Congressmen Quigley, Carney, Duffy, and Crenshaw Introduce Bill to Expand Small Businesses' Voice at the SEC

Press Release

This week, U.S. Representative Mike Quigley (IL-05), a member of the New Democrat Coalition, along with Reps. John Carney (DE), Sean Duffy (WI-07) and Ander Crenshaw (FL-04) introduced H.R. 3784, the SEC Small Business Advocate Act of 2015. This legislation would establish an Office of Small Business Advocate at the Securities and Exchange Commission (SEC).

Small businesses are a driver of economic growth and job creation throughout the United States. Though many regulators and lawmakers take into account their needs, small businesses still face challenges communicating with regulators on a wide range of issues. To address this problem, the SEC Small Business Advocate Act establishes 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 on 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.

"Enforcing robust investor protections is essential for the safety and soundness of our financial markets. But we must ensure that these well-intended protections do not significantly harm small business growth . The SEC Small Business Advocate Act will do just that by providing small businesses and small business investors an independent voice at the SEC," said Rep. Quigley. "As the backbone of America, employing nearly half of the private sector workforce, I will continue to stand up for small businesses in Congress and look forward to working with my colleagues to pass the SEC Small Business Advocate Act."

Source