The House today passed H.R. 801, the Holding Company Registration Threshold Equalization Act of 2013, which was introduced by Representatives Steve Womack (AR-3), Jim Himes (CT-4), John Delaney (MD-6), and Ann Wagner (MO-2). The legislation extends to savings and loan holding companies the shareholder registration thresholds that the Jumpstart Our Business Startups (JOBS) Act established for banks and bank holding companies.
After passage, the original sponsors of H.R. 801 released the following statements:
“Thank you to Chairman Hensarling and the cosponsors of this bill for their leadership on the Holding Company Registration Threshold Equalization Act. I am thrilled to see it pass the House with broad bipartisan support, and I urge the Senate to quickly pass this legislation that will allow over 600 small lenders across the country to do what they do best: serve the needs of their communities and enable job creation and economic growth on their Main Streets,” said Womack.
“I’m pleased we have clarified that savings and loan institutions should operate under the same rules as local banks. This bill will help improve access to the resources consumers need to purchase homes, cars, and other large items they are more likely to finance than buy outright. As we seek creative solutions to the nation’s jobs crisis, we should do everything we can to stimulate the consumer demand we know is essential to a robust economy,” said Himes.
“I am very satisfied to see the Holding Company Registration Threshold Equalization Act pass the House with strong bipartisan support. This bill will position small businesses in this country to succeed, by giving them access to capital, which is of central importance to me as a former entrepreneur. Increased thresholds will help savings and loans holding companies avoid unnecessary reporting requirements that can be expensive and time-consuming. It will increase their capability to provide their clients with capital. I congratulate Rep. Womack and my fellow original cosponsors on the passage of this legislation and thank my colleagues for working so diligently to pass this important piece of legislation,” said Delaney.
“I am pleased that the United States House of Representatives approved the Holding Company Registration Threshold Equalization Act today with a strong bipartisan vote. This bill will ensure that community-based savings and loans institutions have the flexibility they need to raise more capital so they can make more loans to hardworking families on Main Street. During a time when so many Americans are struggling to get by in a tough economy, this bipartisan solution is a step in the right direction to grow our economy, increase lending and create an environment for good-paying jobs for all. Today’s passage of this bipartisan legislation is a testament that there are still those of us willing to work across the aisle to get the job done for the American people, and I urge my colleagues in the Senate to pass this common-sense solution,” said Wagner.