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118-hr-2792Committee
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Small Entity Update Act

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Summary

Official CRS summary

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. The SEC must also revise the applicable rules to implement these recommendations.

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Bill details

Congress
118
Bill type
hr
Introduced
April 20, 2023
Sponsor
Not yet available
Last action
May 31, 2023— Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

The recorded vote

U.S. HouseMay 30, 2023
306Yea7Nay46Not voting

Counted from roll-call records for sitting members · source: congress.gov

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