Us Congress 2023-2024 Regular Session

Us Congress House Bill HB10336

Caption

Too Narrow to Succeed Act

Impact

If enacted, HB 10336 would introduce significant changes to how federal investments are managed, particularly by mandating annual reports from federal institutional investors on their interactions with diverse-owned firms. This includes detailing the amount of funds allocated to diverse versus non-diverse asset management firms and outlining the challenges faced in selecting diverse managers. Such requirements aim to promote accountability and encourage practices that enhance the participation of diverse-owned asset management firms in federal procurement processes.

Summary

House Bill 10336, titled 'Too Narrow to Succeed Act', aims to enhance access for diverse-owned asset management firms, including those that are women and minority-owned. The legislation emphasizes increasing transparency in the asset management selection processes utilized by federal institutional investors. By identifying and addressing barriers that obstruct business opportunities for these diverse firms, the bill seeks to foster a more inclusive environment in the financial services sector. The intention is to create equitable opportunities for these asset management firms to compete for contracts and manage federal investments effectively.

Contention

While the intent behind HB 10336 is generally viewed positively, some stakeholders may have concerns regarding the implementation of the reporting requirements and the metrics used to classify firms as diverse-owned. The bill will likely face scrutiny over how these definitions are established and whether they effectively capture the intended firms. Additionally, the potential burden of more stringent reporting and compliance on federal institutional investors could generate debate regarding the balance between regulatory oversight and operational flexibility.

Companion Bills

No companion bills found.

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