A bill that aims to put an office of small business advocate within the Securities and Exchange Commission remains in a Senate Committee after passing the House during the winter.
H.R. 3784, the SEC Small Business Advocate Act of 2015. This bipartisan legislation was introduced by Congressman John Carney (D-DE) and would establish an Office of Small Business Advocate at the Securities and Exchange Commission (SEC). Carney was joined in introducing this legislation by Congressmen Sean Duffy (R-WI), Mike Quigley (D-IL), and Ander Crenshaw (R-FL).
The SEC Small Business Advocate Act would establish an Office of the Advocate for Small Business Capital Formation and formalizes a Small Business Advisory Committee. This office would open a clear avenue of communication to SEC leadership on issues affecting small businesses by maintaining a designated representative to advocate for their needs. It will also serve as a source for new concepts and innovation in the small business marketplace. This legislation will not only improve the regulatory process for small business owners but also for the investors and consumers that depend on them.
The SEC regulates stock offerings and other financial matters related to publicly traded companies.
Carney has been working to improve access to capital for smaller companies.
This legislation is supported by: Small Business Investor Alliance (SBIA), U.S. Chamber of Commerce, Biotechnology Industry Association (BIO), Small Business & Entrepreneurship Council (SBE Council), Association for Corporate Growth (ACG), National Small Business Association (NSBA), Crowdfunding Professional Association (CfPA), National Venture Capital Association (NVCA), National Development Council (NDC)
The bill is now before the Senate Committee on Banking, Housing, and Urban Affairs.
