H.R. 801: Holding Company Registration Threshold Equalization Act of 2013

H.R. 801

Holding Company Registration Threshold Equalization Act of 2013

Date
January 14, 2014 (113th Congress, 2nd Session)

Staff Contact
Communications

Floor Situation

On Tuesday, January 14, 2014, the House will consider H.R. 801, the Holding Company Registration Threshold Equalization Act of 2013, under a suspension of the rules.  The bill was introduced on February 15, 2013 by Rep. Steve Womack (R-AR) and referred to the Committee on Financial Services, which ordered the bill reported by voice vote.

Bill Summary

H.R. 801 amends the Securities Exchange Act of 1934 to increase the threshold required of savings and loan holding companies when registering with the Securities Exchange Commission (SEC).  A savings and loans holding company (SLHC) must register if its assets exceed $10 million and it has 2,000 shareholders of record, an increase from the current requirement of 500 shareholders of record.  This legislation also raises the deregistration threshold from 300 shareholders of record to 1,200 shareholders of record.

Background

On April 5, 2012, the President signed the Jumpstart Our Business Startups (JOBS) Act into law, which “raised the shareholder threshold from 500 to 2,000 and increased the deregistration threshold from 300 to 1,200 for banks and bank holding companies.”[1]  The JOBS Act did not extend these thresholds to savings and loan holding companies (SLHCs), though it was not the intention of Congress to treat these entities differently than bank and bank holding companies.[2]  This legislation would allow SLHCs to operate under the same registration and deregistration thresholds afforded to bank and bank holding companies.

Cost

CBO estimates that implementing H.R. 801 would not significantly affect discretionary spending and that net costs to the SEC would be negligible, assuming appropriation actions consistent with that authority.[1]

Additional Information

For questions or further information contact the GOP Conference at 5-5107.