WASHINGTON — The Senate by a clear margin passed legislation Thursday making it easier for small banks to attract investors without having to register with the Securities and Exchange Commission.

Under the bill, which more broadly aims to boost job growth for small businesses and startups, small financial institutions would only have to register with the SEC if they were owned by at least 2000 investors. The current threshold is 500.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.