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Results: House Passes 3 Huizenga-led Bills to Strengthen Capital Markets, Protect Investors

Washington, July 10, 2019

Last night, the U.S. House of Representatives passed three bipartisan bills from Congressman Bill Huizenga to strengthen capital markets, provide greater opportunities for investors, and enhance whistleblower protections for employees who report illegal behavior in an effort to prevent crony capitalism.  Below are brief summaries of each measure that passed the House with quotes from Congressman Huizenga.

The first bill, H.R. 2919, known as the Improving Investment Research for Small and Emerging Issuers Act, passed the House unanimously and was authored by Congressman Huizenga. This legislation requires the Securities and Exchange Commission (SEC) to study, evaluate, and finalize a report to Congress on the issues affecting the ability of emerging growth companies and other small issuers in obtaining research coverage, including SEC rules, FINRA rules, state and federal liability concerns, the 2003 Global Research Analyst Settlements, and MiFID II. Joining Congressman Huizenga on this legislation as the lead Democrat is Ben McAdams (D-UT).

  • “There is a critical lack of research available to potential investors regarding small publicly traded companies,” said Congressman Huizenga. “This bipartisan legislation requires the SEC to study and report back to Congress the most effective ways to address these short falls. This legislation will strengthen our capital markets by improving liquidity while increasing opportunities for individual investors.”

The second measure, H. Res. 456, which also passed the House unanimously, emphasizes the importance of grassroots investor protection and the investor education missions of State and Federal securities regulators, calling on the Securities and Exchange Commission to collaborate with State securities regulators in the protection of investors, and for other purposes. This measure was introduced by Rep. Ayanna Pressley (D-MA). Congressman Huizenga was the lead Republican on the resolution.

  • “For 100 years, North American Securities Administrators Association (NASAA) has sought to provide safe, efficient, and informative ways to connect hardworking Americans with capital markets to build a better future,” said Congressman Huizenga. “In my home state of Michigan, NASAA members have become a leading voice for improving investment education, protected investors by utilizing securities enforcement, and helped build stronger communities by assisting in capital formation projects. Thank you NASAA for all that you do to connect people with opportunity and congratulations on reaching this centennial milestone.”

H.R. 2515, the Whistleblower Protection Reform Act, was authored by Congressman Al Green (D-TX) and passed the House by a vote of 410-12. In February 2018, the Supreme Court held in Digital Realty v. Somers that whistleblowers who report alleged misconduct internally to their employer, as opposed to the SEC, are not protected by Dodd-Frank’s anti-retaliation provisions. This bipartisan legislation further clarifies the anti-retaliation provisions of section 922 in the Dodd-Frank Act and applies it to those whistleblowers who report internally. Congressman Huizenga worked with Rep. Green on crafting this legislation and is the bill’s lead Republican.

  • “A whistleblower who reports directly to their employer about alleged misconduct shouldn’t have to risk being retaliated against,” said Congressman Huizenga. “Whistleblowers are an effective means of rooting out bad behavior that harms the market as well as investors. This common sense bipartisan reform provides protection to people who correctly identify and report those trying to cheat the system.”
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