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Seth M.
Democrat MA 6

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  • Promoting Job Creation and Reducing Small Business Burdens Act

    by Representative Seth Moulton

    Posted on 2015-01-14

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    MOULTON. Madam Speaker, I have a motion to recommit at the desk.



    The SPEAKER pro tempore. Is the gentleman opposed to the bill? Mr. MOULTON. I am opposed in its current form.

    The SPEAKER pro tempore. The Clerk will report the motion to recommit.

    The Clerk read as follows: Mr. Moulton moves to recommit the bill H.R. 37 to the Committee on Financial Services with instructions to report the same back to the House forthwith, with the following amendment: Page 3, before line 1, insert the following: SEC. 3. BAD ACTOR DISQUALIFICATIONS.

    (a) In General.--A person may not make use of the regulatory exemptions under this Act if such person-- (1) has been convicted of providing assistance, either directly or indirectly, to a terrorist organization or a state sponsor of terrorism; (2) has been made subject to any judicial or administrative decree or order arising out of a governmental action that determined that the person provided assistance, either directly or indirectly, to a terrorist organization or a state sponsor of terrorism; or (3) is affiliated with another person who has been convicted of providing assistance described under paragraph (1) or who has been the subject of a decree or order described under paragraph (2).

    (b) Regulatory Exemptions Under This Act Defined.--For purposes of this section, the term ``regulatory exemptions under this Act'' means the following: (1) The exemptions provided under section 4(s)(e)(4) of the Commodity Exchange Act and section 15F(e)(4) of the Securities Exchange Act of 1934, as added by title I.

    (2) The exceptions for affiliates provided under section 2(h)(7)(D)(i) of the Commodity Exchange Act and section 3C(g)(4)(A) of the Securities Exchange Act of 1934, as added by title II.

    (3) The registration threshold for savings and loan holding companies provided under section 12(g) of the Securities Exchange Act of 1934 and the exemption from filing for savings and loan holding companies provided for under section 15(d) of such Act, as added by title III.

    (4) The registration exemption for mergers and acquisition brokers provided under section 15(b) of the Securities Exchange Act of 1934, as added by title IV.

    (5) The exemption from XBRL requirements provided under title VII.

    (6) The conformance period for certain collateralized loan obligations provided under section 13(c)(2)(B) of the Bank Holding Company Act of 1956, as added by title VIII.

    (7) The increase in the dollar amount from $5,000,000 to $10,000,000 under section 230.701(e) of title 17, Code of Federal Regulations, required by title XI.

    Page 30, line 2, insert after the period the following: In issuing such rule, the Commission shall not eliminate any requirement to disclose-- (1) a conviction, including a conviction of providing assistance, either directly or indirectly, to terrorist organizations or state sponsors of terrorism; or (2) a judicial or administrative decree or order arising out of a governmental action, including a decree or order that determined that the person provided assistance, either directly or indirectly, to terrorist organizations or state sponsors of terrorism.

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