The House meets in the afternoon to consider legislation that would ease Dodd-Frank financial rules in an attempt to free up investment capital in small companies.
Members will consider H.R. 1105, the Small Business Capital Access and Job Preservation Act. The legislation would eliminate current Dodd-Frank rules that require private equity fund investment advisers to register with the Securities and Exchange Commission (SEC), as long as the advisers meet a certain debt-to-invested-capital ratio.
But many Democrats will likely oppose it, and the White House on Tuesday said President Obama would veto the bill if presented for his signature into law.
It's the third House attempt to roll back Dodd-Frank rules in the last few weeks. In October, the House passed legislation giving banks more flexibility to use swaps to hedge risk, and another bill delaying rules imposing fiduciary requirements on investment advisers.
The House will start by debating and voting on the rule for the bill, which makes just one amendment in order. That amendment from Rep. Carolyn Maloney (D-N.Y.) would require private equity fund advisers to register with the SEC, but would simplify the registration process.
After that, the House will debate the bill and the Maloney language, then vote on both.
The rule also provides for consideration of H.R. 3309, the Innovation Act. This bill is aimed at trying to reduce frivolous patent litigation, and is a measure House Republicans may bring up as early as Thursday.