The Senate yesterday rejected by a 55-44 vote an ABA-opposed substitute amendment to the small-business jobs package (H.R. 3606) that would only raise the current 500-shareholder threshold for SEC registration to 750 shareholders and would not address the deregistration threshold. Sixty votes were needed to advance the measure.
The amendment -- offered by Sen. Jack Reed (D-R.I.) -- would do little to help community banks, ABA told senators. H.R. 3606, which may be voted on later this week, includes an association-backed provision that would raise the SEC shareholder-registration threshold to 2,000 for financial institutions, and also would increase the deregistration threshold from 300 to 1,200 shareholders.