Republicans push back on SEC efforts to write additional capital rules

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Thune and Toomey argued that the SEC is overdoing it by proposing additional regulations around a particular JOBS Act provision aimed at helping companies raise funds from private investors by generally soliciting for funds.

The SEC finalized a rule lifting the ban on general solicitation in July, but is also considering additional proposals on the matter, which has Republicans accusing the regulator of overreaching.

The legislation at issue is a measure passed in 2012 that is aimed at making it easier for small companies to raise capital from investors. The SEC has long been wary of the legislation, and then-Chairman Mary Schapiro criticized the bill before it was passed.

Regulators worried that the law would roll back key investor protections, exposing them to overly risky or fraudulent investment opportunities.

Since it was enacted, Republicans have openly grumbled about what they see as SEC efforts to delay or undermine the law. White told Congress during her confirmation hearing earlier this year that while investor protections remain a priority, she would also make it a priority to finish enacting the law — one of the few to gain bipartisan support in the 112th Congress.