Garrett Bill to Make it easier for American Innovators to Raise Money Passes House

September 8,2016
the staff of the Ridgewood blog

WASHINGTON, D.C. – Today the House passed a legislative package to help American innovators access capital that included Rep. Scott Garrett’s (NJ-05) Private Placement Improvement Act. The Accelerating Access to Capital Act, H.R. 2357, is a package of three bills that will help level the playing field and make it possible for small businesses to raise capital by lessening the burdens of complex and costly securities regulations imposed by Washington. Garrett is Chairman of the Financial Services Subcommittee on Capital Markets and Government-Sponsored Enterprises.

“If we want bigger paychecks and more opportunity in New Jersey, it starts with ending the excessive regulations from Washington that are hurting our economy,” said Garrett. “Instead of clearing a path for success, federal regulations cost small businesses with less than 20 employees 45 percent more per employee than their larger counterparts, essentially stepping on innovators at a time when they are most vulnerable.

“The Accelerating Access to Capital Act recognizes that having one-size-fits-all federal regulations that make no distinction between someone just starting out and some of the biggest companies in the world is inherently unfair. We can, and must, level this playing field by tailoring regulations to smaller businesses to help the next great American success story. Today’s vote was a good first step.”

The Private Placement Improvement Act would prohibit the Securities and Exchange Commission (SEC) from implementing onerous requirements on companies that raise capital through private channels. Despite statutory requirements to promote capital formation, the SEC has largely failed to prioritize streamlining regulations that could help small companies access investment capital.

http://theridgewoodblog.net/garrett-bill-to-make-it-easier-for-american-innovators-to-raise-money-passes-house/

US asks banks to keep more cash at hand

US asks banks to keep more cash at hand
Dec 20 03:33 PM US/Eastern

The US Federal Reserve on Tuesday moved to toughen capital requirements for the country's largest banks, saying their size and stretch could threaten the overall financial system.
The Fed said it was preparing to implement new capital and liquidity rules outlined by an international banking pact on nearly three-dozen banks with assets over $50 billion.

Rebuffing resistance from some of the country's most powerful financiers, the Fed said it would apply the extra-tough standards of the Basel III pact on 29 "globally systemically important banks."

That could mean even tougher standards for the eight American banks and bank holding companies on that list: Bank of America, BNY Mellon, Citigroup, Goldman Sachs, JPMorgan Chase, State Street and Wells Fargo.

http://www.breitbart.com/article.php?id=CNG.9d58c31cd5bdcb7896237b12cacad3c9.871&show_article=1

JPMorgan chief says bank rules ‘anti-US’

JPMorgan chief says bank rules ‘anti-US’
By Tom Braithwaite in New York and Patrick Jenkins in London
Published: September 12 2011 00:01

New international bank capital rules are “anti-American” and the US should consider pulling out of the Basel group of global regulators, Jamie Dimon, chief executive of JPMorgan Chase, has said.

In an interview with the Financial Times, Mr Dimon said he was supportive of forcing banks to have more capital but argued that moves to impose an additional charge on the largest global banks went too far, particularly for American banks.

http://www.ft.com/intl/cms/s/0/905aeb88-dc50-11e0-8654-00144feabdc0.html#axzz1Xhbiq27s