Rep. Patrick T. McHenry

Improving Crowdfunding Opportunities Act This bill reduces regulations applicable to crowdfunding securities and portals. Crowdfunding is used to raise capital through a large number of individuals investing potentially small amounts of money. The bill exempts certain securities issued under crowdfunding regulations from state regulation of secondary transactions. It also exempts crowdfunding portals from certain anti-money laundering reporting and recordkeeping requirements. Finally, crowdfunding portals are exempted from liability for material misstatements or omissions unless the portal knowingly makes certain untrue statements or engages in fraud or deceit.

This bill excludes certain institutional investors and buyers from inclusion as holders of a security for purposes of mandatory registration thresholds applicable to an issuer of securities.

This bill revises requirements related to registration statements submitted to the Securities and Exchange Commission (SEC). First, the bill requires an emerging growth company to submit profit and loss statements from the previous 2 years, rather than the previous 3 years as under current law. In addition, the bill allows an issuer of securities to submit a draft registration statement to the SEC for confidential review prior to a public filing.

This bill allows an issuer of securities to submit a draft registration statement to the Securities and Exchange Commission for confidential review prior to an initial public offering or a follow-on offering. Under current law, only emerging growth companies are allowed to do so.

Maddy summaryThis bill modifies securities laws to reduce reporting requirements for emerging growth companies (typically newer, smaller businesses going public). It specifies that these companies do not need to present historical financial statements from periods before their initial public offering's earliest audited period, including acquired company financials. The change also applies even after a company no longer qualifies as an emerging growth company, eliminating the need to provide those older financial statements. This directly affects emerging growth companies and their financial reporting obligations under the Securities Act of 1933 and Securities Exchange Act of 1934.

This bill modifies the auditor independence standards required by the Public Company Accounting Oversight Board and the Securities and Exchange Commission. Specifically, an issuer that is a public company or has filed to become a public company must comply with certain auditor independence standards regarding audits that occurred in the fiscal year prior to the company going public.

Lymphedema Treatment Act This bill provides for Medicare coverage of lymphedema compression treatment items. Specifically, the bill provides for coverage of standard and custom fitted gradient compression garments and other approved items that are prescribed by a physician or other specified health care professional to treat lymphedema.

Prevent All Soring Tactics Act of 2022 or the PAST Act of 2022 This bill addresses the practice of soring horses. The soring of horses includes various actions taken on horses' limbs to produce higher gaits that may cause pain, distress, inflammation, or lameness. Specifically, the bill expands soring regulation and enforcement at horse shows, exhibitions, sales, and auctions, including by establishing a new system for inspecting horses for soring. In addition, the bill increases penalties for violations.

Maddy summaryHRES 1114 is a non-binding House resolution expressing support for recognizing "National Police Week" as a way to honor law enforcement officers across the United States. The resolution acknowledges the service and sacrifices of law enforcement officers, particularly those who have died in the line of duty, and specifically references 619 officers who died in 2021 as listed in the resolution. This resolution does not create new laws or allocate funds but serves as a symbolic gesture to encourage public recognition of law enforcement personnel. It calls for Americans to observe National Police Week by honoring officers and raising awareness about their essential role in community safety. The resolution was introduced by multiple members of Congress and referred to the Committee on the Judiciary.

Secure Every School and Protect Our Nation’s Children Act or the STOP II Act This bill reauthorizes and supports various grants to enhance school safety and security initiatives. It also provides statutory authority for the federal clearinghouse of school safety resources. (The clearinghouse identifies and publishes best practices and recommendations for school safety for use by state and local educational and law enforcement agencies, institutions of higher education, health professionals, and the public.)