2015: Schweikert Voted For Changing Emerging Growth Companies' Registration Process And Exempting Some From XBRL Standards. In January 2015, Schweikert voted for changing Emerging Growth Companies' registration process and exempting some from XBRL standards. According to Congressional Quarterly, the bill would "includes provisions to help further promote emerging growth companies. [...] The bill changes the registration process for emerging growth companies (EGCs) during an initial public offering [and] [...] exempts Emerging Growth Companies (EGCs) and companies with annual revenues of less than $250 million from having to use XBRL standards for filing financial statements with the SEC." The underlying "modifie[d] numerous requirements under Dodd-Frank and other financial services laws in an effort to reduce the impact of those laws on certain entities and spur business growth." The vote was on passage. The House passed the legislation by a vote of 271 to 154. The Senate took no substantive action on the legislation. [House Vote 37, 1/14/15; Congressional Quarterly, 1/5/15; Congressional Actions, H.R. 37]
2015: Schweikert Voted For Modifying Numerous Provisions For Emerging Growth Companies (EGCs), Including Exempting EGCs And Other Small Companies From Having To Use XBRL Standards For Filing Financial Information With The SEC. In January 2015, Schweikert voted for a bill modifying numerous provisions for Emerging Growth Companies (EGCs), including exempting EGCs and other small companies from having to use XBRL standards for filing financial information with the SEC. According to Congressional Quarterly, "This bill modifies numerous requirements under Dodd-Frank and other financial services laws in an effort to reduce the impact of those laws on certain entities and spur business growth. Among its provisions, it exempts certain end users of derivatives from margin calls and allows issuers of securities to submit a disclosures report aimed at increasing investor comprehension. It also exempts certain entities from Securities and Exchange Commission (SEC) registration requirements, and includes several provisions to help emerging growth companies raise capital and grow. [...] The bill includes provisions to help further promote emerging growth companies [...] The bill exempts Emerging Growth Companies (EGCs) and companies with annual revenues of less than $250 million from having to use XBRL standards for filing financial statements with the SEC. EGCs would remain exempt from the requirement as long as they are EGCs, while other companies would be exempt for five years after enactment or two years after the SEC determines that the benefits of XBRL outweigh the costs." The vote was on a motion to suspend the rules and pass the bill, which required a two-thirds majority to succeed. The House rejected the bill by a vote of 276 to 146. The bill later came up for a vote and passed the House 271 to 154. The bill died in the Senate. [House Vote 9, 1/7/15; Congressional Quarterly, 1/5/15; House Vote 37, 1/14/15; Congressional Quarterly, Accessed 9/30/15; Congressional Actions, H.R. 37]
2015: Schweikert Voted For Modifying Numerous Provisions For Emerging Growth Companies, Including Filing And Disclosure Requirements. In January 2015, Schweikert voted for a bill modifying numerous provisions for Emerging Growth Companies (EGCs), including filing and disclosure requirements. According to Congressional Quarterly, "This bill modifies numerous requirements under Dodd-Frank and other financial services laws in an effort to reduce the impact of those laws on certain entities and spur business growth. Among its provisions, it exempts certain end users of derivatives from margin calls and allows issuers of securities to submit a disclosures report aimed at increasing investor comprehension. It also exempts certain entities from Securities and Exchange Commission (SEC) registration requirements, and includes several provisions to help emerging growth companies raise capital and grow. [...] The bill includes provisions to help further promote emerging growth companies [...] The bill changes the registration process for emerging growth companies (EGCs) during an initial public offering by allowing registration statements filed prior to an IPO to omit financial information from periods that the filer 'reasonably believes' will not be required at the time of the offering. Prior to the issuer distributing a preliminary prospectus to investors, the issuer must amend the registration statement to include all required financial information, [...] an issuer that was designated as an EGC when it filed a registration statement but has since ceased to fall under that classification would still be treated as an EGC for a year following the change of status, [...] [and this] bill also reduces, from 21 days to 15 days, the length of time an EGC must have a confidential registration statement on file with the SEC before presenting its securities to buyers." The vote was on a motion to suspend the rules and pass the bill, which required a two-thirds majority to succeed. The House rejected the bill by a vote of 276 to 146. The bill later came up for a vote and passed the House 271 to 154. The bill died in the Senate. [House Vote 9, 1/7/15; Congressional Quarterly, 1/5/15; House Vote 37, 1/14/15; Congressional Quarterly, Accessed 9/30/15; Congressional Actions, H.R. 37]