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May 24, 2013

May 23, 2013 – House Financial Services Capital Markets Subcommittee hearing entitled "Legislative Proposals to Remove Red Tape Burdens on Investors and Job Creators."

Capital Markets Subcommittee Chairman Garrett held a hearing to receive testimony from witnesses about four diverse legislative proposals to amend the Dodd/Frank law.

Three of the four measures were nearly identical to bills passed by the Subcommittee in the previous Congress. H.R. 1135 repeals a Dodd/Frank provision requiring additional transparency regarding executive compensation. H.R. 1105 exempts certain private equity fund advisors from federal registration requirements. A third bill, H.R. 1564, repeals revolving auditor provisions. The fourth bill, presented in draft form, place new hurdles before the SEC could extend fiduciary requirements now required of investment advisors on broker dealers.

Most witnesses testified about those bill they supported as beneficial to the industry they represented. Only one witness, the representative from the AFL-CIO, opposed all bills since, in some fashion each bill weakens some existing provision of the new financial reform law.

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