Improving Access to Small Business Information Act

Floor Speech

BREAK IN TRANSCRIPT

Mrs. WAGNER. Madam Speaker, I move to suspend the rules and pass the bill (H.R. 1548) to amend the Securities Exchange Act of 1934 to specify that actions of the Advocate for Small Business Capital Formation are not a collection of information under the Paperwork Reduction Act, as amended.

The Clerk read the title of the bill.

The text of the bill is as follows: H.R. 1548

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 ``Improving Access to Small Business Information Act''. SEC. 2. EXCLUSION FROM THE PAPERWORK REDUCTION ACT.

Section 4(j) of the Securities Exchange Act of 1934 (15 U.S.C. 78d(j)) is amended by adding at the end the following:

``(10) Exclusion from the paperwork reduction act.--

``(A) In general.--Actions taken by the Advocate for Small Business Capital Formation under this subsection shall not be a `collection of information' for purposes of subchapter I of chapter 35 of title 44, United States Code (commonly known as the `Paperwork Reduction Act').

``(B) Exceptions.--Subparagraph (A) shall not apply to the requirements under subsections (c)(1), (c)(4), and (i) of section 3506 of such title and section 3507(a)(1)(A) of such title, except that the Commission shall not be required--

``(i) to submit a collection of information by the Advocate to the Director of the Office of Management and Budget, as described under section 3506(c)(1)(A) of such title;

``(ii) to display a control number on a collection of information by the Advocate, as described under section 3506(c)(1)(B)(i) of such title (or to inform a person receiving a collection of information from the Advocate that the collection of information needs to display a control number, as described under section 3506(c)(1)(B)(iii)(V) of such title); or

``(iii) to indicate a collection of information by the Advocate is in accordance with the clearance requirements of section 3507 of such title, as described under section 3506(c)(1)(B)(ii) of such title.''.
BREAK IN TRANSCRIPT

Mrs. WAGNER. Madam Speaker, I yield myself such time as I may consume.

Madam Speaker, I rise in support of H.R. 1548, the Improving Access to Small Business Information Act.

I thank my colleagues from both sides of the aisle, the gentlewoman from California (Mrs. Kim), the author of this legislation, and the gentleman from New Jersey (Mr. Gottheimer), for working on this commonsense piece of bipartisan legislation that will help ensure America's small businesses and entrepreneurs are heard at the SEC.

H.R. 1548 provides a simple fix that will allow the SEC's Advocate for Small Business Capital Formation, or the Advocate, to become a more impactful voice in support of American entrepreneurs and capital formation.

Each year, the Advocate and its staff host events around the country to support small businesses and to better understand their most pressing issues when it comes to raising capital. Such interactions help the Advocate analyze the potential impact of policy changes likely to affect small businesses and their investors.

Under current law, however, the Advocate may not collect information--such as through surveys or studies--from small businesses and entrepreneurs without triggering the burdensome requirements of the Paperwork Reduction Act. This, in turn, introduces a host of bureaucratic hurdles the Advocate must navigate in carrying out its mission.

By clarifying that such actions of the Advocate are not a collection of information under the Paperwork Reduction Act and providing exemptions from the most burdensome aspects of the Paperwork Reduction Act, H.R. 1548 enables the Advocate to engage with American small businesses with less friction.

With fewer hurdles in place, the Advocate will gain a better understanding of the capital formation challenges that small businesses face, which will result in better policymaking decisions here in Washington, D.C.

Madam Speaker, H.R. 1548 is a balanced and thoughtful bill that cuts unnecessary and onerous red tape to allow the SEC's Advocate for Small Business Capital Formation to become a more effective champion in support of American small businesses and capital formation. For this reason, I urge my colleagues to support H.R. 1548, and I reserve the balance of my time.

BREAK IN TRANSCRIPT

Mrs. WAGNER. Madam Speaker, I yield such time as she may consume to the gentlewoman from California (Mrs. Kim), the author of this piece of legislation, and my friend and colleague.

BREAK IN TRANSCRIPT

Mrs. WAGNER. Madam Speaker, I have no further speakers, so I reserve the balance of my time.

BREAK IN TRANSCRIPT

Mrs. WAGNER. Madam Speaker, I would simply urge my colleagues to support H.R. 1548, and I yield back the balance of my time.

Ms. JACKSON LEE. Madam Speaker, I rise in support of H.R. 1548, Improving Access to Small Business Information Act.

The Securities Exchange Act of 1934 regulates transactions of securities in the secondary market.

The act typically governs transactions which take place between parties which are not the original issuer, such as trades that retail investors execute through brokerage companies.

The Paperwork Reduction Act of 1980 is a federal law designed to reduce the total amount of paperwork burden the federal government imposes on private business and citizens.

Under the Paperwork Reduction Act, agencies must comply with specific procedures when gathering information from the public.

H.R. 1548 will amend the Securities Exchange Act of 1934 to specify that actions of the Advocate Small Business Capital Formation are not a collection of information undue the Paperwork Reduction Act.

In other words, this bill excludes from the Paperwork Reduction Act actions taken by the Office of the Advocate for Small Business Capital Formation within the Securities and Exchange Commission.

The Office of the Advocate for Small Business Capital Formation does hard work to provide an annual report to the United States House and Senate to ensure that we understand the state of small business capital formation.

The Office of the Advocate for Small Business Capital Formation will continue to advocate for solutions to improve the capital raising opportunities for the dreamers, builders, doers, creators, and investors who you don't see in the headlines today.

For this reason, it is vital that we pass H.R. 1548.

BREAK IN TRANSCRIPT

Mrs. WAGNER. Madam Speaker, on that I demand the yeas and nays.

The yeas and nays were ordered.

BREAK IN TRANSCRIPT

Source