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Pro-Growth Reform Measures Included in Omnibus Bill
Friday, March 23, 2018 6:40 AM

House Financial Services Committee Chairman Jeb Hensarling (R-Texas) highlighted the inclusion of two important committee measures in the omnibus spending package.

“Both of these bills are important, pro-growth, bipartisan pieces of legislation that will help our small businesses access the capital they need to expand and create jobs,” said Hensarling. “They are just two of the nearly three dozen strong bipartisan bills our committee has advanced this congress and that we hope our Senate colleagues will give the same consideration.”

H.R. 4267, the Small Business Credit Availability Act. Authored by Rep. Steve Stivers (R-Ohio), this bipartisan piece of legislation will amend SEC regulation of business development companies (BDCs) for the first time since the 1980s to streamline the offering, filing, and registration processes to eliminate significant regulatory burdens and increase a BDC's ability to deploy capital to small- and middle-market companies.

The committee has marked up this bill for the last three congresses, and Chairman Hensarling included it in the committee’s FY2017 and FY2019 Budget Views and Estimates. It was reported by the committee this congress with overwhelming bipartisan support, 58-2.

H.R. 4792, the Small Business Access to Capital After a Natural Disaster Act. Authored by Rep. Nydia Velazquez (D-N.Y.), this bipartisan bill would amend the Securities Exchange Act of 1934 to have the Securities and Exchange Commission’s Advocate for Small Business Capital Formation identify any unique challenges to small businesses in areas affected by hurricanes or other natural disasters when identifying problems that small businesses have with securing access to capital. The bill passed the committee with unanimous support, 57-0, and the House by voice. 

The package was passed by the House and Senate yesterday and now proceeds to the president's desk for signing; however, new reports show Trump may veto it over a DACA issue.