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Congressman Capuano's
E-UPDATE
An update from the office of U.S. Representative Michael E. Capuano
7th Congressional District of Massachusetts


12,360 subscribers

September 9, 2016

September 11th

As we approach the 15th anniversary of September 11th, that dark day still feels in many ways like yesterday. I honor and remember every life that was lost and hold those who mourn them in my heart. The passage of time doesn’t lessen their grief, but I hope they find a small measure of comfort knowing our nation remembers with them.

Settlement Agreements

On Wednesday the House considered H.R. 5063, the Stop Settlement Slush Funds Act of 2016. This legislation prohibits the U.S. government from entering into settlement agreements that direct funds to entities not specifically part of the litigation in question. This undermines the ability of federal enforcement agencies to direct financial relief to appropriate parties. Currently, the federal government can enter into agreements with defendants that require settlement funds be sent to parties harmed by the unlawful action. This approach is often used when the impact is not readily identifiable and directed, such as an environmental violation found throughout a broad regional area or a workplace safety issue where the health impact on employees is not immediately known. I voted NO. H.R. 5063 passed and the entire vote is recorded below:

  YEA NAY PRESENT NOT VOTING
REPUBLICAN

236

0

0

9

DEMOCRAT

5

174

0

7

TOTAL

241

174

0

16

MASSACHUSETTS
DELEGATION

0

9

0

0

Access to Capital

On Thursday the House considered H.R. 2357, the Accelerating Access to Capital Act of 2016. This legislation combines three bills that diminish the Securities and Exchange Commission’s (SEC) authority to monitor capital markets. H.R. 2357 allows “microcap companies”, smaller entities lacking the industry attention that larger companies have, to issue unlimited shares in a year without preparing a prospectus every time they issue more shares. This can obscure the real health of a company because investors do not have access to updated information. This legislation allows companies to issue $500,000 in shares without providing any information to regulators and it loosens restrictions on reselling those shares. H.R. 2357 also prevents the SEC from implementing investor protections that increase disclosure in private shares sales. This legislation weakens the SEC’s enforcement ability and decreases transparency. I voted NO. H.R. 2357 passed and the entire vote is recorded below:

  YEA NAY PRESENT NOT VOTING
REPUBLICAN

234

1

0

10

DEMOCRAT

2

177

0

7

TOTAL

236

178

0

17

MASSACHUSETTS
DELEGATION

0

8

0

1

Investment Advisors

Today the House considered H.R. 5424, the Investment Advisors Modernization Act of 2016. This legislation updates the Investment Advisors Act of 1940. In the process, it essentially rolls back existing investor protections such as requiring conflict of interest and fee disclosures. H.R. 5424 limits the information available to investors and makes it more difficult for the SEC and the Financial Stability Oversight Council (FSOC) to monitor financial markets for systemic risk and potentially unstable institutions. I voted NO. H.R. 5424 passed and the entire vote is recorded below:

  YEA NAY PRESENT NOT VOTING
REPUBLICAN

226

3

0

16

DEMOCRAT

35

142

0

9

TOTAL

261

145

0

25

MASSACHUSETTS
DELEGATION

1

7

0

1

What’s Up Next

Votes are scheduled for Monday April 18th. The House is expected to consider H.R. 3590, Halt Tax Increases on the Middle Class and Seniors Act, H.R. 5620 – VA Accountability First and Appeals Modernization Act of 2016, H.R. 5226 – Regulatory Integrity Act of 2016, and H.R. 5351 – To prohibit the transfer of any individual detained at United States Naval Station, Guantanamo Bay, Cuba.

Mike


Congressman Mike Capuano
7th District, Massachusetts
Committee on Ethics
Committee on Transportation and Infrastructure
Committee on Financial Services

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Roxbury Community College Campus Library, Room 211, Boston
Stetson Hall Room 124, 6 South Main Street, Randolph

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