December 6, 2013
Nelson Mandela
The world mourns the passing of Nelson Mandela, a truly historic figure who transformed a nation and the world. Throughout his life, Mr. Mandela consistently demonstrated compassion, dignity and leadership. He was a formidable moral presence, enduring decades of imprisonment then leading South Africans of all races into a democratic future. Mr. Mandela leaves a legacy of forgiveness and reconciliation. His dedication to freedom and justice will inspire us all for generations.
Financial Services
This week the House considered H.R. 1105, the Small Business Capital Access and Job Preservation Act. H.R. 1105 is yet another attempt to weaken some of the investor protections included in the Dodd-Frank Wall Street and Consumer Protection Act. Under current law, private equity funds managing more than $150 million must register with the Securities and Exchange Commission (SEC) as investment advisors. They are also subject to reporting requirements, providing a level of transparency to the funds. This legislation exempts the vast majority of private equity funds from registering with the SEC, which reduces the transparency of their transactions. The SEC opposes this legislation and the President has indicated that it will be vetoed. I voted NO. H.R. 1105 passed and the entire vote is recorded below:
|
YEA |
NAY |
PRESENT |
NOT VOTING |
REPUBLICAN |
218 |
1 |
0 |
12 |
DEMOCRAT |
36 |
158 |
0 |
6 |
TOTAL |
254 |
159 |
0 |
18 |
MASSACHUSETTS DELEGATION |
0 |
8 |
0 |
0 |
Patent Reform
Yesterday the House considered H.R. 3309, the Innovation Act. The goal of H.R. 3309 is to address patent abuse by placing restrictions on so-called “patent trolls”, businesses that purchase patents but have no intention of ever developing a product. Instead, they use the purchase of the patent as a way to sue businesses for infringement. This bill has a number of common sense provisions, such as requiring litigants to disclose the real parties of interest in the patent.
The problem I have with H.R. 3309 is that patent reform legislation, the America Invents Act, passed just two years ago and is still being implemented. H.R. 3309 completely overhauls the patent program before the America Invents Act has been fully developed. H.R. 3309 is also overly broad, essentially treating all patent holders as trolls. The Senate is also considering legislation addressing the problems with “patent trolls” that I think is a better approach. I hope the differences between the bills can be worked out in a balanced manner and I can support the compromise bill. I voted NO. H.R. 3309 passed and the entire vote is recorded below:
|
YEA |
NAY |
PRESENT |
NOT VOTING |
REPUBLICAN |
195 |
27 |
0 |
9 |
DEMOCRAT |
130 |
64 |
0 |
6 |
TOTAL |
325 |
91 |
0 |
15 |
MASSACHUSETTS DELEGATION |
3 |
5 |
0 |
0 |
What’s Up Next Week
The next votes in the House will take place on Tuesday December 10th. At this writing, a legislative schedule is not available.