US Federal 2023-2024 Regular Session

US Federal House Bill HB2651

Introduced
4/17/23  

Caption

Regulation A+ Improvement Act of 2023

Impact

The bill is anticipated to have a significant impact on state laws regulating capital markets. By raising investment limits, HB2651 seeks to empower small companies to attract more investments, thus bolstering local economies and fostering job creation. Financial services firms and venture capitalists may find new opportunities in financing burgeoning businesses that were previously constrained by lower thresholds. This amendment to federal law may also encourage states to re-evaluate their own regulations concerning capital formation, potentially leading to broader economic implications across various sectors.

Summary

House Bill 2651, known as the Regulation A+ Improvement Act of 2023, aims to amend the Securities Act of 1933 concerning capital formation for small companies. The bill proposes an increase in the investment cap from $50 million to $150 million, adjusting for inflation every two years. This change is intended to provide smaller firms with better access to capital in order to stimulate growth and innovation. By updating these thresholds, the bill encourages an environment that favors the growth of emerging businesses seeking financial backing beyond what is currently permissible under the existing regulations.

Contention

Notable points of contention surrounding this bill include concerns over investor protection and the criteria for small company status. Opponents argue that increasing the cap might expose less sophisticated investors to risky investments without adequate safeguards. They worry that such deregulation could lead to potential financial instability, particularly for inexperienced investors who may not fully understand the risks involved. Supporters counter that empowering small businesses with access to larger capital pools fosters innovation and economic resilience, ultimately benefiting local economies.

Companion Bills

US HB2799

Related Expanding Access to Capital Act of 2023

US SB3710

Related Regulation A+ Improvement Act of 2024

Previously Filed As

US HB261

Article I Regulatory Budget Act This bill requires the establishment of a federal regulatory budget to limit the costs of federal regulations. It also establishes requirements for disclosing the projected costs of federal regulations and procedures for enforcing the regulatory budget.

US HB6541

Regulation A+ Improvement Act of 2025

US SB4170

Regulation A+ Improvement Act of 2026

US HB115

Midnight Rules Relief Act of 2023This bill allows Congress to disapprove multiple regulations under one joint resolution of disapproval if the regulations were submitted for review during a portion of the final year of a President's term.Under current law, the Congressional Review Act generally provides for a period of additional review during the succeeding Congress for regulations that were submitted during the last 60 legislative days of the prior Congress. However, each joint resolution may disapprove of only one regulation.

US HB111

Budget Process Enhancement Act This bill modifies the federal budget process to withhold the salaries of Members of Congress and cancel the salaries of certain employees of the Office of Management and Budget when certain budget process requirements are not met. The bill also changes the assumptions that the Congressional Budget Office uses to calculate its baseline for discretionary spending to eliminate certain adjustments for inflation and other factors. (A baseline is a projection of federal spending and receipts during a fiscal year under current law.)

US HB25

FairTax Act of 2023 This bill imposes a national sales tax on the use or consumption in the United States of taxable property or services in lieu of the current income taxes, payroll taxes, and estate and gift taxes. The rate of the sales tax will be 23% in 2025, with adjustments to the rate in subsequent years. There are exemptions from the tax for used and intangible property; for property or services purchased for business, export, or investment purposes; and for state government functions. Under the bill, family members who are lawful U.S. residents receive a monthly sales tax rebate (Family Consumption Allowance) based upon criteria related to family size and poverty guidelines. The states have the responsibility for administering, collecting, and remitting the sales tax to the Treasury. Tax revenues are to be allocated among (1) the general revenue, (2) the old-age and survivors insurance trust fund, (3) the disability insurance trust fund, (4) the hospital insurance trust fund, and (5) the federal supplementary medical insurance trust fund. No funding is authorized for the operations of the Internal Revenue Service after FY2027. Finally, the bill terminates the national sales tax if the Sixteenth Amendment to the Constitution (authorizing an income tax) is not repealed within seven years after the enactment of this bill.

US HB108

Small Business Prosperity Act of 2023 This bill modifies the tax deduction for qualified business income to (1) make such deduction permanent, (2) limit to 21% the top tax rate on qualified business income, (3) repeal the limitation on the deduction based on amount of wages paid, and (4) revise the definition of qualified trade or business to mean any trade or business other than the trade of business of performing services as an employee. The bill provides that a change in the organizational structure of a corporation is not a taxable event if there is no change among the owners, their ownership interests, or the assets of the organization, The bill repeals the estate tax after 2022.

US HB114

Fund and Complete the Border Wall Act This bill establishes funding for a U.S.-Mexico border barrier and revises how border patrol agents are compensated for overtime. The Department of the Treasury shall set up an account for funding the design, construction, and maintenance of the barrier. The funds in the account are appropriated only for that purpose and for vehicles and equipment for border patrol agents. For each fiscal year, financial assistance to a country shall be reduced by $2,000 for each citizen or national of that country apprehended for illegally entering the United States through its southern border. The reduced amount shall be transferred to the border barrier account. The Department of State may opt not to reduce amounts appropriated to Mexico for various military and law enforcement-related activities. This bill establishes a 5% fee on foreign remittance transfers and increases the fee for the arrival/departure I-94 form for various aliens entering the United States, with part of the fees to go into the border barrier account. By December 31, 2023, DHS shall (1) take all actions necessary, including constructing barriers, to prevent illegal crossings along the U.S.-Mexico barrier; and (2) achieve operational control over all U.S. international borders. The bill changes how border patrol agents receive overtime pay when working up to 100 hours in a two-week period. For hours worked above 80, an agent shall receive at least 150% of the agent's regular hourly rate.

US HB70

Freedom for Farmers Act of 2023 This bill abolishes the Agency for Toxic Substances and Disease Registry. This agency, which is part of the Department of Health and Human Services (HHS), investigates and responds to environmental exposures to hazardous substances in communities. HHS must transfer authority regarding certain national disease and toxic exposure registries to another appropriate HHS entity.

US HB209

Permitting for Mining Needs Act of 2023 This bill expedites the review of mining projects on federal lands and limits judicial review of mining projects. For example, the bill expands the federal permitting and review processes under the Infrastructure Investment and Jobs Act for critical minerals. Under the act, the Bureau of Land Management (BLM) and the U.S. Forest Service, to the maximum extent practicable, must complete the federal permitting and review processes related to critical mineral mines on federal lands with maximum efficiency and effectiveness. This bill expands this process to include all minerals as defined by the bill, not only critical minerals. The bill also establishes deadlines for completing the review of mining projects under the National Environmental Policy Act of 1969. In addition, the bill also expands the meaning of covered projects under the Fixing America's Surface Transportation (FAST) Act to include (1) certain mineral production projects, and (2) certain actions taken by the Department of Defense. Such projects qualify for expedited environmental review. It also establishes requirements to expedite the review or authorization of certain mineral projects, such as (1) mineral exploration activities with a surface disturbance of no more than five acres of public lands, (2) ancillary mining activities, and (3) uranium projects. Finally, the bill limits judicial review of a permit, license, or approval issued by a lead agency for a mining project by requiring the filing of claims within a certain time period.

Similar Bills

No similar bills found.