SPAC Marketing Heavily Curtailed in House Democrats’ Draft Bill: Report

US Capitol

The SPAC boom has House Democrats mulling an aggressive response: largely ban Wall Street from marketing blank-check companies to retail investors, Bloomberg reports. 

The bill would only allow brokers and money managers to recommend SPACs to accredited investors, with few exceptions.

The proposal was posted on the House Financial Services Committee’s website ahead of today’s hearing featuring SEC Chair Gary Gensler, signaling topics that lawmakers intend to ask him about. Another draft bill would kick companies off U.S. stock exchanges if they don’t disclose the diversity of their leadership. Read more.

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