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H.R.701: To amend a provision of the Securities Act of 1933 directing the Securities and Exchange Commission to add a particular class of securities to those exempted under such Act to provide a deadline for such action.

About this Bill

This bill was introduced in the 113th Congress
This bill is primarily about finance and financial sector
You can read the bill
Sponsor Patrick T. McHenry, R-N.C.
Total Cosponsors 6 (2 Democrats, 4 Republicans)
Introduced Feb. 14, 2013
Latest Major Action May 16, 2013
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See it on C-SPAN

Bill Progress

  • Bill introduced in the House   
  • Bill passed in the House   
  • Bill passed in the Senate   
  • Bill signed into law

Bill Summary

Amends the Securities Act of 1933 to set October 31, 2013, as the deadline for the Securities and Exchange Commission (SEC) to add a class of domestic securities to those already exempted from regulation under that Act in accordance with specified terms and conditions, including that: (1) the aggregate offering amount of all securities offered and sold within the prior 12-month period in reliance on the new exemption shall not exceed $50 million, (2) the securities may be offered and sold publicly, and (3) they shall not be restricted securities under federal securities laws and regulations.

(Source: Congressional Research Service)

Bill Actions

Date Description
May 16, 2013 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
May 15, 2013 Motion to reconsider laid on the table Agreed to without objection.
May 15, 2013

On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 416 - 6 (Roll no. 148). (text: CR H2627)

May 15, 2013 Considered as unfinished business. (consideration: CR H2636)
May 15, 2013 At 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.
May 15, 2013 DEBATE - The House proceeded with forty minutes of debate on H.R. 701.
May 15, 2013 Considered under suspension of the rules. (consideration: CR H2627-2629)
May 15, 2013 Mr. McHenry moved to suspend the rules and pass the bill, as amended.
May 15, 2013 Placed on the Union Calendar, Calendar No. 36.
May 15, 2013 Reported by the Committee on Financial Services. H. Rept. 113-58.
May 7, 2013 Ordered to be Reported by Voice Vote.
May 7, 2013 Committee Consideration and Mark-up Session Held.
Feb. 14, 2013 Referred to the House Committee on Financial Services.