118th Congress > House > Vote 237

Date: May 30, 2023

Result: 367-8 (Passed)

Clerk session vote number: 238

Sponsor: WAGNER, Ann (R-MO)

Bill number: HR2792

Question: On Motion to Suspend the Rules and Pass, as Amended

Description: Small Entity Update Act

Bill summary:

Small Entity Update Act

This bill requires the Securities and Exchange Commission (SEC) to report on and revise the definition of small entity. 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. In addition, the SEC must adjust the appropriate dollar amounts for inflation every five years.

The SEC must also revise the applicable rules to implement these recommendations.



Bill titles: To require the Securities and Exchange Commission to carry out a study and rulemaking on the definition of the term "small entity" for purposes of the securities laws, and for other purposes.

Links for more info on the vote: congress.gov

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