Bills · 118th Congress · Finance and Financial Sector

Small Entity Update Act

Where it stands

  1. Introduced4/20/23
  2. Passed HousePassed 5/30/23
  3. Senate
  4. President
  5. Law

Passed the House 367–8 on May 30, 2023 (Roll Call 238 →). Received in the Senate on May 31, 2023. No Senate action since.

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Roll calls on this bill

Votes on passage
HouseOn Motion to Suspend the Rules and Pass, as Amended · 5/30/23Suspension of the rulesA fast-track House procedure, usually for measures expected to have broad support. Debate is limited to 40 minutes, no amendments can be offered, and it needs a two-thirds vote of members voting — not a simple majority. A yes vote passes the bill. “As amended” means changes written into the motion itself are included.Rules of the House, Rule XV, clause 1 ↗
Passed
  • Democratic178 Yea · 0 Nay · 35 Not voting
  • Republican189 Yea · 8 Nay · 25 Not voting
  • Independent / Other0 Yea · 0 Nay · 0 Not voting
Official summary (CRS)

Small Entity Update Act

This bill requires the Securities and Exchange Commission (SEC) to report on and revise the definition of small entity. Agencies are required to consider the impact of their rules on small entities under the Regulatory Flexibility Act.

Under the bill, the SEC must provide specific and detailed recommendations to Congress on how the SEC can revise the definition of small entity to (1) align with specified statutory goals, including reducing unnecessary burdens on small entities; and (2) expand the number of entities covered. In addition, the SEC must adjust the appropriate dollar amounts for inflation every five years.

Full text on congress.gov ↗
Sponsor
Rep. Ann Wagner ( Republican · MO-2)
Cosponsors
5
Introduced
4/20/23
Policy area
Finance and Financial Sector

What happens next

The Senate must pass the same text, then it goes to the President.

If it isn't enacted by Jan 3, 2025, it expires when the 118th Congress ends.

All actions (15)
  1. 4/20/23Introduced in House
  2. 4/20/23Referred to the House Committee on Financial Services.
  3. 4/26/23Committee Consideration and Mark-up Session Held.
  4. 4/26/23Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 42 - 0.
  5. 5/30/23Reported (Amended) by the Committee on Financial Services. H. Rept. 118-80.
  6. 5/30/23Placed on the Union Calendar, Calendar No. 59.
  7. 5/30/23Mrs. Wagner moved to suspend the rules and pass the bill, as amended.
  8. 5/30/23Considered under suspension of the rules. (consideration: CR H2652-2653)
  9. 5/30/23DEBATE - The House proceeded with forty minutes of debate on H.R. 2792.
  10. 5/30/23At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
  11. 5/30/23Considered as unfinished business. (consideration: CR H2661-2662)
  12. 5/30/23Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 367 - 8 (Roll no. 238). (text: CR H2652)
  13. 5/30/23On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 367 - 8 (Roll no. 238). (text: CR H2652)
  14. 5/30/23Motion to reconsider laid on the table Agreed to without objection.
  15. 5/31/23Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.