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Rep. Stephen Fincher (R.-Tenn.) is the primary sponsor of the House bill and is a member of the House Financial Services Committee, which approved the bill by a vote of 57-0 in May. The House bill (H.R. 2064, “Improving Access to Capital for Emerging Growth Companies Act”) gives ECGs leeway as to which years’ audited financial statements must be submitted, with the flexibility related to the year an IPO is actually launched. That same legislation is included in the Financial Regulatory Improvement Act of 2015, a discussion draft from Sen. Richard Shelby (R.-Ala.), chairman of the Senate Banking, Housing, and Urban Affairs Committee. Yet while Fincher’s bill is a stand-alone piece of legislation that has Democratic support, the Senate provision is one of many other provisions in a much larger bill that Democrats on the Senate Banking Committee don’t support.

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