HOW YOUR CONGRESSIONAL DELEGATES VOTED
For the week ending April 7
Contact your legislators at the U.S. Capitol Zip codes: House 20515, Senate 20510 Capitol operator: (202) 224-3121
EASING RULES FOR VENTURE CAPITAL: Voting 417 for and three against, the House on April 6 passed a bill (HR 1219) that would make it easier for individuals to form into a certain type of private investment fund without having to meet Securities and Exchange Commission registration requirements. Amending a 77-year-old SEC rule, the bill would raise from 100 to 250 the maximum number of accredited investors (those with at least $200,000 in annual income or $1 million in net assets) who are allowed in so- called ”angel funds.” Together, they could pool up to $10 million for purchasing non-public, unregistered securities in start-ups and other enterprises that seek capital.
The SEC’s registration requirements stem from the Securities Act of 1933 (a Great Depression law), the 2002 Sarbanes-Oxley law (a response to the Enron debacle) and the 2010 Dodd-Frank law (an outgrowth of the Great Recession). They are designed to protect investors against fraudulent operators. But to spur commerce and for other reasons, the SEC occasionally grants narrowly defined exceptions to its registration rules.
A yes vote was to send the bill to the Senate. YES: LUJAN GRISHAM, PEARCE, LUJÁN
STOCK COMPENSATION FOR EMPLOYEES: Voting 331 for and 87 against, the House on April 4 passed a bill (HR 1343) that would make it easier for private companies to offer stock compensation to employees without triggering Securities and Exchange Commission reporting requirements. At present, if the value of securities in compensation plans tops $5 million over 12 months, employers must make disclosures to employees about company finances, including risk assessments. This bill raises the disclosure threshold to $10 million and indexes it to inflation. Companies that offer stock-compensation plans do so to reward employees and attract talent rather than raise capital.
A yes vote was to send the bill to the Senate.
YES: PEARCE NO: LUJAN GRISHAM, LUJÁN
CONGRESSIONAL PROBES OF TRUMPRUSSIA TIES: Voting 185 for and 228 against, the House on April 4 refused to deny benefits under HR 1343 (above) to any company whose officers or directors have withheld from Congress information about any collusion between associates of candidate Donald Trump and Russian officials aimed at influencing the outcome of the 2016 presidential election.
A yes vote was to adopt the Democratic motion.
YES: LUJAN GRISHAM, LUJÁN NO: PEARCE
STOP-LOSS INSURANCE, AFFORDABLE CARE ACT: Voting 400 for and 16 against, the House on April 5 passed a bill (HR 1304) that would prohibit regulation of stop-loss insurance as health insurance under federal laws including the Affordable Care Act. The bill is designed to help companies with selffunded health plans, which depend on stoploss policies to protect against catastrophic losses. Backers said these policies deal only with risk-management, while critics said that by setting payment limits, they shape provisions of the self-funded health plans they back up.
A yes vote was to send the bill to the Senate. YES: LUJAN GRISHAM, PEARCE, LUJÁN TAX REFORM LINKAGE TO TRUMP DISCLOSURES: Voting 228 for and 185 against, the House on April 5 blocked a Democratic bid to force consideration of a resolution that would block action on taxreform legislation until after the Ways and Means Committee has privately reviewed President Trump’s returns from 2007-2016 to determine how proposed tax-code changes would affect his finances. The resolution was quashed by a parliamentary ruling by the presiding officer representing the Republican majority that the measure did not qualify as a “privileged question” entitled to floor action under House rules. On the vote being reported here, Republicans upheld that ruling after it was appealed by Democrats. This occurred during consideration of HR 1304 (above).
A yes vote opposed the Democratic motion.
YES: PEARCE NO: LUJAN GRISHAM, LUJÁN
CONFIRMING JUSTICE NEIL GORSUCH: Voting 54 for and 45 against, the Senate on April 7 confirmed Judge Neil M. Gorsuch of the 10th Circuit U.S. Court of Appeals as the 113th justice of the Supreme Court. Gorsuch, 49, fills a vacancy created when Justice Antonin Scalia died in February 2016. The GOP majority kept the seat open during Barack Obama’s final 10 months as president by refusing to act on his nomination of Judge Merrick Garland to replace Scalia.
A yes vote was to confirm Gorsuch. NO: UDALL, HEINRICH,
CHOOSING ‘THE NUCLEAR OPTION:’
Voting 48 for and 52 against, the Senate on April 6 permanently changed its filibuster rules to set a simple-majority vote as the new standard for advancing Supreme Court nominations. This replaced a three-fifths majority (usually 60 votes) as the hurdle for ending filibusters against nominees to the high court. The change was dubbed ”the nuclear option” because it was a politically explosive rollback of traditional minority rights in the Senate. The three-fifths threshold will continue to apply to filibusters aimed at blocking legislation.
A yes vote was to retain a three-fifths majority as the standard for invoking cloture against Supreme Court nominees. A no vote was to lower the bar to simple-majority votes.
YES: UDALL, HEINRICH
FILIBUSTER SUSTAINED AGAINST GORSUCH: By a vote of 55 for and 45 against, the Senate on April 6 failed to reach the 60 votes required to end a Democratic filibuster against Judge Neil Gorsuch’s Supreme Court nomination. This prompted the Republican majority to immediately vote to weaken filibuster rules (above) so that Gorsuch and other Supreme Court nominees could be confirmed by simple majority votes.
A yes vote was to advance Gorsuch against a Democratic filibuster.
NO: UDALL, HEINRICH
ELAINE DUKE, DEPUTY SECRETARY OF HOMELAND SECURITY: The Senate on April 4 confirmed, 85 for and 14 against, Elaine C. Duke as deputy secretary for homeland security. A budget and procurement specialist, Duke held homeland-security posts in the George W. Bush and Barack Obama administrations. The GOP-controlled Senate has now confirmed 23 Trump administration appointees, out of 553 key positions requiring confirmation, according to the Partnership for Public Service. The high vacancy rate stems from the administration’s failure to send nominations to Congress.
A yes vote was to confirm Duke as the department’s second-ranking official.
NO: UDALL, HEINRICH