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Rep. Womack Scores Major Victory with Community Banks Bill


Rep. Steve Womack (R-Ark.) – a Tea Party favorite – scored a major victory Wednesday when the House overwhelmingly approved his bill providing much need help to community banks, The Hill reports.

The bill – H.R. 1965 – allows community banks to raise the number of shareholders from 500 to 2,000 before being required to register with the Securities and Exchange Commission. It also boosts a company’s asset threshold from $1 million to $10 million before triggering SEC registration. The measure passed 420-2.

“We have given community banks the flexibility they need to raise capital without having to comply with the onerous SEC regulations intended for larger banks,” said Rep. Steve Womack (R-Ark.).

Womack sponsored the legislation with Rep. Jim Himes (D-Conn.). Sen. Kay Bailey Hutchison, (R-Texas), introduced a companion bill in the Senate that is co-sponsored by Sen. Mark Pryor, (D-Ark.), and John Boozman, (R-Ark.).

H.R. 1965 is one of four bills the House is taking up this week aimed at easing SEC regulatory burdens on small businesses attempting to attract investors and expand operations.


 
Posted by TPI editor on 11/3/2011 11:25:58 AM
Filed under: bill, community, womack, banks


 
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