Womack S&L bill clears House
WASHINGTON — The House on Tuesday easily approved legislation proposed by U.S. Rep. Steve Womack, R-Rogers, to provide small savings and loan companies more flexibility in raising investment capital.
The legislation builds on a law that Womack and Rep. Jim Himes, D-Conn., championed two years ago that gives small community banks the ability to raise additional capital before needing to register with the Securities and Exchange Commission.
The bill, approved 417-4, would raise from 500 to 2,000 the shareholder threshold that triggers the need to file with the SEC. Womack and Himes said Tuesday that S&L companies were inadvertently left off the legislation for community banks that became law in 2012.