WASHINGTON, D.C.  — Today, the House of Representatives passed H.R. 3784, the SEC Small Business Advocate Act of 2015. This bipartisan legislation, introduced by Congressman John Carney (D-DE), would establish an Office of Small Business Advocate at the Securities and Exchange Commission (SEC). Congressman Carney was joined in introducing this legislation by Congressmen Sean Duffy (R-WI), Mike Quigley (D-IL), and Ander Crenshaw (R-FL). 

In response to its passage, Congressman John Carney said, “Every American relies on small business --they’re our biggest creator of new jobs, and they provide us with goods and services daily. Considering the crucial role they play in our economy, providing resources for their success is a no-brainer. I’m glad we could come together to support small business by passing this common-sense bill. I want to thank Congressmen Duffy, Quigley, and Crenshaw for their help on this legislation, and I encourage my Senate colleagues to take up this bill immediately.”

Small businesses are a driver of economic growth and job creation throughout the United States. However, small businesses still face challenges communicating with regulators and federal agencies 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.

This legislation is supported by: Small Business Investor Alliance (SBIA), U.S. Chamber of Commerce, Biotechnology Industry Association (BIO), Small Business & Entrepreneurship Council (SBE Council), Association for Corporate Growth (ACG), National Small Business Association (NSBA), Crowdfunding Professional Association (CfPA), National Venture Capital Association (NVCA), National Development Council (NDC)

To see a summary of the bill click here. To see the bill text click here. To view a letter of support written by the aforementioned groups click here.

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