On Tuesday, June 19th, the Financial Services & General Government (FSGG) Subcommittee of the Senate Appropriations Committee voted the FY 2019 FSGG Appropriations Bill favorably out of committee. The full Senate Appropriations Committee is set to mark up this bill this Thursday, June 21st. Again, this is considered to be a "must pass" bill, because it provides the funding necessary to keep various federal agencies open and running past September 30th.
As of this writing we have not been able to obtain a copy of the Senate version of this bill, but at this point it is not likely to include the language of HR 477, The Small Business Mergers, Acquisitions, Sales and Brokerage Simplification Act. While predecessors of this bill have been introduced in the Senate in last two sessions of Congress, the Senate has never scheduled hearings, or taken any other action on our bill up to this point.
Following the markup this Thursday, the Senate version of the 2019 FSGG Appropriations Bill will likely be scheduled for a floor vote by the full Senate in the next two weeks when it is again confidently expected to pass. Once the House version has been passed by the full House, and the Senate version has been passed by the full Senate, the two bills will be referred to a Conference Committee composed of members from both houses who will iron out the details of a compromise bill, which again will need to be passed by both houses of Congress and ultimately forwarded to the President for signature.
Now is the time to begin letting your US Senators hear from you that the language of HR 477 is important to you, and to buyers and sellers of privately held businesses in your state, and needs to be included in the final version of the 2019 FSGG Appropriations Bill. It's currently included in the House version and urgently needs to be included in the final version.
There is no need to look up your senators' names, addresses, and salutations. You also do not need to compose your own letter if you are short on time. Just click here and enter your zip code, name, and address!
Passage of this small but important bill will codify the regulatory relief envisioned in the SEC M&A Broker No Action Letter, and will harmonize federal law with coming changes in state securities laws.
In closing, I would be remiss not to ask you to consider a meaningful financial contribution to the Campaign for Clarity. In the 12 years since its inception, the Campaign has incurred legal and lobbying expenses of ~$965,000 and raised ~$525,000 from voluntary contributions from individuals and firms like yours who recognize this is a rice bowl issue for our entire profession, as well as for the owners of privately held businesses whom we assist.
The not-for-profit, Business Intermediaries Education Foundation (BIEF) has taken the lead role in raising funds for this and other issues that concern the entire profession. While cash, check and credit card contributions are greatly appreciated, you may be more comfortable contributing something now, and pledging to contribute more in the future, perhaps tied to your next big closing.
- Click here for a BIEF Contribution /Pledge Card
- Click here for an up-to-date list of BIEF Leadership Contributors (as of 06/19/2018)
As ever, please don't hesitate to call/contact me, or one of my co-chairs, Jim Cornell (President, Praxiis Business Advisors, (716) 675-6001 x223, firstname.lastname@example.org), or John Johnson (President, IBG /BluestemUSA, (918) 749-6016, JJohnson@bluestemusa.com), or Linda Purcell (Founder, Purcell Associates, LLC, (847) 358-9404, email@example.com), if you have any questions.
Mike Ertel, BSEE, MSIA, CBI, M&AMI, CM&AA
Co-Chair, Campaign for Clarity
Managing Director, Broker
Transworld M&A Advisors
400 Carillon Parkway, Suite 110
Saint Petersburg, FL 33716
O: (888) 864-6610
C: (813) 299-7862
Securities transactions conducted through StillPoint Capital LLC, Tampa, FL. Member FINRA/SIPC
Click here to read the complete text of Title IX, Subtitle C of the 2019 Financial Services and General Government (FSGG) Appropriations Bill.