Bloomberg Businessweek: U.S. House Republicans Embrace Obama Push to Ease SEC Rules
Representative Anna Eshoo, a California Democrat who has pushed for the change in order to spur the venture capital market in her district, last year called the proposal “a jobs program, with good jobs that are focused on the cutting edge of innovation, creating new products, new markets and additional growth for our economy.”
Senator Jon Tester, a Montana Democrat, this week introduced a similar proposal with Pennsylvania Republican Pat Toomey. Tester and Toomey, who both serve on the Senate Banking Committee, said they will push the measure in their chamber.
In addition, McCarthy, a California Republican, has introduced a bill that would permit “general solicitations” of accredited investors.
The SEC is able to make some of the changes without legislation and has embarked on a broad review, ordered by Chairman Mary Schapiro, to find ways to streamline and update rules on registration and reporting.
