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U.S. Senate rejects alternative to startups bill
March 20, 2012 / 8:42 PM / 6 years ago

U.S. Senate rejects alternative to startups bill

WASHINGTON, March 20 (Reuters) - A Democratic-backed measure that would have rewritten a capital formation bill to add investor protections failed to clear a key procedural vote in the U.S. Senate on Tuesday, in a blow to investor advocates and regulators who had championed the changes.

The vote now clears the way for the U.S. Senate to begin considering a version of the bill that overwhelmingly passed the U.S. House of Representatives earlier this month.

The bill aims to relax securities regulations for smaller startup companies to help them raise funds and do public stock offerings. The Democratic version of the measure would have added key investor protections that were sought by Securities and Exchange Commission Chairman Mary Schapiro as well as investor advocacy groups.

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