Frank Keating, president /CEO of the American Bankers Association, said the group will do what it takes to keep new small business legislation from moving forward even if it means the death of a bill the ABA has pushed for.
House Majority Leader Eric Cantor (R-Va.) this week introduced a package of six bills aimed at helping small businesses. According to the ABA, the package includes a 500-shareholders bill (H.R. 4088), introduced by Rep. Ben Quayle (R-Ariz.), that is similar to the ABA-supported legislation (H.R. 1965) the House passed, 420-2, on Nov. 2.
It would require 2,000 banks and bank holding companies to register with the SEC once they cross the 500-shareholder threshold. The ABA proposed that change in 2005, Keating wrote in an ABA newsletter.
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