H. Rept. 115-878 1 (2018-07-31)

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                   115TH CONGRESS                                    REPORT
                     2d Session    HOUSE OF REPRESENTATIVES          115-878





                     EXPANDING INVESTMENT IN SMALL BUSINESSES ACT


                     JULY 31, 2018.-Committed to the Committee of the Whole House on the State of
                                    the Union and ordered to be printed


                      Mr. HENSARLING, from the Committee on Financial Services,
                                      submitted the following

                                         REPORT

                                         [To accompany H.R. 6319]
                            [Including cost estimate of the Congressional Budget Office]
                    The Committee on Financial Services, to whom was referred the
                  bill (H.R. 6319) to require the Securities and Exchange Commission
                  to carry out a study of the 10 per centum threshold limitation ap-
                  plicable to the definition of a diversified company under the Invest-
                  ment Company Act of 1940, and for other purposes, having consid-
                  ered the same, report favorably thereon without amendment and
                  recommend that the bill do pass.
                                       PURPOSE AND SUMMARY
                    On July 10, 2018, Representative Randy Hultgren introduced
                  H.R. 6319, the Expanding Investment in Small Businesses Act to
                  requires the U.S. Securities and Exchange Commission (SEC) to
                  study the current diversified fund limit threshold for diversified
                  mutual funds-10 percent of the voting shares in an individual
                  company-and determine whether such threshold limits capital for-
                  mation. The SEC is to report its findings to Congress and then rec-
                  ommend whether Congress should amend the Investment Company
                  Act of 1940. To conduct this study, the SEC may take public com-
                  ments, and shall issue a report of its findings to Congress-includ-
                  ing any legislative recommendations to increase the 10 percent
                  threshold-within 180 days of enactment.
                               BACKGROUND AND NEED FOR LEGISLATION
                    In the April 26, 2018 report released by the Center for Capital
                  Markets Competitiveness at U.S. Chamber of Commerce, the Amer-
                  ican Securities Association, the Biotechnology Innovation Associa-
                  tion, the Equity Dealers of America, SIFMA, TECHNET, NASDAQ
                      79-006

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