HR 5913 United States House · 117th Congress

Protecting Investors from Excessive SPACs Fees Act of 2021

Summary
Protecting Investors from Excessive SPACs Fees Act of 2021 This bill limits the transaction or recommendation by registered investment advisers to specified investors of securities belonging to certain special purpose acquisition companies and brokers. Special purpose acquisition companies raise capital through initial public offerings with the intent to acquire other companies. Specifically, these securities may not be recommended to a person who is not an accredited investor unless the related economic compensation is 5% or less or the company makes necessary disclosures to the Securities and Exchange Commission for the protection of investors. An accredited investor must satisfy certain requirements indicating their reduced exposure to financial risk, including those related to income, net worth, or knowledge and experience.
Bill status in committee 1 of 4 stages cleared
Introduction
Nov 2021
Committee Review
Floor Vote
President
Introduced Nov 9, 2021 Last action Nov 16, 2021
Floor votes

How they voted

No floor votes recorded yet.
Full legislative history

Actions timeline

Total actions
4
Key actions
1
Committee
2
Amendments
1
Nov 16, 2021
Introduced
Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 29 - 23.
lower
Nov 16, 2021
Lower · Passed
Committee Consideration and Mark-up Session Held.
lower
Nov 9, 2021
Committee
Referred to the House Committee on Financial Services.
lower
Nov 9, 2021
Introduced
Introduced in House
lower
1 primary · 0 co-sponsors

Sponsors

Role
Legislator
Party
State
District
P
Photo of Brad Sherman
Brad Sherman
DDemocratic
CA
32