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Expanding Access to Capital for Rural Job Creators Act

Floor Speech

Date: July 26, 2022
Location: Washington, DC

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Ms. WATERS. Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 5128) to amend the Securities Exchange Act of 1934 to expand access to capital for rural-area small businesses, and for other purposes.

The Clerk read the title of the bill.

The text of the bill is as follows: H.R. 5128

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE.

This Act may be cited as the ``Expanding Access to Capital for Rural Job Creators Act''. SEC. 2. ACCESS TO CAPITAL FOR RURAL-AREA SMALL BUSINESSES.

Section 4(j) of the Securities Exchange Act of 1934 (15 U.S.C. 78d(j)) is amended--

(1) in paragraph (4)(C), by inserting ``rural-area small businesses,'' after ``women-owned small businesses,''; and

(2) in paragraph (6)(B)(iii), by inserting ``rural-area small businesses,'' after ``women-owned small businesses,''.

Mr. Speaker, I rise in support of H.R. 5128, the Expanding Access to Capital for Rural Job Creators Act, introduced by Representative Axne.

While small businesses in the big cities may enjoy easier access to capital to grow their businesses, hire and support their employees, and serve their communities, the businesses in rural America often struggle. Rural America's job growth is half the rate than that of big cities, and rural America's poverty rate is also higher than that of the big cities, even though it has dropped under President Biden's leadership and as a result of this Congress' work.

Congresswoman Axne's bill would require SEC's small business advocate to report to Congress particular challenges that rural businesses face in accessing our capital markets.

Mr. Speaker, I urge my colleagues to support this bill, and I reserve the balance of my time.

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Ms. WATERS. Mr. Speaker, I have no further speakers, and I am prepared to close.

I thank Mrs. Axne for her work on this important issue and for always working on behalf of the rural businesses and communities in her district. Congresswoman Axne's bill directs the SEC's Small Business Advocate to similarly focus on the challenges rural small businesses face.

Mr. Speaker, I urge my colleagues to support this bill, and I yield back the balance of my time.

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