Holding Company Registration Threshold Equalization Act of 2013by Representative James A. Himes
Posted on 2014-01-14
HIMES. Madam Speaker, I yield myself such time as I may consume.
I, once again, thank Chairman Garrett, chairman of the Subcommittee on Capital Markets, for his support and leadership on this bill. I particularly thank my cosponsors on this bill: Mr. Womack, with whom I have worked before; Mrs. Wagner; and Mr. Delaney. Additional cosponsors of the bill are Mr. Polis, Mr. Quigley, and Mr. Renacci. I thank them for their hard work.
This is a rare example of a wise bipartisan bill that will achieve something important, which is to basically undertake a technical fix to the JOBS Act, passed into law in April of 2012, which allowed banks to put off becoming public until they reached a threshold of 2,000 shareholders. That sounds like a small and technical point, but it put a tremendous burden on banks that perhaps were not ready to go public with more than 500 shareholders at the time.
The legislation did not directly specify that savings and loans would also receive the same treatment. It was, I believe, the intent of Congress that that be the case. So H.R. 801 goes back to seek to remedy this issue.
The Holding Company Registration Threshold Equalization Act, a rather awkward name for H.R. 801, extends the shareholder registration thresholds to savings and loan holding companies. This bill will ensure that savings and loan institutions operate under the same rules as banks, trying to create a more uniform and simple regulatory apparatus.
This will help these institutions raise capital so that they have the resources to make the loans which drive the economic growth--the businesses, the colleges, the mortgages, the purchases that drive the economic growth of this country.
Madam Speaker, again, I thank Mr. Garrett for his support. As we seek creative solutions to the Nation's job crisis, we should do everything we can to stimulate the consumer demand that we know drives so much of this economy. This bill is one small, commonsense step we can take in that direction.
Again, I thank Mr. Womack, Mrs. Wagner, and Mr. Delaney for their leadership.
With that, I reserve the balance of my time.