As part of the larger package, the House also passed the Modernizing Disclosures for Investors Act. Sponsored by Rep. Ann Wagner, R-Mo., the bill would require the SEC to study the costs and benefits of investment advisors’ current Form 10-Q reporting requirement. The bill will require the SEC to issue a report of its analysis and recommendations for decreasing costs, increasing transparency and increasing efficiency of quarterly reporting.

Rep. Jeb Hensarling (R-Texas), chairman of the House Financial Services Committee, and Rep. Maxine Waters (D-CA), ranking member on the committee, worked jointly to pass the Jobs Act 3.0. Hensarling said in statement the bill would “help America’s small businesses and entrepreneurs and protect investors.”

Waters read from a letter from the IAA last week during committee markup of the bill: “[T]he SEC would have to better assess the impact of its regulations on firms that are truly small businesses and give greater consideration to appropriate alternatives that would minimize unnecessary burdens on these firms,” the IIA said.

The strong pro-business headwind in Congress, as well as a recognition that investors need investment advice to successfully create their own financial security in retirement, may help the bill’s odds in the Senate.

“As this bill moves to the Senate, it is essential that Congress continues to work to implement regulations and reforms that put communities first by supporting small businesses and protecting their access to capital,” Moore said.
 

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