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House Bill 2792
118th Congress(2023-2024)
Small Entity Update Act
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Passed House on May 30, 2023
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H. R. 2792 (Reported-in-House)

Union Calendar No. 59

118th CONGRESS
1st Session
H. R. 2792

[Report No. 118–80]


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.

IN THE HOUSE OF REPRESENTATIVES

April 20, 2023

Mrs. Wagner introduced the following bill; which was referred to the Committee on Financial Services

May 30, 2023

Additional sponsors: Mr. Himes, Mr. David Scott of Georgia, Mr. Torres of New York, Mr. Lawler, and Mr. Casten

May 30, 2023

Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed

[Strike out all after the enacting clause and insert the part printed in italic]

[For text of introduced bill, see copy of bill as introduced on April 20, 2023]

A BILL

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.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Short Title.

This Act may be cited as the “Small Entity Update Act”.

SEC. 2. Studies, reports, and rules regarding small entities.

(a) Definitions.—In this section—

(1) the term “Commission” means the Securities and Exchange Commission; and

(2) the term “small entity”—

(A) has the meaning given the term in section 601 of title 5, United States Code, with respect to the activities of the Commission; and

(B) includes any definition established by the Commission of the term “small business”, “small organization”, or “small governmental jurisdiction” under paragraph (3), (4), or (5), respectively, of section 601 of title 5, United States Code, with respect to the activities of the Commission.

(b) Studies and reports.—Not later than 1 year after the date of enactment of this Act, and again 5 years thereafter, the Commission shall—

(1) conduct a study of the definition of the term “small entity” with respect to the activities of the Commission for the purposes of chapter 6 of title 5, United States Code, which shall consider—

(A) the extent to which the definition of the term “small entity”, as in effect during the period in which the study is conducted, aligns with the findings and declarations made under section 2(a) of the Regulatory Flexibility Act (5 U.S.C. 601 note);

(B) the amount by which financial markets in the United States have grown since the last time the Commission amended the definition of the term “small entity”, if applicable; and

(C) how the Commission should define the term “small entity” to ensure that a meaningful number of entities would fall under that definition; and

(2) submit to Congress a report that includes—

(A) the results of the applicable study conducted under paragraph (1); and

(B) specific and detailed recommendations on the ways in which the Commission could amend the definition of the term “small entity” to—

(i) be consistent with the results described in subparagraph (A); and

(ii) expand the number of entities covered by such definition.

(c) Rulemaking.—After the completion of each study required under subsection (b), the Commission shall, subject to public notice and comment, revise the rules of the Commission consistent with the results of such study.

Union Calendar No. 59

118th CONGRESS
     1st Session
H. R. 2792
[Report No. 118–80]
A BILL
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.
May 30, 2023
Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed