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United States · Bill · HR

H.R. 3448 (113th)

Small Cap Liquidity Reform Act of 2014

referredUnited States· United States Congress· EN

Introduced

12 November 2013

Last action

12 February 2014 · Introduced

Status

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

Sponsors

Rep. Duffy, Sean P. [R-WI-7], Rep. Carney, John C., Jr. [D-DE-At Large], Rep. Fincher, Stephen Lee [R-TN-8]

Subjects

Discovery layer

Source updated

7 April 2025

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Summary

Small Cap Liquidity Reform Act of 2013 - Amends the Securities Exchange Act of 1934 to establish a liquidity pilot program for securities of emerging growth companies (EGC) 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, (2) a minimum increment of $0.10, or (3) the increment at which the securities would be quoted without regard to such minimum increments. Repeals the requirement for a Securities and Exchange Commission (SEC) study examining the transition to trading and quoting securities in one penny increments, known as decimalization. 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. Prescribes procedures for an EGC board of directors to elect either to opt out or to change the minimum increment. 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, $0.10, or another SEC-authorized increment. 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.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

  1. 23 October 2013

    Committee

    Hearings Held by the Subcommittee on Capital Markets and Government Sponsored Enterprises Prior to Introduction and Referral.

    Source: Committee

  2. 12 November 2013

    Introduced

    Referred to the House Committee on Financial Services.

    Source: IntroReferral

  3. 12 November 2013

    Introduced

    Introduced in House

    Source: IntroReferral

  4. 12 November 2013

    Introduced

    Introduced in House

    Source: IntroReferral

  5. 14 November 2013

    Vote

    Ordered to be Reported (Amended) by the Yeas and Nays: 57 - 0.

    Source: Committee

  6. 14 November 2013

    Committee

    Committee Consideration and Mark-up Session Held.

    Source: Committee

  7. 5 February 2014

    Calendars

    Placed on the Union Calendar, Calendar No. 252.

    Source: Calendars

  8. 5 February 2014

    Reported

    Reported (Amended) by the Committee on Financial Services. H. Rept. 113-342.

    Source: Committee

  9. 5 February 2014

    Reported

    Reported (Amended) by the Committee on Financial Services. H. Rept. 113-342.

    Source: Committee

  10. 11 February 2014

    Vote

    On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 412 - 4 (Roll no. 62). (text: CR H1746-1747)

    Source: Floor

  11. 11 February 2014

    Vote

    Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 412 - 4 (Roll no. 62).(text: CR H1746-1747)

    Source: Floor

  12. 11 February 2014

    Floor

    Considered under suspension of the rules. (consideration: CR H1746-1748)

    Source: Floor

  13. 11 February 2014

    Vote

    At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.

    Source: Floor

  14. 11 February 2014

    Floor

    DEBATE - The House proceeded with forty minutes of debate on H.R. 3448.

    Source: Floor

  15. 11 February 2014

    Floor

    Mr. Garrett moved to suspend the rules and pass the bill, as amended.

    Source: Floor

  16. 12 February 2014

    Introduced

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

    Source: IntroReferral

Votes

No vote records are attached yet.

Versions

Documents

11 official files

Referred in Senate (text)

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  • Referred in Senate (text)

    Referred in Senate · EN · 12 February 2014

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  • Referred in Senate (PDF)

    Referred in Senate · EN · 12 February 2014

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  • Engrossed in House (text)

    Engrossed in House · EN · 11 February 2014

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  • Engrossed in House (PDF)

    Engrossed in House · EN · 11 February 2014

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  • Passed House amended

    summary · EN · 11 February 2014

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  • Reported in House (text)

    Reported in House · EN · 5 February 2014

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  • Reported in House (PDF)

    Reported in House · EN · 5 February 2014

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  • Reported to House with amendment(s)

    summary · EN · 5 February 2014

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  • Introduced in House (text)

    Introduced in House · EN · 12 November 2013

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  • Introduced in House (PDF)

    Introduced in House · EN · 12 November 2013

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  • Introduced in House

    summary · EN · 12 November 2013

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Sponsors

Related records

Sources

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