Tax (SUTA) Telephone Federal Excise Tax Telephone Federal Universal Service Fee Tax Telephone Federal, State and Local Surcharge Taxes Telephone Minimum Usage Surcharge Tax Telephone Recurring and Nonrecurring Charges Tax Telephone State and Local Tax Telephone Usage Charge Tax Utility Taxes Vehicle License Registration Tax Vehicle Sales Tax Watercraft Registration Tax Well Permit Tax Workers Compensation Tax STILL THINK THIS IS FUNNY? Not one of these taxes existed 100 years ago, & our nation was the most prosperous in the world. We had absolutely no national debt, had the largest middle class in the world, and Mom stayed home to raise the kids. What in the heck happened? Can you spell 'politicians?' I hope this goes around THE USA at least 545 times!!! YOU can help it get there!!! GO AHEAD. . . BE AN AMERICAN!!! SEND THIS TO EVERYONE YOU KNOW Like · · Share · 2 hours ago via mobile ·
Like (1)
Follow
Share

Argument opposed

The exemptions that this bill puts in place put small businesses at jeopardy of being taken advantage of by merger and acquisition brokers.

Carissa's Opinion
···
12/07/2017
Yet another bill to facilitate the unethical creation of mega-conglomerates, stifling competition and giving consumers another BIG LOSS due to lack of competition. Monopolies and mega corporations are wrong, bad for competition. Period.
Like (82)
Follow
Share
Donna's Opinion
···
12/06/2017
If this regulation has been in place since the passage of the Securities Exchange Act of 1934 and has not caused any huge issue before, I am led to believe this is another attempt by this Congress to give in to their big-money, greedy, immoral, crooked donors to take advantage of the average American. Baby boomers have been retiring and selling businesses for years now (the boom started in 1946 so the oldest boomers are in their early 70s). If Congress has nothing to do today, maybe they should concentrate on their top priority per the Constitution and fund the freaking government for longer than two weeks.
Like (54)
Follow
Share
Caelan's Opinion
···
12/07/2017
This looks more like favoritism to officials that help massive corporations, to the detriment to the common person.
Like (48)
Follow
Share

What is House Bill H.R. 477?

This bill would amend the Securities Exchange Act of 1934 to exempt merger and acquisition brokers and their associates from registration requirements. The change would apply to companies whose gross earnings are less than $250 million.

The registration exemption would be denied to brokers who:

  • Receive, hold, transmit, or have custody of any funds or securities to be exchanged by parties to a transfer of ownership of an eligible privately held company.

  • On behalf of an issue, engage in a public offering of securities that are subject to mandatory registration, or that require the periodic filing of information, documents, and reports.

Nothing in this bill could be interpreted as limiting the authority of the Securities and Exchange Commission to exempt any person, or any class of persons, from provision of this bill or any related rule or regulation.

Impact

Small business owners and entrepreneurs who want to sell their business; merger and acquisition brokers; and the Securities and Exchange Commission.

Cost of House Bill H.R. 477

The CBO estimates that enacting this bill would cost less than $500,000.

More Information

In-DepthSponsoring Rep. Bill Huizenga (R-MI) has introduced versions of this bill during the last two sessions of Congress to make it simpler for brokers who facilitate mergers and acquisitions to register with the Securities and Exchange Commission (SEC):

“Trillions of dollars worth of privately owned, main-street mom and pop type businesses will be sold or closed as baby boomers retire. Business brokers play a critical role in facilitating private business mergers, acquisitions, and sales of these main-street companies. By simplifying the regulation and reducing the cost of these business brokerage services, these privately-owned companies would be able to safely, efficiently and effectively sell their company while preserving and protecting jobs at these companies.”

House Democrats expressed their opposition to this bill in its committee report:

“When the committee considered this bill in the 113th Congress, there was broad consensus that its purpose was to encourage the SEC to finalize its no-action relief to exempt certain merger and acquisition brokers from registration. Two weeks after that bill passed in the House, the SEC issued the no-action relief, but added several protections for investors and small businesses. Some have argued that because of the nature of the relief provided by the SEC, the agency could retract its no-action letter at any time. Therefore, they say that bill is necessary to provide legal certainty. However, if that is the goal of this bill, it should more closely track the SEC’s relief, including the additional protections that are omitted from the bill.”

This legislation passed the House Financial Services Committee on a 37-23 vote and has the support of 10 bipartisan cosponsors, including eight Republicans and two Democrats.


Media:

Summary by Eric Revell

(Photo Credit: fizkes / iStock)

AKA

Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2017

Official Title

To amend the Securities Exchange Act of 1934 to exempt from registration brokers performing services in connection with the transfer of ownership of smaller privately held companies.

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 December 7th, 2017
    Roll Call Vote 425 Yea / 0 Nay
      house Committees
      Committee on Financial Services
    IntroducedJanuary 12th, 2017

Log in or create an account to see how your Reps voted!
    Yet another bill to facilitate the unethical creation of mega-conglomerates, stifling competition and giving consumers another BIG LOSS due to lack of competition. Monopolies and mega corporations are wrong, bad for competition. Period.
    Like (82)
    Follow
    Share
    If this regulation has been in place since the passage of the Securities Exchange Act of 1934 and has not caused any huge issue before, I am led to believe this is another attempt by this Congress to give in to their big-money, greedy, immoral, crooked donors to take advantage of the average American. Baby boomers have been retiring and selling businesses for years now (the boom started in 1946 so the oldest boomers are in their early 70s). If Congress has nothing to do today, maybe they should concentrate on their top priority per the Constitution and fund the freaking government for longer than two weeks.
    Like (54)
    Follow
    Share
    This looks more like favoritism to officials that help massive corporations, to the detriment to the common person.
    Like (48)
    Follow
    Share
    We need greater scrutiny over business transactions not less
    Like (27)
    Follow
    Share
    Another way for republicans to help the rich and huge corporations and screw everyone else. Typical actions for helping lobbyists!
    Like (20)
    Follow
    Share
    These registrations serve legitimate purposes and there is plenty of activity going on right now. This doesn’t need to happen.
    Like (14)
    Follow
    Share
    This act has been working just fine for more than 70 years. Leave it in place. This is just another move by this administration to help big businesses and mergers, not the small business owners. Every Bill, Law, Act That has been in place to help the majority of the people, they are destroying to take power and rule us.
    Like (10)
    Follow
    Share
    If we trusted people to do the right thing all the times, regulations would not be needed. Unfortunately, we need regulations to protect from those who don’t do right.
    Like (8)
    Follow
    Share
    This just makes it easier for big companies to take over little companies.
    Like (7)
    Follow
    Share
    We don't need another expansion of corporatocracy
    Like (6)
    Follow
    Share
    The Securities Exchange Act was put in place after the stock market crashed in 1929! The act put in place oversight measures to keep the wealthy from extorting money, to help America rebuild. The ethics of our administration and the wealthy have gotten worse as evidenced by the housing market crash. This is yet another Trump scam to repay campaign contributors! Support this bill and you support another depression that millions of people will not survive!
    Like (6)
    Follow
    Share
    Tired of not being heard? Then put an end to the rhetoric being spewed to the world that this "is the will of the American people". Countable has nurtured us, it has educated us, it has even given us a platform to be heard. But Countable cannot force our leaders to listen! That is up to us. So take to the internet, while you can, and quash all the falsehoods being spread on news feeds like Marketwatch and 45's personal pet project The NewYork Post. We must become the dignified in this battle and send a clear message to the world that what is being done by our leadership is not the will of the American people. Absolute Power Corrupts!
    Like (6)
    Follow
    Share
    This bill is likely going to do more harm than good to small businesses.
    Like (6)
    Follow
    Share
    This seems like another way for people to scam others and hide corrupt financial transactions. The SEC provides the accountability for and recourse for individuals who have been taken advantage of.
    Like (5)
    Follow
    Share
    Last thing we need is fewer regulations on Wall Street.
    Like (5)
    Follow
    Share
    No one should be exempt from this. If this bill is passed, you will see large corporations suddenly “restructure” into multiple, smaller companies with less than $25 million in gross revenues in order to circumvent the registration rules currently in place. As usual, small businesses are not “helped” by this legislation; large corporations will ultimately win with this act.
    Like (4)
    Follow
    Share
    Increasing the regulatory barriers to entry does not make you any safer from unscrupulous people. All it does is reduce competition by keeping people out of the industry. Worse yet, the majority of the people kept out are poor people who can’t afford the time and money investment to obtain licensure in the first place but would likely have been as good as anyone else. So oppose this bill if you believe that a government bureaucracy can effectively protect you, if you hate poor people, or you are already licensed and don’t want the competition. Support this bill if you want to increase financial mobility and make it easier for M&As to take place (utilizing capital better).
    Like (4)
    Follow
    Share
    Reducing requirements would only lead to another recession OR WORSE A DEPRESSION Like the 1930s. What are they thinking?? It’s obvious they don’t care about the country - a deficit, budget busting “tax” bill, continuous spending on the Uber rich and Trump’s expensive trips & vacations every week, and now this!! SHAME, SHAME, SHAME!! Creating a DICTATORSHIP.
    Like (4)
    Follow
    Share
    Less government paperwork and involvement in private affairs will boost the economy.
    Like (4)
    Follow
    Share
    Does congress have amnesia? Remember what happened in 2008?!? We got into that huge mess because we deregulated big businesses. We elect YOU, YOU represent US, NOT Wall Street or the big companies.
    Like (3)
    Follow
    Share
    MORE