Creating Financial Prosperity for Businesses and Investors Act
Latest action. Received in the Senate.
(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)
Creating Financial Prosperity for Businesses and Investors Act
TITLE I--SMALL BUSINESS CAPITAL FORMATION ENHANCEMENT
(Sec. 101) This bill amends the Small Business Investment Incentive Act of 1980 to require the Securities and Exchange Commission (SEC) to issue a public statement, and disclose any actions it intends to take, each time its annual government-business forum submits findings or recommendations regarding the current status of problems and programs relating to small business capital formation.
TITLE II--SEC SMALL BUSINESS ADVOCATE
(Sec. 201) This title amends the Securities Exchange Act of 1934 to establish within the SEC an Office of the Advocate for Small Business Capital Formation and a Small Business Capital Formation Advisory Committee.
The Advocate for Small Business Capital Formation shall:
assist small businesses and small business investors in resolving significant problems they may have with the SEC or with self-regulatory organizations;
identify areas in which such businesses and investors would benefit from changes in SEC regulations or the rules of such organizations;
identify problems that small businesses have with securing access to capital, including any unique challenges to minority-owned and women-owned small businesses;
analyze the potential impact on such businesses and investors of proposed SEC regulations and proposed rules that are likely to have a significant economic impact on small businesses and small business capital formation;
conduct outreach to such businesses and investors to solicit views on relevant capital formation issues;
propose to the SEC changes in its regulations or orders, and propose to Congress legislative, administrative, or personnel changes, to mitigate problems identified and to promote the interests of such businesses and investors;
consult with the Investor Advocate on such proposals and advise the Investor Advocate on small business-related issues;
submit annual reports on its activities to specified congressional committees; and
be responsible for planning, organizing, and executing the annual government-business forum on small business capital formation.
The summary continues for 30 more paragraphs. Read it in full on Congress.gov
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Passed House without amendment" stage on December 5, 2016. It describes the bill, it is not the legal text.
Received in the Senate.
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Where is it in the process, and what happens next?
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The record's latest action, on December 6, 2016: Received in the Senate.
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 114th Congress (2015-16), 329 of the 10,233 bills and joint resolutions introduced became law, about 3.2 percent. That count covers every measure at every stage, including the many that never left committee.
This one has no outstanding steps 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?
Scott Garrett (R-NJ) introduced it on December 2, 2016, and 10 members have since signed on as cosponsors.
They come from both major parties: 2 Democrats, 8 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 December 2, 2016, 3569 days ago. The most recent recorded action was 3565 days ago, on December 6, 2016.
Measures do not carry over. Anything the 114th Congress has not finished by January 3, 2017 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
- HouseReceived in the Senate.
- SenateNot stated in the latest action
- PresidentNot stated in the latest action