Small Business Investment Incentive Act of 1979
Latest action. Referred to House Committee on Interstate and Foreign Commerce.
Small Business Investment Incentive Act of 1979 - Amends the Securities Act of 1933 to include within the private offering exemption from full registration any transaction involving securities bearing a legend stating that such securities may not be sold or transferred except to accredited investors provided all purchasers of such securities are accredited investors or persons the issuer reasonably believes to be accredited investors and there is no general advertising or solicitation in connection with the transaction. Defines the term "accredited investor" to include: (1) banks, insurance companies, investment companies and their subsidiaries, and any fund, trust or account administered by a bank or insurance company; (2) persons designated by regulation of the Securities and Exchange Commission on the basis of expertise or net worth; and (3) persons who rely on the investment advice of a qualified accredited investor. States that a person engaging in the sale or distribution of restricted securities (securities acquired in a transaction or chain of transactions not involving any public offering) shall not be considered an underwriter if such person has been the beneficial owner for at least five years. Limits civil liability in connection with the sale of securities in private offerings. Amends the Investment Company Act of 1940 to grant an exemption from such Act to certain issuers which engage in the business of furnishing capital or providing business ventures and activities, purchasing securities for which no ready market is in existence, or reorganizing companies. Directs the Securities and Exchange Commission to prescribe necessary rules and regulations within 180 days after the date of enactment of this Act.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in House" stage on May 8, 1979. It describes the bill, it is not the legal text.
Where is it in the process, and what happens next?
4 steps remain before this bill could become law.
The record's latest action, on May 8, 1979: Referred to House Committee on Interstate and Foreign Commerce.
- Clearing the committees it was referred to, and being scheduled for a floor vote
- Passage by the House
- Passage by the Senate
- The President's signature. If the President vetoes it, two-thirds of both chambers must vote to override.
How likely is it to become law?
Civibrief does not forecast outcomes and this page has no opinion about this one. What the record supports is a base rate, which is a fact about the whole pile, not a prediction about this measure.
In the 96th Congress (1979-80), 613 of the 12,581 bills and joint resolutions introduced became law, about 4.9 percent. That count covers every measure at every stage, including the many that never left committee.
This one is not there yet: 4 steps are still outstanding, listed above.
Has anyone actually voted on it?
No. No roll call in this Congress cites this measure. That is the ordinary outcome: most measures never reach a recorded floor vote, and a committee ends most of them simply by not acting.
A vote is not the only thing that happens to a measure. Hearings, markups, and referrals are all recorded actions, and none of them is a vote of the full chamber.
Who is behind it?
JAMES BROYHILL (R-NC) introduced it on May 8, 1979, and 36 members have since signed on as cosponsors.
They come from both major parties: 19 Democrats, 17 Republicans.
Cosponsoring is a formal signature on the text. It is not a commitment to vote for the measure, it does not bind anyone's party, and a long list of cosponsors is a measure of attention rather than of prospects.
How long has it been in play?
It was introduced on May 8, 1979, 17292 days ago. The most recent recorded action was 17292 days ago, on May 8, 1979.
Measures do not carry over. Anything the 96th Congress has not finished by January 3, 1981 dies when the term ends, and has to be introduced again from the start in the next Congress.
Every answer above is assembled from this measure's own record on Congress.gov and from published counts of what Congress has passed before. Civibrief does not predict outcomes and takes no position on any measure.
Vote history
- HouseIn committee, no floor vote yet
- SenateAwaits House passage
- PresidentAwaits both chambers