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Small Entity Update Act

This bill requires the Securities and Exchange Commission (SEC) to report on and revise the definition of small entity every five years. Agencies are required to consider the impact of their rules on small entities under the Regulatory Flexibility Act.

Under the bill, the SEC must provide specific and detailed recommendations to Congress on how the SEC can revise the definition of small entity to (1) align with specified statutory goals, including reducing unnecessary burdens on small entities; and (2) expand the number of entities covered.

The SEC must also issue a proposed rule to implement these recommendations.

S4400-118, S5139-118,

Senate Actions

IntroReferral
May. 31 2023	Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

House floor actions Actions

Floor

May. 30
2023

Motion to reconsider laid on the table Agreed to without objection.
On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 367 - 8 (Roll no. 238). (text: CR H2652)
Considered as unfinished business. (consideration: CR H2661-2662)
At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
DEBATE - The House proceeded with forty minutes of debate on H.R. 2792.
Considered under suspension of the rules. (consideration: CR H2652-2653)
Mrs. Wagner moved to suspend the rules and pass the bill, as amended.

Calendars
May. 30 2023	Placed on the Union Calendar, Calendar No. 59.

Committee
May. 30 2023	Reported (Amended) by the Committee on Financial Services. H. Rept. 118-80.

IntroReferral
Apr. 20 2023	Referred to the House Committee on Financial Services.

Library of Congress Actions

Floor
May. 30 2023	Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 367 - 8 (Roll no. 238). (text: CR H2652)

Committee
May. 30 2023	Reported (Amended) by the Committee on Financial Services. H. Rept. 118-80.

IntroReferral
Apr. 20 2023	Introduced in House Introduced in House

House committee actions Actions

Committee
Apr. 26 2023	Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 42 - 0. Committee Consideration and Mark-up Session Held.

House bill HR2792-118

Small Entity Update Act

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