In The News
RA: Huizenga Legislation to Strengthen Economy, Protect Whistleblowers Passes House
The U.S. House of Representatives on July 9 approved three bipartisan bills supported by U.S. Rep. Bill Huizenga (R-MI) to bolster efforts at the Securities and Exchange Commission (SEC) to protect investors and strengthen markets.
The House passed the Improving Investment Research for Small and Emerging Issuers Act, H.R. 2919, sponsored by Rep. Huizenga and cosponsor U.S. Rep. Ben McAdams (D-UT) to require that the SEC report and make recommendations on investment research regarding small issuers like emerging growth companies and those considering initial public offerings, according to the congressional record summary,
“There is a critical lack of research available to potential investors regarding small publicly traded companies,” Rep. Huizenga said. “This legislation will strengthen our capital markets by improving liquidity while increasing opportunities for individual investors.”
The House also approved House Resolution (H.Res.) 456, introduced by Rep. Huizenga and U.S. Rep. Ayanna Pressley (D-MA) to support the efforts of state securities regulators to promote capital investment and educate investors, and to urge collaboration between the SEC and state securities regulators, according to the congressional record summary.
Specifically, H.Res. 456 would resolve that the House “urges state securities regulators to continue working independently and within the voluntary framework” of the 100-year-old North American Securities Administrators Association (NASAA) to protect and educate investors and promote capital formation, according to the resolution’s text, and also urges the SEC “to maintain and expand voluntary collaboration with state securities regulators in the interest of the investing public,” among other items.
“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,” the congressman said. “Thank you NASAA for all that you do to connect people with opportunity and congratulations on reaching this centennial milestone.”
Lastly, the House voted to approve the Whistleblower Protection Reform Act, H.R. 2515, which Rep. Huizenga introduced as an original cosponsor with bill sponsor U.S. Rep. Al Green (D-TX).
H.R. 2515 would expand the whistleblower definition regarding securities law violations and would extend protections to individuals who assist in an SEC investigation or who make disclosures that are protected under any law overseen by the SEC, according to the federal summary.
“A whistleblower who reports directly to their employer about alleged misconduct shouldn’t have to risk being retaliated against,” Rep. Huizenga said. “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.”
This article originally appeared in the Ripon Advance on July 12th.