Yesterday, Congressman Bill Huizenga (MI-02) spoke on the House floor in support of H.R. 1343, the Encouraging Employee Ownership Act. This legislation allow small businesses to compete with larger companies by reforming SEC Rule 701 which places burdensome federal filing requirements on employee compensation packages. By lifting the threshold, small businesses will be able to offer employees more compensation options in order to better retain and attract talent. “By increasing Rule 701 to the threshold of $10 million, it will give private companies more flexibility to attract, reward, and retain employees.” said Representative Bill Huizenga, “This simple change would allow companies to offer twice as much stock to their employees annually without having to trigger additional disclosure information to investors about compensation packages that include securities offerings.” H.R. 1343 passed with a vote of 331 to 87.