Increased its payroll by 2,000 jobs. However, this firm has been inadvertently caught up in unnecessary s. E. C. Registration because with sbic assets undermanagement being counted, it exceeds the 150 million exemption threshold we established in doddfrank. Without undermining the key Systemic Risk and Investor Protection requirements, we established under doddfrank, h. R. 432 provides escalot Capital Partners and similarly situated sbics with targeted relief. So i applaud the bipartisan coauthors and urge members to support this bill. I will reserve the balance of my time. The speaker pro tempore the gentlewoman from california reserves the balance of her time. For what purpose does the gentleman from missouri seek recognition . Mr. Luetkemeyer mr. Speaker, i yield as much time as he may consume to the gentleman from new jersey, mr. Garrett, the member of the Financial Services committee and distinguished chairman of the subcommittee on Capital Markets. The speaker pro tempore the gentleman from new jersey is recognized for such time as he may consume. Mr. Garrett thank you, mr. Speaker. I rise in support of h. R. 432, the sbic advisers relief act, and first, i want to say thank you to mr. Luetkemeyer for his hard work and leadership on this issue, among others and on the legislation which passed out of the Financial Services committee unanimously this past may. What would it do . It would fix yet another unintended consequence of the doddfrank act. That is an interpretation the bill would require unnecessary and costly registration of Investment Advisors who all play a very Critical Role in our economy today. You see, the doddfrank act amended the private Fund Exemptions under both the advisors act to include an complicit exemption for advisors to both Venture Capital funds as well as advisors to Small BusinessInvestment Companies sbics. Now, whatever the merits of changing the private Fund Exemption this way congress very clearly intended to exempt advisors from such funds on the burdens and added costs associated with yet another s. E. C. Registration. Unfortunately, due to the way the legislation text was interpreted, someone who happens to advise both a Venture Capital fund and also sbic is being required now to also register with the s. E. C. This makes absolutely no sense and is clearly contradictory to the statutory language. Theres no valid argument or reason to require an advisor to register simply because they advise both a Venture Capital fund and sbic. You see, such a requirement would not in any way enhance Investor Protection or would it help Capital Formation. Its also important to note that sbics is already overseen and examined by the Small Business administration. So registration with the s. E. C. Would be unnecessary and would duplicate that. So why is all this important . Why do we have the legislation here today . Well according to the Small Business investor alliance, initial registration costs to the s. E. C. Are estimated to cost 100,000 a year. Some go up to 250,000 a year. Thats money. Thats money that could otherwise be used for salaries, hiring more people and helping the economy. So its important to note in conclusion to keep in mind that the Small Businesses that were talking about often dont have an array of lawyers or Compliance Specialists to deal with registration, oversight from the s. E. C. Oftentimes these are businesses that only have a handful of employees. So, again, i thank the gentleman, mr. Luetkemeyer, and all my colleagues on the other side of the aisle who support this, Financial Services for all their hard work on this issue, and i urge support of the underlying bill. The speaker pro tempore the gentleman from new jersey yields back the balance of his time. The gentlewoman from california is recognized. Ms. Waters thank you mr. Speaker. I will yield to the gentlelady from new york as much time as she may consume. The speaker pro tempore the gentlewoman from new york is recognized for as such time as she may consume. Mrs. Maloney i thank the gentlelady for yielding and for her work on this area. I rise in support of h. R. 432, the sbic advisers relief act and im pleased to be an original cosponsor with this bill, along with my colleague, mr. Luetkemeyer, who has been a tremendous leader on the Financial Services committee, not only on this bill but in so many other areas. The sbic advisers relief act fixes a truly unintended consequence of doddfrank. Under doddfrank an Investment Advisor that only advises a Venture Capital fund is exempt from s. E. C. Registration. Likewise, an Investment Advisor that only advises Small BusinessInvestment Companies, or sbics, is also exempt. But an Investment Advisor that advises both a Venture Capital fund and an sbic, is not exempt for some reason. This makes no sense and it provides no additional protections for investors. Moreover, it discourages Investment Advisors who may have experienced advising successful Venture Capital funds that have invested in larger, more mature enterprises, from bringing their expertise to sbibs who want sbics who want to invest in similar startups. This ultimately restricts Small Businesses access to muchneeded investment capital. Our bill fixes this problem by clarifying that investmented a advisors that advise both venture funds and sbics are also exempt from s. E. C. Registration. This fix does not pose any Investor Protection concerns because sbics are already subject to strict oversight by the Small Business administration, which supports sbics by providing a guarantee on funds used by sbics to invest in other Small Businesses. The sbic program has a long history of success and has provided early stage financing for companies that have since grown to become worldwide icons such as apple, intel and staples. This drill is identical to a bill that passed the this bill is identical to a bill that passed the house by voice vote last congress and it passed unanimously in the Financial ServicesCommittee Earlier this year. I therefore urge my colleagues to support h. R. 432, and i yield back the balance of my time to the distinguished Ranking Member. The speaker pro tempore the gentlelady from new york yields back the balance of her time. The gentleman from missouri is recognized. Mr. Luetkemeyer thank you mr. Speaker. I yield to the gentleman from arkansas, mr. Hill who has a member of the Financial Services committee, as much time as he may consume. The speaker pro tempore the gentleman from arkansas is recognized for as much time as he may consume. Mr. Hill i rise in support of h. R. 432 the sbic advisers relief act. This commonsense bill eliminates costly, confusing and duplicative regulation on Small BusinessInvestment Companies, sbics. Like diamond state ventures and mcclarty partners in little rock, arkansas, by the drafting in the doddfrank act. Indictment state has made over 18 investments in Small Businesses in my state, employing over 2,300 arkansans and investing over 40 million in arkansas businesses. Sbics are already heavily regulated by the s. B. A. And provides significant longterm investments in Small Businesses across the u. S. A. While doddfrank exempted advisors that solely advise sbic funds from registration, it was silent on the state concept of federally licensed sbic funds, creating this confusion and requiring this action today. Its going to save money legal fees, accounting fees and make our sbics much more costeffective. And in that i thank chairman luetkemeyer and our colleagues for the work on this issue and urge my colleagues to support it. I yield back to the chairman. The speaker pro tempore the gentleman from arkansas yields back his time. The gentlelady from california is recognized. Ms. Waters mr. Speaker, i have no additional speakers, and id yield back the balance of my time. The speaker pro tempore the gentlewoman from california yields back the balance of her time. The gentleman from missouri is recognized. Mr. Luetkemeyer thank you mr. Speaker. I just want to thank the gentlelady from new york, mrs. Maloney, for her hard work on helping cosponsor this bill as well as ms. Waters the Ranking Member, as well as the gentleman from arkansas, new jersey here, mr. Hill and mr. Garrett, for their support and kind words. With that i just want to yield back and ask for support of h. R. 432. The speaker pro tempore the gentleman from missouri has yielded back. All time having now expired on this legislation, the question is will the house suspend the rules and pass the bill h. R. 432. Those in favor say aye. Those opposed, no. In the opinion of the chair, 2 3 having responded in the affirmative, the rules are suspended the bill is passed, and without objection the motion to reconsider is laid on the table. For what purpose does the gentleman from virginia seek recognition . Mr. Speaker, i move to suspend the rules and pass the bill h. R. 1334, to amend the Securities Exchange act of 1934, to make the shareholder threshold for registration of savings and Loan Holding Companies the same as for bank Holding Companies. The speaker pro tempore the clerk will report the title of the bill. The clerk h. R. 1334, a bill to amend the Securities Exchange act of 1934 to make the shareholder threshold for registration of savings and Loan Holding Companies the same as for bank Holding Companies. The speaker pro tempore pursuant to the rule the gentleman from virginia mr. Hurt and the gentlewoman from california, ms. Waters, each will control 20 minutes. The chair now recognizes the gentleman from virginia. Mr. Hurt mr. Speaker, i ask unanimous consent that all members may have five legislative days to revise and extend their remarks and include extraneous material on this bill. The speaker pro tempore without objection, so ordered. Mr. Hurt mr. Speaker i yield myself such time as i may consume. The speaker pro tempore the gentleman is recognized for such time as he may consume. Mr. Hurt thank you, mr. Speaker. I rise in support of h. R. 1334, the Holding Company registration threshold equalization act. Id like to thank representatives womack himes, wagner and delaney for their bipartisan work to achieve a unanimous vote in the Financial Services committee. H. R. 1334 provides a technical be correction to the jobs act in the truest sense of the term. The jobs act updated the threshold for them to register and deregister to 2,000 shareholders and 1,200 shareholders respectively. However, due to a technical oversight, the statute did not specifically extend the same treatment to savings and Loan Holding Companies despite them being recognized as bank Holding Companies. Since enactment of the jobs act, dozens of bank Holding Companies have taken provisions while those have had to wait for action by congress to correct the error. H. R. 1334 provides these institutions the same flexibility as banks to reduce their likes. E. C. Related compliance cost and better deploy capital throughout their communities. H. R. 1334 is identical to legislation that received 417 votes in the last congress. I ask my colleagues to join me in supporting this commonsense Bipartisan Legislation. I reserve the balance of my time. The speaker pro tempore the gentleman from virginia reserves the balance of his time. The gentlewoman from california is recognized. Ms. Waters mr. Speaker, i yield myself such time as i may consume. The speaker pro tempore the gentlelady is recognized. Ms. Waters thank you very much, mr. Speaker. It is my understanding that this bill addresses an oversight in the jobs act that establishes new higher thresholds for registration, termination of registration and suspension of public reporting for banks and bank Holding Companies but not for savings and Loan Companies. In the jobs act, we recognized that banks and bank Holding Companies were inadvertently becoming Public Companies by virtue of their securities being distributed to a larger number of shareholders than permitted under the Securities Laws. Even though these institutions were largely held within their own communities. Accordingly we provided banks and bank Holding Companies with regulatory relief by raising the threshold that trigger Public Company reporting. H. R. 1334 would extend this relief to savings and Loan Companies which like banks and bank Holding Companies are still subject to mandatory public reporting requirements by the banking regulators. So information will continue to be available to shareholders and the public. Last congress we passed this noncontroversial bill out of committee and on the house floor. Since that time, the securities and Exchange Commission has under its own authority proposed to extend the jobs act provision to a savings and loans to savings and Loan Companies. The s. E. C. Estimates that approximately 90 of the 125 savings and Loan Holding Companies that have a class of registered securities would be eligible to terminate registration or suspend reporting under its proposal. Im pleased to support this bill which would extend the benefits we provided in the jobs act to those 90 companies that represent additional class of Community Banks. Thank you, mr. Speaker. I reserve the balance of my time. The speaker pro tempore the gentlewoman from california reserves her time. The gentleman from virginia. Mr. Hurt at this time id like to yield as much time as he may consume to the gentleman from arkansas, mr. Womack. The speaker pro tempore the gentleman from arkansas is recognized for such time he may consume. Mr. Womack thank you, mr. Speaker. I thank the manager of this legislation for the time. Id like to also thank chairman hensarling and the entire Financial Services committee for yet again ensuring that this bill, the Holding Company threshold equalization act is put in front of the full house and sent on to the senate. I would also like to express my gratitude to my colleagues on both sides of the aisle, representative himes, representative wagner, representative delaney for their tened efforts to codify this necessary jobs act clarification. Mr. Speaker, this is the third time that i have come to the floor to speak on this truly bipartisan bill, and its unfortunate that we are still without a successful resolution to the problem. Because we can all agree that Small Community banks and sloan savings and Loan Holding Companies were not the cause of the financial crisisment they shouldnt be treated as if they were. Thats exactly why the house and senate eliminated some of the unnecessary burdens placed on our small lenders by passing the jobs act in the 112th congress. However, the jobs act which raised the registration threshold and increased the deregistration threshold for bank Holding Companies unfortunately didnt explicitly do so for savings and Loan Holding Companies as well. Mr. Speaker, this was an oversight. Thanks to the oversight, savings and Loan Holding Companies are still having to spend their resources to comply with regulations intended for larger banks instead of sharing the same ability bank and bank Holding Companies have been granted to focus on serving the lending needs of their communities. As a cosponsor of the jobs act, i can say with absolute certainty that excluding savings and Loan Holding Companies was