This afternoon the House of Representatives barely fell short of the two-thirds majority needed to pass H.R. 37, Rep. Michael Fitzpatrick’s Promoting Job Creation and Reducing Small Business Burdens Act. H.R. 37 included, as one of 11 separate pieces, Rep. Robert Hurt’s proposal to require the SEC to stop collecting standardized financial data from most U.S. public companies and regress to documents. The bill received 276 yeas and 146 nays, with five members not voting. A two-thirds majority required 285.
H.R. 37 required a two-thirds majority because it was being offered under the special “suspension of the rules” procedure. Most likely, the supporters of H.R. 37 intend to try again under regular procedures, which only require a bare majority, within the next few weeks.
The Coalition will continue to educate Members of the House on the negative impact that Rep. Hurt’s proposal would create for data transparency in financial regulatory reporting. Moreover, today’s setback may help persuade the Senate that the proposal should not be considered without careful consideration, including hearings.