H.R. 3448 — 113th Congress

Small Cap Liquidity Reform Act of 2014

Originated in the House · Introduced Nov 12, 2013 · Finance and Financial Sector

More bills from this sponsor

113th Congress
MeasureTitle
H.R. 3193 · Finance and Financial SectorConsumer Financial Freedom and Washington Accountability Act

Latest action

Feb 12, 2014

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

CRS summary

As of Feb 11, 2014

Passed House amended

Small Cap Liquidity Reform Act of 2014 - Amends the Securities Exchange Act of 1934 to establish a pilot liquidity program for equity securities of emerging growth companies (EGCs) with total annual gross revenues of less than $750 million, under which those securities shall be quoted using either: (1) a minimum increment of $0.05 or $0.10, or (2) the increment at which the securities would be quoted without regard to such minimum increments.

Repeals the requirement for an SEC study examining the transition to trading and quoting securities in one penny increments, known as decimalization.

Directs the Securities and Exchange Commission (SEC) to determine, in the case of an EGC whose securities are quoted at a minimum increment of either $0.05 or $0.10, the increment at which such securities are traded.

Requires EGC securities quoted at a minimum increment of $0.05 or $0.10 to be traded at either such minimum increment or at one permitted by SEC regulations.

Permits an EGC to opt out or change such minimum increment upon notifying the SEC 90 days after enactment of this Act. Limits any EGC to a single change of minimum increment (thus prohibiting any increases in the minimum).

Requires the SEC, upon notification of an EGC election, to inform each trading venue where the EGC securities are quoted or traded.

Requires that securities of issuers that cease to be EGCs be quoted at the increment at which such securities would be quoted without regard to the minimum increments established under this Act.

Prescribes pricing and trading procedures governing securities trading below $1.00.

Directs the SEC to require an EGC under this Act to submit additional reports and disclosures.

Shields an issuer from liability for losses caused solely by the quoting or trading of its securities at a minimum increment of $0.05 or $0.10, another SEC-authorized increment, or by both such quoting and trading.

Directs the SEC to report biannually to Congress on: (1) the quoting and trading of securities in increments permitted by this Act, and (2) the extent to which such quoting and trading increases liquidity and active trading by incentivizing capital commitment, research coverage, and brokerage support.

Authorizes the SEC to: (1) make adjustments to the pilot program to ensure that it can provide statistically meaningful or reliable results, and (2) conduct any other study or pilot program to evaluate quoting or trading in various minimum increments.

Sunsets the pilot program five years after enactment of this Act.

Congressional Research Service, via api.congress.gov (public domain)

Roll-call votes

1 on record

Feb 11, 2014 · On Motion to Suspend the Rules and Pass, as Amended

Full roll call

Passed (412–4)

2 of 431 recorded votes are not yet matched to a member profile.

Yea412: 217 R · 191 D · 1 I · 1 L

MemberPartyState
CANTOR, EricVA
ANDREWS, Robert ErnestNJ
Terri A. SewellDemocratAL
Ann KirkpatrickDemocratAZ
Raúl M. GrijalvaDemocratAZ
Ron BarberDemocratAZ
Adam B. SchiffDemocratCA
Alan S. LowenthalDemocratCA
Ami BeraDemocratCA
Anna G. EshooDemocratCA
Barbara LeeDemocratCA
Brad ShermanDemocratCA
Doris O. MatsuiDemocratCA
Eric SwalwellDemocratCA
George MillerDemocratCA
Gloria Negrete McLeodDemocratCA
Grace F. NapolitanoDemocratCA
Henry A. WaxmanDemocratCA
Jackie SpeierDemocratCA
Janice HahnDemocratCA
Jared HuffmanDemocratCA
Jerry McNerneyDemocratCA
Jim CostaDemocratCA
John GaramendiDemocratCA
Juan VargasDemocratCA
Judy ChuDemocratCA
Julia BrownleyDemocratCA
Karen BassDemocratCA
Linda T. SánchezDemocratCA
Lois CappsDemocratCA
Loretta SanchezDemocratCA
Lucille Roybal-AllardDemocratCA
Mark TakanoDemocratCA
Maxine WatersDemocratCA
Michael M. HondaDemocratCA
Mike ThompsonDemocratCA
Nancy PelosiDemocratCA
Raul RuizDemocratCA
Sam FarrDemocratCA
Scott H. PetersDemocratCA
Susan A. DavisDemocratCA
Xavier BecerraDemocratCA
Zoe LofgrenDemocratCA
Diana DeGetteDemocratCO
Ed PerlmutterDemocratCO
Jared PolisDemocratCO
Elizabeth H. EstyDemocratCT
James A. HimesDemocratCT
Joe CourtneyDemocratCT
John B. LarsonDemocratCT
Rosa L. DeLauroDemocratCT
John C. Carney Jr.DemocratDE
Alcee L. HastingsDemocratFL
Corrine BrownDemocratFL
Debbie Wasserman SchultzDemocratFL
Frederica S. WilsonDemocratFL
Joe GarciaDemocratFL
Kathy CastorDemocratFL
Lois FrankelDemocratFL
Patrick MurphyDemocratFL
Theodore E. DeutchDemocratFL
Henry C. "Hank" Johnson, Jr.DemocratGA
John BarrowDemocratGA
Sanford D. Bishop, Jr.DemocratGA
Colleen HanabusaDemocratHI
Tulsi GabbardDemocratHI
Bruce L. BraleyDemocratIA
David LoebsackDemocratIA
Bill FosterDemocratIL
Bradley Scott SchneiderDemocratIL
Cheri BustosDemocratIL
Daniel LipinskiDemocratIL
Danny K. DavisDemocratIL
Janice D. SchakowskyDemocratIL
Luis V. GutiérrezDemocratIL
Mike QuigleyDemocratIL
Robin L. KellyDemocratIL
Tammy DuckworthDemocratIL
William L. EnyartDemocratIL
André CarsonDemocratIN
Peter J. ViscloskyDemocratIN
John A. YarmuthDemocratKY
Cedric L. RichmondDemocratLA
James P. McGovernDemocratMA
John F. TierneyDemocratMA
Joseph P. Kennedy IIIDemocratMA
Michael E. CapuanoDemocratMA
Niki TsongasDemocratMA
Richard E. NealDemocratMA
Stephen F. LynchDemocratMA
William R. KeatingDemocratMA
C. A. Dutch RuppersbergerDemocratMD
Chris Van HollenDemocratMD
Donna F. EdwardsDemocratMD
Elijah E. CummingsDemocratMD
John K. DelaneyDemocratMD
John P. SarbanesDemocratMD
Steny H. HoyerDemocratMD
Chellie PingreeDemocratME
Michael H. MichaudDemocratME
Daniel T. KildeeDemocratMI
Gary C. PetersDemocratMI
John Conyers, Jr.DemocratMI
John D. DingellDemocratMI
Sander M. LevinDemocratMI
Betty McCollumDemocratMN
Collin C. PetersonDemocratMN
Keith EllisonDemocratMN
Richard M. NolanDemocratMN
Timothy J. WalzDemocratMN
Emanuel CleaverDemocratMO
Wm. Lacy ClayDemocratMO
Bennie G. ThompsonDemocratMS
David E. PriceDemocratNC
G. K. ButterfieldDemocratNC
Mike McIntyreDemocratNC
Ann M. KusterDemocratNH
Carol Shea-PorterDemocratNH
Albio SiresDemocratNJ
Bill Pascrell, Jr.DemocratNJ
Donald M. Payne, Jr.DemocratNJ
Frank Pallone, Jr.DemocratNJ
Rush HoltDemocratNJ
Ben Ray LujánDemocratNM
Michelle Lujan GrishamDemocratNM
Dina TitusDemocratNV
Steven HorsfordDemocratNV
Brian HigginsDemocratNY
Carolyn B. MaloneyDemocratNY
Carolyn McCarthyDemocratNY
Charles B. RangelDemocratNY
Daniel B. MaffeiDemocratNY
Eliot L. EngelDemocratNY
Grace MengDemocratNY
Gregory W. MeeksDemocratNY
Hakeem S. JeffriesDemocratNY
Jerrold NadlerDemocratNY
José E. SerranoDemocratNY
Joseph CrowleyDemocratNY
Louise McIntosh SlaughterDemocratNY
Nita M. LoweyDemocratNY
Nydia M. VelázquezDemocratNY
Paul TonkoDemocratNY
Sean Patrick MaloneyDemocratNY
Steve IsraelDemocratNY
Timothy H. BishopDemocratNY
William L. OwensDemocratNY
Yvette D. ClarkeDemocratNY
Joyce BeattyDemocratOH
Marcia L. FudgeDemocratOH
Marcy KapturDemocratOH
Tim RyanDemocratOH
Earl BlumenauerDemocratOR
Kurt SchraderDemocratOR
Peter A. DeFazioDemocratOR
Suzanne BonamiciDemocratOR
Allyson Y. SchwartzDemocratPA
Chaka FattahDemocratPA
Matt CartwrightDemocratPA
Michael F. DoyleDemocratPA
Robert A. BradyDemocratPA
David N. CicillineDemocratRI
James R. LangevinDemocratRI
James E. ClyburnDemocratSC
Jim CooperDemocratTN
Steve CohenDemocratTN
Al GreenDemocratTX
Beto O’RourkeDemocratTX
Eddie Bernice JohnsonDemocratTX
Filemon VelaDemocratTX
Gene GreenDemocratTX
Henry CuellarDemocratTX
Joaquin CastroDemocratTX
Lloyd DoggettDemocratTX
Marc A. VeaseyDemocratTX
Pete P. GallegoDemocratTX
Rubén HinojosaDemocratTX
Sheila Jackson LeeDemocratTX
Jim MathesonDemocratUT
Gerald E. ConnollyDemocratVA
James P. MoranDemocratVA
Robert C. "Bobby" ScottDemocratVA
Peter WelchDemocratVT
Adam SmithDemocratWA
Denny HeckDemocratWA
Derek KilmerDemocratWA
Jim McDermottDemocratWA
Rick LarsenDemocratWA
Suzan K. DelBeneDemocratWA
Gwen MooreDemocratWI
Mark PocanDemocratWI
Ron KindDemocratWI
Nick J. Rahall IIDemocratWV
Kyrsten SinemaIndependentAZ
Justin AmashLibertarianMI
Don YoungRepublicanAK
Bradley ByrneRepublicanAL
Martha RobyRepublicanAL
Mike RogersRepublicanAL
Mo BrooksRepublicanAL
Spencer BachusRepublicanAL
Eric A. "Rick" CrawfordRepublicanAR
Steve WomackRepublicanAR
Tim GriffinRepublicanAR
Tom CottonRepublicanAR
David SchweikertRepublicanAZ
Matt SalmonRepublicanAZ
Trent FranksRepublicanAZ
Dana RohrabacherRepublicanCA
Darrell IssaRepublicanCA
David G. ValadaoRepublicanCA
Devin NunesRepublicanCA
Doug LaMalfaRepublicanCA
Duncan HunterRepublicanCA
Edward R. RoyceRepublicanCA
Gary G. MillerRepublicanCA
Howard P. "Buck" McKeonRepublicanCA
Jeff DenhamRepublicanCA
Ken CalvertRepublicanCA
Kevin McCarthyRepublicanCA
Paul CookRepublicanCA
Cory GardnerRepublicanCO
Doug LambornRepublicanCO
Mike CoffmanRepublicanCO
Scott R. TiptonRepublicanCO
Ander CrenshawRepublicanFL
Bill PoseyRepublicanFL
Daniel WebsterRepublicanFL
Dennis A. RossRepublicanFL
Gus M. BilirakisRepublicanFL
Ileana Ros-LehtinenRepublicanFL
Jeff MillerRepublicanFL
John L. MicaRepublicanFL
Mario Diaz-BalartRepublicanFL
Richard B. NugentRepublicanFL
Ron DeSantisRepublicanFL
Steve Southerland IIRepublicanFL
Ted S. YohoRepublicanFL
Thomas J. RooneyRepublicanFL
Vern BuchananRepublicanFL
Austin ScottRepublicanGA
Doug CollinsRepublicanGA
Jack KingstonRepublicanGA
Paul C. BrounRepublicanGA
Phil GingreyRepublicanGA
Rob WoodallRepublicanGA
Tom GravesRepublicanGA
Steve KingRepublicanIA
Michael K. SimpsonRepublicanID
Raúl R. LabradorRepublicanID
Aaron SchockRepublicanIL
Adam KinzingerRepublicanIL
John ShimkusRepublicanIL
Peter J. RoskamRepublicanIL
Randy HultgrenRepublicanIL
Jackie WalorskiRepublicanIN
Larry BucshonRepublicanIN
Luke MesserRepublicanIN
Marlin A. StutzmanRepublicanIN
Susan W. BrooksRepublicanIN
Todd RokitaRepublicanIN
Todd YoungRepublicanIN
Kevin YoderRepublicanKS
Lynn JenkinsRepublicanKS
Mike PompeoRepublicanKS
Tim HuelskampRepublicanKS
Andy BarrRepublicanKY
Brett GuthrieRepublicanKY
Ed WhitfieldRepublicanKY
Harold RogersRepublicanKY
Thomas MassieRepublicanKY
Bill CassidyRepublicanLA
Charles W. Boustany Jr.RepublicanLA
John FlemingRepublicanLA
Steve ScaliseRepublicanLA
Vance M. McAllisterRepublicanLA
Andy HarrisRepublicanMD
Bill HuizengaRepublicanMI
Candice S. MillerRepublicanMI
Dan BenishekRepublicanMI
Dave CampRepublicanMI
Fred UptonRepublicanMI
Kerry L. BentivolioRepublicanMI
Mike RogersRepublicanMI
Tim WalbergRepublicanMI
Erik PaulsenRepublicanMN
John KlineRepublicanMN
Michele BachmannRepublicanMN
Ann WagnerRepublicanMO
Billy LongRepublicanMO
Blaine LuetkemeyerRepublicanMO
Jason SmithRepublicanMO
Sam GravesRepublicanMO
Vicky HartzlerRepublicanMO
Alan NunneleeRepublicanMS
Gregg HarperRepublicanMS
Steven M. PalazzoRepublicanMS
Steve DainesRepublicanMT
George HoldingRepublicanNC
Howard CobleRepublicanNC
Mark MeadowsRepublicanNC
Patrick T. McHenryRepublicanNC
Renee L. EllmersRepublicanNC
Richard HudsonRepublicanNC
Robert PittengerRepublicanNC
Virginia FoxxRepublicanNC
Kevin CramerRepublicanND
Adrian SmithRepublicanNE
Lee TerryRepublicanNE
Christopher H. SmithRepublicanNJ
Frank A. LoBiondoRepublicanNJ
Jon RunyanRepublicanNJ
Leonard LanceRepublicanNJ
Rodney P. FrelinghuysenRepublicanNJ
Scott GarrettRepublicanNJ
Stevan PearceRepublicanNM
Joseph J. HeckRepublicanNV
Chris CollinsRepublicanNY
Christopher P. GibsonRepublicanNY
Michael G. GrimmRepublicanNY
Peter T. KingRepublicanNY
Richard L. HannaRepublicanNY
Tom ReedRepublicanNY
Bill JohnsonRepublicanOH
Bob GibbsRepublicanOH
Brad R. WenstrupRepublicanOH
David P. JoyceRepublicanOH
James B. RenacciRepublicanOH
Jim JordanRepublicanOH
Michael R. TurnerRepublicanOH
Patrick J. TiberiRepublicanOH
Robert E. LattaRepublicanOH
Steve ChabotRepublicanOH
Steve StiversRepublicanOH
Frank D. LucasRepublicanOK
James LankfordRepublicanOK
Jim BridenstineRepublicanOK
Markwayne MullinRepublicanOK
Tom ColeRepublicanOK
Greg WaldenRepublicanOR
Bill ShusterRepublicanPA
Charles W. DentRepublicanPA
Glenn ThompsonRepublicanPA
Jim GerlachRepublicanPA
Joseph R. PittsRepublicanPA
Keith J. RothfusRepublicanPA
Lou BarlettaRepublicanPA
Michael G. FitzpatrickRepublicanPA
Mike KellyRepublicanPA
Patrick MeehanRepublicanPA
Scott PerryRepublicanPA
Tim MurphyRepublicanPA
Tom MarinoRepublicanPA
Jeff DuncanRepublicanSC
Joe WilsonRepublicanSC
Mark SanfordRepublicanSC
Mick MulvaneyRepublicanSC
Tom RiceRepublicanSC
Trey GowdyRepublicanSC
Kristi L. NoemRepublicanSD
Charles J. "Chuck" FleischmannRepublicanTN
David P. RoeRepublicanTN
Diane BlackRepublicanTN
John J. Duncan, Jr.RepublicanTN
Marsha BlackburnRepublicanTN
Scott DesJarlaisRepublicanTN
Stephen Lee FincherRepublicanTN
Bill FloresRepublicanTX
Blake FarentholdRepublicanTX
Jeb HensarlingRepublicanTX
Joe BartonRepublicanTX
John Abney CulbersonRepublicanTX
John R. CarterRepublicanTX
K. Michael ConawayRepublicanTX
Kay GrangerRepublicanTX
Kenny MarchantRepublicanTX
Kevin BradyRepublicanTX
Lamar SmithRepublicanTX
Louie GohmertRepublicanTX
Mac ThornberryRepublicanTX
Michael C. BurgessRepublicanTX
Michael T. McCaulRepublicanTX
Pete OlsonRepublicanTX
Pete SessionsRepublicanTX
Ralph M. HallRepublicanTX
Randy K. Weber, Sr.RepublicanTX
Randy NeugebauerRepublicanTX
Roger WilliamsRepublicanTX
Sam JohnsonRepublicanTX
Ted PoeRepublicanTX
Chris StewartRepublicanUT
Jason ChaffetzRepublicanUT
Rob BishopRepublicanUT
Bob GoodlatteRepublicanVA
E. Scott RigellRepublicanVA
Frank R. WolfRepublicanVA
H. Morgan GriffithRepublicanVA
J. Randy ForbesRepublicanVA
Robert HurtRepublicanVA
Robert J. WittmanRepublicanVA
Cathy McMorris RodgersRepublicanWA
David G. ReichertRepublicanWA
Doc HastingsRepublicanWA
Jaime Herrera BeutlerRepublicanWA
F. James Sensenbrenner, Jr.RepublicanWI
Paul D. RyanRepublicanWI
Reid J. RibbleRepublicanWI
Sean P. DuffyRepublicanWI
Thomas E. PetriRepublicanWI
David B. McKinleyRepublicanWV
Shelley Moore CapitoRepublicanWV
Cynthia M. LummisRepublicanWY

Nay4: 4 R

MemberPartyState
Tom McClintockRepublicanCA
Walter B. JonesRepublicanNC
Jeff FortenberryRepublicanNE
Steve StockmanRepublicanTX

Not Voting15: 8 R · 7 D

MemberPartyState
Ed PastorDemocratAZ
Tony CárdenasDemocratCA
Alan GraysonDemocratFL
David ScottDemocratGA
John LewisDemocratGA
Bobby L. RushDemocratIL
Katherine M. ClarkDemocratMA
Robert B. AderholtRepublicanAL
Paul A. GosarRepublicanAZ
John CampbellRepublicanCA
Lynn A. WestmorelandRepublicanGA
Tom PriceRepublicanGA
Tom LathamRepublicanIA
Rodney DavisRepublicanIL
Mark E. AmodeiRepublicanNV

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