2024: Schweikert Voted Against Requiring Private Investment Advisors To Annually Report On Their Investments Into Women, Minority, Veteran, And LGBTQ-Owned Businesses. In March 2024, Schweikert voted against , according to Congressional Quarterly, "Waters, D-Calif., amendment no. 9 to HR 2799 that would require each investment adviser who advises private funds and is not exempt from registration to file an annual report with the Securities and Exchange Commission disclosing the aggregate number and aggregate dollar amount of their investments during the previous year in women-owned, minority-owned, LGBTQ-owned and veteran-owned companies as well as companies owned by individuals with a disability and located in rural America. It also would require qualifying venture capital funds that would not be considered such without the underlying bill to file an annual report with the SEC disclosing the same information." The vote was on the amendment. The House rejected the amendment by a vote of 206 to 217. [House Vote 76, 3/8/24; Congressional Quarterly, 3/8/24; Congressional Actions, H.R. 2799]
2024: Schweikert Voted To Override President Biden's Veto Of A Bill Nullifying A Securities And Exchange Commission Rule Regarding The Treatment Of Crypto-Assets. In May 2024, Schweikert voted for , according to Congressional Quarterly, "Passage, over President Biden's veto, of the joint resolution that would disapprove of the Securities and Exchange Commission Staff Accounting Bulletin No. 121 concerning crypto assets. The joint resolution would nullify the April 2022 SEC Staff Accounting Bulletin No. 121, regarding the treatment of crypto assets held by a bank, credit union, exchange platform or other entity that serves as a custodian for a customer's assets." The vote was on passage. The House passed the joint resolution by a vote of 228 to 182. [House Vote 355, 7/11/24; Congressional Quarterly, 7/11/24; Congressional Actions, H.J.Res. 109]
Republicans Opposed The Guidance As It Could Require Financial Institutions To Record Crypto-Assets As Liabilities Which Would Lock Out Consumers From The Market. According to Congressional Quarterly, "The action is the latest move by Republicans to rescind the guidance, found in the SEC's Staff Accounting Bulletin 121, on the argument that it may require financial institutions to record such assets as liabilities. That treatment, they say, would create an incentive to avoid such 'custody' arrangements with their clients, effectively locking out consumers of the most regulated institutions from the market. 'If a bank were to custody digital assets according to the parameters of [Staff Accounting Bulletin] 121, the on-balance-sheet treatment would affect their other regulatory obligations like their capital and liquidity requirements. The end result is that banks must choose to either custody digital assets --- thus inflating their balance sheet and severely affecting every other line of business --- or stay entirely out of the market,' Rep. Mike Flood, R-Neb., said when the House Financial Services advanced the measure (H J Res 109) in February." [Congressional Quarterly, 5/7/24]
Democrats That Opposed The Resolution Said It Would Impede The SEC's Future Attempts To Provide Guidance To Public Companies. According to Congressional Quarterly, "Democrats who oppose the resolution argue that the SEC staff bulletin provides the crypto industry with guidance that companies have long been seeking. If the resolution becomes law, 'the SEC staff would likely think long and hard before ever offering guidance to public companies in the future, even on completely unrelated accounting topics,' ranking member Maxine Waters, D-Calif., said in a statement. 'This resolution will cause serious harm to our markets.'" [Congressional Quarterly, 5/7/24]
2024: Schweikert Voted To Nullify A Securities And Exchange Commission Rule Regarding The Treatment Of Crypto-Assets. In May 2024, Schweikert voted for , according to Congressional Quarterly, "the joint resolution that would nullify the Securities and Exchange Commission Staff Accounting Bulletin No. 121 issued on April 11, 2022, relating to the treatment of crypto-assets held by a bank, credit union, exchange platform or other entity that serves as a custodian for a customer's assets." The vote was on passage. The House passed the joint resolution by a vote of 228 to 182. [House Vote 189, 5/8/24; Congressional Quarterly, 5/7/24; Congressional Actions, H.J.Res. 109]
Republicans Opposed The Guidance As It Could Require Financial Institutions To Record Crypto-Assets As Liabilities Which Would Lock Out Consumers From The Market. According to Congressional Quarterly, "The action is the latest move by Republicans to rescind the guidance, found in the SEC's Staff Accounting Bulletin 121, on the argument that it may require financial institutions to record such assets as liabilities. That treatment, they say, would create an incentive to avoid such 'custody' arrangements with their clients, effectively locking out consumers of the most regulated institutions from the market. 'If a bank were to custody digital assets according to the parameters of [Staff Accounting Bulletin] 121, the on-balance-sheet treatment would affect their other regulatory obligations like their capital and liquidity requirements. The end result is that banks must choose to either custody digital assets --- thus inflating their balance sheet and severely affecting every other line of business --- or stay entirely out of the market,' Rep. Mike Flood, R-Neb., said when the House Financial Services advanced the measure (H J Res 109) in February." [Congressional Quarterly, 5/7/24]
Democrats That Opposed The Resolution Said It Would Impede The SEC's Future Attempts To Provide Guidance To Public Companies. According to Congressional Quarterly, "Democrats who oppose the resolution argue that the SEC staff bulletin provides the crypto industry with guidance that companies have long been seeking. If the resolution becomes law, 'the SEC staff would likely think long and hard before ever offering guidance to public companies in the future, even on completely unrelated accounting topics,' ranking member Maxine Waters, D-Calif., said in a statement. 'This resolution will cause serious harm to our markets.'" [Congressional Quarterly, 5/7/24]
2015: Schweikert Voted Against Broadening Securities And Exchange Commission (SEC) Registration To Advisors Of Small-Business Investment Companies, Increase The Threshold Of When A Savings And Loan Company Must Register With The SEC And Change The Registration Process Of Emerging Growth Companies As Part Of A Five Year Transportation Reauthorization. In December 2015, Schweikert voted against modifying certain SEC registration requirements as part of a five year transportation reauthorization. According to Congressional Quarterly, the provisions would have "Broaden[ed] the exemption from SEC registration to advisers of small-business investment companies (SBICs)[,] [...] [i]ncrease the thresholds at which a savings and loan company must register with the SEC or may deregister with the SEC, equalizing them to the thresholds set by the JOBS Act for banks and bank holding companies[,] [and] [c]hange 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. The underlying legislation would have "reauthorize[d] federal-aid highway and transit programs for five years, through fiscal 2020, at increased levels." The vote was on the conference report. The House approved the legislation by a vote of 359 to 65. The Senate later passed the legislation and the president later signed the legislation. [House Vote 673, 12/3/15; Congressional Quarterly, 12/3/15; Congressional Quarterly, 12/3/15; Congressional Actions, H.R. 22]