H.R. 3784: SEC Small Business Advocate Act of 2015
By SBE Council at 22 October, 2015, 1:02 pm
UPDATE: The U.S. House passed H.R. 3784 by voice vote on February 1, 2016.
On December 9, H.R. 3784 was reported out of the Financial Services Committee by a vote of 56-0. The bill awaits full House consideration.
SBE Council joined a coalition of small business groups to express support for the "Securities and Exchange Commission (SEC) Small Business Advocate Act of 2015."
This legislation is critical to ensure small and medium size businesses have a strong, independent voice at the SEC.
As noted in the letter:
"Currently, there is no independent voice at the Commission to bring attention to the important goals of facilitating capital formation, and helping small businesses across the country access the capital they need to grow and create jobs. The regulations and policy decisions made by the Commission weigh heavily on small businesses seeking to access the capital markets, and often create significant regulatory burdens on small business and small business investors."
H.R. 3784 will give small businesses that voice as it will establish an Office of the Small Business Advocate at the SEC, formalize the current SEC Advisory Committee on Small & Emerging Companies as a permanent Small Business Advisory Committee, and bring the annual Government-Business Forum on Small Business Capital Formation under the authority of the newly formed Office.
Read the full letter here.