Bill Sponsored By Rep. Carney to Promote Small Business Growth Clears House Financial Services Committee

Nov 15, 2013 -- 9:54am

A bill sponsored by Representative John Carney to help small businesses that are looking to grow has been passed by the U.S. House Financial Services Committee.

H.R. 3448, the Small Cap Liquidity Reform Act, was passed by a 57 to nothing committee vote on Thursday. The bill would create a pilot program under the Securities and Exchange Commission to allow small companies to trade in larger increments to try and make their stocks more attractive to investors.

In a statement, Representative Carney says that small businesses are the engine for job creation in America. Fellow committee member Sean Duffy of Wisconsin said that small companies that go public increase their employment by an average of 156 percent. Representative Duffy went on to say that this is how some of the biggest companies today, such as Apple, Google, Facebook and most recently Twitter got started.

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