Duffy & Carney’s Bipartisan Jobs Bill Sails Through Committee
Washington D.C. – The House Financial Services Committee held a markup on H.R. 3448, “Small Cap Liquidity Reform Act” on Thursday. This legislation, introduced by Congressmen Sean Duffy (R-WI-07) and John Carney (D-DE-AL) would allow small, emerging growth companies to enter a five year pilot program that would give them the ability to quote and trade stocks in 5 and 10 cent increments instead of just pennies. The increased “tick size” maximizes their liquidity, giving them access to capital that the penny tick size does not foster. After the Committee voted unanimously to send the Bill to the full House, Reps. Duffy and Carney offered the following comments:
Rep. Duffy commented, "Small companies that go public increase employment by 156% on average. This is how the Googles and the Apples, the Twitters and the Facebooks of the world started. The bill that Mr. Carney and I have introduced supports America's newest jobs creators by creating a pilot project to maximize their trading liquidity. Our hope is that our bill will give these emerging growth companies greater access to much needed capital so they can expand their businesses and create much needed American jobs."
Rep. Carney continued, “Small businesses are the engines of job creation in this country,” said Rep. Carney. “This bill encourages the investment community to take a closer look at small businesses and give them greater access to capital. This would make it easier for these businesses to continue to grow and create jobs once they’ve gone public. I’m encouraged by today’s bipartisan vote and was pleased to work across the aisle with Congressman Duffy to focus on the most important issue facing our country – creating jobs and growing the economy.”
Rep. Duffy also touted the bipartisan effort saying, "Creating jobs should be a bipartisan cause and this bill is an excellent example of that. Rep. Carney has been a great partner on this legislation and we are both very glad to see so many of our colleagues, on both sides of the aisle, support it. We hope it will see the same level of support in the full House."
Attachment: Text of H.R. 3448, “Small Cap Liquidity Reform Act”