Reed and a number of other Senate Democrats, including Assistant Majority Leader Dick DurbinRichard (Dick) Joseph DurbinThis week: House GOP regroups after farm bill failure Overnight Health Care — Sponsored by PCMA — Trump hits federally funded clinics with new abortion restrictions Dem lawmaker spars with own party over prison reform MORE (D-Ill.), spent much of the first part of the week complaining Republicans' bill, which cleared the House 323-92, would go too far in rolling back for new or smaller corporations regulations that are currently part of the Dodd-Frank regulatory reform laws. Their amendment, they say would also open up capital formation but do so "in a way that protects investors."

"If H.R. 3606 … passed in its current form, it could significantly weaken important investor protections, rollback securities disclosures, and exempt extremely large corporations from long-standing, critical accounting rules and executive compensation disclosures," said Reed's office on Thursday afternoon. 

For example, one provision of the amendment, which failed 55-44, would allow smaller companies to raise capital by selling up to $50 million in shares, instead of the current $5 million cap, and replicates the House bill by creating a new category of “Emerging Growth Companies” that would be slowly eased into the regulatory restrictions for a five-year period rather than entirely absolved.