Us Congress 2023-2024 Regular Session

Us Congress Senate Bill SB2068

Introduced
6/21/23  

Caption

Main Street Growth Act

Impact

The introduction of venture exchanges through SB2068 is intended to enhance capital formation among early-stage businesses, providing them with greater access to financing opportunities. By establishing a separate category of exchanges, the bill seeks to streamline the regulatory framework and potentially reduce compliance burdens for companies that qualify as 'early-stage growth companies.' This could promote economic growth and innovation by lowering barriers for new companies to enter public markets.

Summary

SB2068, also known as the Main Street Growth Act, proposes amendments to the Securities Exchange Act of 1934 to facilitate the registration of venture exchanges, which are designed to provide a marketplace specifically for early-stage, growth companies. The bill introduces specific provisions governing the creation and operation of these exchanges, allowing them to provide a platform for trading securities of companies that have not conducted an initial public offering, with defined thresholds for public float and trading volume.

Contention

However, there are points of contention regarding investor protection in relation to venture exchanges. Critics may argue that while facilitating access to capital is important, the unique characteristics of venture securities—such as reduced disclosure obligations compared to established exchanges—could expose investors to higher risks. The bill includes provisions aimed at ensuring sufficient disclosure to investors, but there are concerns about the adequacy of these measures in safeguarding public interest during investments in less mature companies.

Companion Bills

US HB6623

Related Main Street Growth Act

Previously Filed As

US HB6623

Main Street Growth Act

US HB2799

Expanding Access to Capital Act of 2023

US HB4759

Environmentally Sustainable Growth Act of 2023

US SB5139

Empowering Main Street in America Act of 2024

US HB3982

Methane Reduction and Economic Growth Act

US SB1990

Tax on Wall Street Speculation Act

US HB4119

Tax on Wall Street Speculation Act

US HB4767

Protecting Americans’ Retirement Savings from Politics Act

US HB3935

Securing Growth and Robust Leadership in American Aviation Act

US HB4790

Protecting Americans’ Retirement Savings from Politics Act Businesses Over Activists Act Guiding Uniform and Responsible Disclosure Requirements and Information Limits Act of 2023 American FIRST Act of 2023 American Financial Institution Regulatory Sovereignty and Transparency Act of 2023

Similar Bills

US SB1170

Project Safe Childhood Act

US SB1199

Strengthening Transparency and Obligations to Protect Children Suffering from Abuse and Mistreatment Act of 2023 STOP CSAM Act of 2023

US SB1111

ADVANCE Act of 2023 Accelerating Deployment of Versatile, Advanced Nuclear for Clean Energy Act of 2023

US SB25

Assault Weapons Ban of 2023 This bill makes it a crime to knowingly import, sell, manufacture, transfer, or possess a semiautomatic assault weapon (SAW) or large capacity ammunition feeding device (LCAFD). The prohibition does not apply to a firearm that is (1) manually operated by bolt, pump, lever, or slide action, except for certain shotguns; (2) permanently inoperable; (3) an antique; (4) only capable of firing rimfire ammunition; or (5) a rifle or shotgun specifically identified by make and model. The bill also exempts from the prohibition the following, with respect to a SAW or LCAFD: importation, sale, manufacture, transfer, or possession related to certain law enforcement efforts, or authorized tests or experiments; importation, sale, transfer, or possession related to securing nuclear materials; and possession by a retired law enforcement officer. The bill permits continued possession, sale, or transfer of a grandfathered SAW, which must be securely stored. A licensed gun dealer must conduct a background check prior to the sale or transfer of a grandfathered SAW between private parties. The bill permits continued possession of, but prohibits sale or transfer of, a grandfathered LCAFD. Newly manufactured LCAFDs must display serial number identification. Newly manufactured SAWs and LCAFDs must display the date of manufacture. The bill also allows a state or local government to use Edward Byrne Memorial Justice Assistance Grant Program funds to compensate individuals who surrender a SAW or LCAFD under a buy-back program.

US SB1886

Pray Safe Act of 2023

US SB847

International Children with Disabilities Protection Act of 2023

US SB1396

Research Advancing to Market Production for Innovators Act

US SB2043

Department of State Authorization Act of 2023