S.Amdt. 1876

SA 1876. Mrs. HAGAN (for herself and Mr. Casey) submitted an amendment intended to be proposed by her to the bill H.R. 3606, to increase American job creation and economic growth by improving access to the public capital markets for emerging growth companies; which was ordered to lie on the table; as follows:

On page 36, between lines 3 and 4, insert the following:

SEC. 304. RULE OF CONSTRUCTION.

Notwithstanding any other provision of this title, the amendments made by this title shall not apply to a security offered or sold in any State or territory of the United States or the District of Columbia pursuant to an exemption that is substantially equivalent to a model crowdfunding rule adopted or amended, through the affirmative vote of a majority of duly constituted representatives of State governments, by an association composed of duly constituted representatives of State governments whose primary assignment is the regulation of the securities business within those States.

SEC. 305. SEVERABILITY.

If any provision of this title, an amendment made by this title, or the application of such provision or amendment to any person or circumstance is held to be unconstitutional by a court of competent jurisdiction, the remainder of this title, the amendments made by this title, and the application of the provisions of such to any person or circumstance shall not be affected thereby.