West STL News

Congresswoman Ann Wagner, who serves as Chair of the Financial Services Subcommittee on Capital Markets, announced that the House has passed her legislation, H.R. 3382, known as the Small Entity Update Act.

Wagner stated, "My Small Entity Update Act will reform the SEC’s regulatory approach to make it easier for entrepreneurs across the country to achieve the American dream." She highlighted the challenges small businesses face due to regulatory requirements. "Small businesses can’t afford the extensive legal and regulatory expertise that large, multinational firms employ to comply with every regulation imposed by the government," she added.

The bill requires the Securities and Exchange Commission (SEC) to evaluate compliance costs for small and emerging businesses. The goal is to ensure regulations are not excessively burdensome for these entities. Wagner emphasized that Congress should acknowledge how regulations disproportionately affect smaller enterprises attempting to expand. "My bill is a commonsense step forward that recognizes that fact," she said.

The passage of this bill is part of a broader legislative effort by Wagner. "This is one of seven Capital Markets bills I was proud to usher out of Committee, and across the House Floor today," she noted. The package aims to provide Main Street investors with increased opportunities for savings and investments in essential areas such as family futures and education.