Johnston Reporter

In a huge accomplishment, U.S. Representative Wiley Nickel (NC-13) advanced two bipartisan bills through the House Financial Services Committee on April 26, 2023. 

The Nickel-backed bills, the Improving Disclosures for Investors Act and the Equal Opportunity for All Investors Act, were voted through with support from both Democrats and Republicans during a full Financial Services Committee markup. 

“I came to Congress to get things done, and I'm proud to advance these common sense, bipartisan bills through the Financial Services Committee with support from members on both sides of the aisle,” said Rep. Nickel. “Today's markup shows that we can reach consensus and find common ground on issues facing the American people. While we might not agree on everything, I stand ready to work with members on both sides of the aisle to find solutions and get things done for my people in my District.”

The Improving Disclosures for Investors Act, introduced with Financial Services Republican Committee Member Rep. Bill Huizenga (MI-04), would help modernize the U.S. Securities and Exchange Commission’s electronic delivery rules by making e-delivery the default method of communications for investment companies. Doing so would have significant environmental benefits and allow businesses to enhance the quality of their disclosures, improve investor engagement, and reduce costs. 

The Equal Opportunity for All Investors Act, introduced with Financial Services Republican Committee Member Rep. Mike Flood (NE-01), provides another pathway for Americans to become accredited investors by allowing individuals seeking the status to take an examination, which will be established by the Securities and Exchange Commission and administered by the Financial Industry Regulatory Authority (FINRA). This would enable greater access to funding opportunities for minorities and underrepresented communities who often face roadblocks in the financial system.

Full text of the Improving  Disclosures for Investors Act can be found HERE. 

Full text of the Equal Opportunity for All Investors Act can be found HERE. 

Original source can be found here.