The U.S. Chamber of Commerce, the world’s largest business federation representing the
interests of more than three million businesses and organizations of every size, sector, and region, strongly support H.R. 1965, “To amend the securities laws to establish certain thresholds for shareholder registration, and for other purposes;” H.R. 2167, the “Private Company Flexibility and Growth Act;” H.R. 2930, the “Entrepreneur Access to Capital Act;” and H.R. 2940, the “Access to Capital for Job Creators Act.” These bills would enhance capital formation needed to build new businesses, expand existing businesses and create jobs. The Chamber urges the Subcommittee to report these bills to the full House in the near term.
H.R. 1965 would raise the Exchange Act’s shareholder cap from 499 to 1,999 shareholders for banks and permits banks with less than 1,200 shareholders to cease reporting requirements under the Exchange Act. This legislation would increase banks’ ability to raise capital from a larger shareholder base, which would creates a level playing field for smaller community banks.