The House unanimously approved legislation on Monday that U.S. Rep. Bruce Poliquin (R-ME) introduced to help make capital more available to small businesses and startups.
The Small Business Capital Formation Enhancement Act, H.R. 1312, would direct the Security and Exchange Commission (SEC) to evaluate each recommendation brought forward during the Government-Business Forum on Capital Formation that the SEC holds each year.
“Access to capital is absolutely critical when it comes to growing our economy and providing more opportunities for the next generation,” Poliquin said in remarks on the House floor in support of the bill.
About two-thirds of new jobs over the last decade have been created by small businesses.
“In Maine, our small businesses are the lifeblood of our economy, and it is so important they have the tools they need to succeed, expand, and create jobs,” Poliquin said.
The Government-Business Forum on Capital Formation is required under the Small Business Investment Incentive Act of 1980. The forum brings together SEC attorneys, private-sector lawyers, academics and business people to review barriers to small business capital formation and to discuss recommendations to provide small businesses more access to capital markets.
Under H.R. 1312, the SEC would be directed to evaluate each of the forum’s recommendations and findings, to issue a public statement and to disclose any action that the SEC intends to take on individual recommendations.
“I’m enormously proud of this bipartisan legislation to make it easier — not harder — for our local businesses to access capital to grow and prosper. This is all about jobs,” he said.