U.S. Reps. Ander Crenshaw (R-FL), John Carney (D-DE), Sean Duffy (R-WI) and Mike Quigley (D-IL) recently introduced the SEC Small Business Advocate Act of 2015 (H.R. 3784), which would establish an Office of Small Business Advocate at the Securities and Exchange Commission (SEC).
The law specifically would establish an Office of the Advocate for Small Business Capital Formation and formalize a Small Business Advisory Committee, which would open a clear avenue of communication between small businesses and SEC officials on issues affecting small businesses by maintaining a designated representative to advocate on behalf of their needs. It would also serve as a source for new concepts and innovation in the small-business marketplace.
“Small businesses create the bulk of new jobs in the U.S. and deserve common-sense tools to continue that vital role in growing our economy,” Crenshaw, chairman of the House Appropriations Subcommittee on Financial Services and General Government, said. “But with so many new and complex regulations at play, including those brought on by Dodd-Frank and the JOBS Act, they face enormous challenges along that road. Establishing a small-business advocate at the SEC would provide a welcome voice to assist them in such areas as handling regulatory issues, predicting problems ahead and pointing to areas where access to capital can be improved. When you open that type of communication and opportunity for problem solving, it’s a win-win for everyone.”