Dem  GOP    Vote: 61  H R 1675 3-FEB-2016
Yes 265 24
241
No 159 158
1
No Vote 9 6
3
Present 0  
 

SEC Regulations Revamp
A yes vote was to send the bill to the Senate, where it appeared likely to fail.

Voting 265 for and 159 against, the House on Feb. 3, 2016, passed a bill (HR 1675) that would require the SEC to review all of its rules dating to its founding in 1934 and revise or repeal outdated ones. The bill also would raise from $5 million to $10 million the threshold value of stock that companies can issue to employees without having to make certain public disclosures. These disclosures, showing the company's worth, would enable employees to independently judge the value of the stock they are receiving, often in lieu of pay raises.

In addition, the bill would ease rules governing mergers and acquisitions, and would exempt a majority of public companies from having to submit Securities and Exchange Commission filings in a computer-readable format that could be easily cross-checked with other companies' filings.

Jeb Hensarling, R-Texas, said the bill would enable "small businesses to better compensate their employees with ownership in the business," giving workers "a greater opportunity to share in the success of their employer."

Maxine Waters, D-Calif., said raising the disclosure threshold from $5 million to $10 million "invites more Enron-type fraud into the market. Remember Enron? I hope we have not forgotten it already and what happened to those employees."

A yes vote was to send the bill to the Senate, where it appeared likely to fail.
   Display Votes    
Illinois Tally
Enyart, Bill (D-12 )   YEA Belleville, IL  
Bustos, Cheri (D-17 )   NAY East Moline, IL  
Davis, Danny (D-7 )   NAY Chicago, IL  
Davis, Rodney (R-13 )   YEA Taylorville, IL  
Schneider, Brad (D-10)   YEA Deerfield, IL  
Duckworth, Tammy (D-8 )   NAY Hoffman Estates, IL  
Foster, Bill (D-11)   NAY Geneva, IL  
Gutierrez, Luis (D-4 )   NAY Chicago, IL  
Hultgren, Randy (R-14 )   YEA Winfield, IL  
Kelly, Robin (D-2 )   NAY Chicago, IL  
Kinzinger, Adam (R-16 )   YEA Manteno, IL  
Schock, Aaron (R-18 )   YEA Peoria, IL  
Lipinski, Dan (D-3 )   NAY Western Springs, IL  
Quigley, Mike (D-5 )   YEA Chicago, IL  
Roskam, Peter (R-6 )   YEA Bensenville, IL  
Rush, Bobby (D-1 )   NV Chicago, IL  
Schakowsky, Jan (D-9 )   NAY Evanston, IL  
Shimkus, John (R-15 )   YEA Collinsville, IL