OFFICIALS LEGISLATION INTEREST GROUPS PUBLIC STATEMENTS COMMITTEES VETOES

Improving Access to Small Business Information Act

Floor Speech

Date: July 11, 2023
Location: Washington, DC

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Mr. SHERMAN. Madam Speaker, I yield myself such time as I may consume.

I rise in support of H.R. 1548, the Improving Access to Small Business Information Act, sponsored by Representative Young Kim from the great State of California.

The Paperwork Reduction Act mandates that all Federal agencies receive approval from the Office of Management and Budget before putting forth a paper form or survey that will impose an information collection burden on the general public.

Although this is well-intentioned, the Paperwork Reduction Act may often prevent Federal agencies like the SEC from obtaining data from the public, the very data that assists agencies in carrying out this mission.

This bill streamlines the ability of the SEC's Advocate for Small Business Capital Formation to carry out its mission by exempting it from the requirements of the Act in the same way that a sister agency, the SEC's Investor Advocate, is currently exempted.

In effect, it enables the small business advocate to properly conduct its job, which will strengthen the ability of the SEC to craft regulations that help small businesses raise capital.

I also want to note that as part of the negotiations that resulted in this bipartisan compromise bill, Chairman McHenry and Ranking Member Waters agreed that in the months ahead they will work together on bills to strengthen the independence and capacities of the investor advocate and of the small business advocate at the SEC.

These two offices, both of which are congressionally created, must be given sufficient resources to satisfy their unique roles within the SEC. I urge my colleagues to support this bill, and I reserve the balance of my time.

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Mr. SHERMAN. Madam Speaker, I have no further speakers, and I am prepared to close if the gentlewoman from Missouri has no further speakers.

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Mr. SHERMAN. Madam Speaker, I yield myself the balance of my time.

I commend the gentlewoman from California (Mrs. Kim) for her excellent work on this bill.

H.R. 1548 streamlines the ability of the SEC's small business advocate to better support small businesses' efforts to raise capital. I urge my colleagues to support the bill, and I yield back the balance of my time.

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