Expanding Access to Capital for Rural Job Creators Act

Floor Speech

BREAK IN TRANSCRIPT

Mrs. WAGNER. Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 1190) to amend the Securities Exchange Act of 1934 to expand access to capital for rural-area small businesses, and for other purposes, as amended.

The Clerk read the title of the bill.

The text of the bill is as follows: H.R. 1190

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. 1190, the Expanding Access to Capital for Rural Job Creators Act. I commend Congressman Downing for leading this commonsense bipartisan bill.

Too often, the conversation around capital formation is centered on financial hubs like New York and San Francisco, but the backbone of America's economy is the local business communities in cities and towns and rural areas across all 50 States: the family-run manufacturers, agricultural innovators, entrepreneurs, and small-town tech startups. These businesses face unique but very real obstacles when trying to raise capital.

H.R. 1190 ensures that those voices aren't left out. The bill directs the SEC's Office of the Advocate for Small Business Capital Formation to proactively engage with rural communities, study the structural funding gaps that they face, and tackle their challenges when crafting policies.

This is not about expanding bureaucracy. It is about sharpening the focus of an office that already exists to ensure that its mission reflects the incredible variety of businesses that are the engine of the U.S. economy.

We all have rural counties in our districts where hardworking small business owners are ready to grow if only they can access the capital that they need. This bill gives them a seat at the table and a voice in sharpening the policies that affect their future.

Mr. Speaker, I urge my colleagues to support H.R. 1190, and I reserve the balance of my time.

Mr. Speaker, in closing, the Expanding Access to Capital for Rural Job Creators Act takes care of our hardworking small business owners who are ready to grow. They deserve a seat at the table, Mr. Speaker.

I urge all of my colleagues to support H.R. 1190. I commend the Representative from Montana (Mr. Downing) for introducing this legislation, and I yield back the balance of my time.

BREAK IN TRANSCRIPT

Source