Reed and a number of other Senate Democrats, including Assistant Majority Leader Dick DurbinRichard (Dick) Joseph DurbinSenate Dems ask Trump to disclose financial ties to Saudi Arabia Trump officials ratchet up drug pricing fight GOP senators: Mnuchin should not go to Saudi Arabia 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."

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"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.