Us Congress 2023-2024 Regular Session

Us Congress House Bill HB6623

Introduced
12/6/23  

Caption

Main Street Growth Act

Impact

The introduction of venture exchanges under this bill is expected to significantly change the landscape of securities trading, especially for smaller companies. Specifically, the new venture exchanges would provide a regulated environment for trading the securities of early-stage companies that have not conducted an initial public offering. This could lead to increased funding opportunities for startups and small businesses, enabling them to expand and contribute to economic growth. The SEC is also tasked with ensuring the protection of investors by issuing regulations on disclosures and treatments specific to venture securities.

Summary

House Bill 6623, titled the Main Street Growth Act, proposes amendments to the Securities Exchange Act of 1934 to allow for the registration of venture exchanges. This legislation aims to establish a dedicated marketplace for trading venture securities, which consist of shares in early-stage, growth-oriented companies. By facilitating such exchanges, the bill seeks to promote investment opportunities for smaller firms that might otherwise struggle to access capital markets. The bill requires the Securities and Exchange Commission (SEC) to grant registration to venture exchanges and outlines procedures for application, including public notice and the opportunity for interested parties to express comments.

Contention

However, the bill has generated debate on its potential implications. Supporters argue it will enhance capital access for emerging businesses, fostering innovation and job creation. Critics, on the other hand, express concerns regarding investor protections and the regulatory differences that might arise between venture exchanges and traditional exchanges. These discussions highlight the balance needed to support economic growth while ensuring investor safety and market integrity.

Companion Bills

US SB2068

Related Main Street Growth Act

Previously Filed As

US SB2068

Main Street Growth Act

US HB6733

American Investment Accountability Act

US HB7286

GREEN Streets Act Generating Resilient, Environmentally Exceptional National Streets Act

US HB9002

Revitalizing Downtowns and Main Streets Act

US HB6641

Keep America’s Waterfronts Working Act

US HB6842

STOCK Act 2.0

US HB6618

ARMAS Act of 2023 Americas Regional Monitoring of Arms Sales Act of 2023

US HB6482

Enhancing Geothermal Production on Federal Lands Act

US SB5139

Empowering Main Street in America Act of 2024

US HB6037

MAUI STRONG Act Micro-enterprise Assistance and Urgent Investment for Supporting Trade, Recovery Operations, and Neighborhood Growth Act

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