The House of Representatives recently shut down an attempt to impeach President Trump for high crimes and misdemeanors while voting to pass three new bills. The bills focus on the economy, trade, and investing.
House Resolution (HR) 537 was Rep. Al Green’s (D) attempt to impeach the President. Rep. Green has had many objections to the Trump administration, but this resolution was spurred on by Trump’s military action against Iran.
Green’s resolution accuses the President of abusing his powers and disregarding constitutional boundaries. HR 537 states that he should have sought congressional approval before bombing Iranian targets.
The House motioned to table the bill so that they would not even have to consider it. The House voted 344-79 to kill the bill, and many Democrats joined Republicans to do so.
The first bill passed by the House was HR 1998. Also known as the Sanction Sea Pirates Act, this bill requires the President to impose visa- and property-blocking sanctions on any foreign individual or entity that the President determines knowingly engages in piracy.
HR 1998 also applies civil and criminal penalties to persons who violate, attempt to violate, or conspire to violate the regulations promulgated to carry out such sanctions.
Next was HR 3422, which expands the functions of the Securities and Exchange Commission's Office of the Advocate for Small Business Capital Formation.
Specifically, the office must provide educational resources and host events to promote capital-raising options for underrepresented small businesses. The office must also work with rural businesses and businesses affected by natural disasters.
Finally, the House passed HR 3394, also known as the Fair Investment Opportunities for Professional Experts Act. This bill expands the eligibility criteria for an accredited investor for purposes of participating in private offerings of securities.
The criteria are expanded to include an individual determined by the Securities and Exchange Commission to have qualifying professional knowledge through educational or professional experience.
HR 3422 also provides statutory authority for an accredited investor as a broker or investment adviser.
