Congressman Quigley’s Bipartisan Bill to Expand Small Businesses’ Voice at the SEC Passes House
WASHINGTON — Today, the bipartisan SEC Small Business Advocate Act of 2015, H.R. 3784, introduced by U.S. Representative Mike Quigley (IL-05), a member of the New Democrat Coalition, along with Reps. John Carney (DE), Sean Duffy (WI-07) and Ander Crenshaw (FL-04), passed the U.S. House of Representatives by voice vote. This legislation will establish an Office of Small Business Advocate at the Securities and Exchange Commission (SEC).
“Given the extreme partisanship and gridlock in Washington, D.C., it is more difficult than ever to come together in a bipartisan way to pass meaningful legislation for the American people. So I am extremely proud to stand with my colleagues today as our SEC Small Business Advocate Act is passed out of the House,” said Rep. Quigley. “Our bill will provide small businesses and small business investors an important, independent voice at the SEC to help them focus less of their attention on trying to understand complex securities regulations and spend more time focusing on creating jobs and growing their businesses. As the backbone of America, employing nearly half of the private sector workforce, I will continue to stand up for small businesses in Congress and look forward to working with my colleagues to see the SEC Small Business Advocate Act on the president’s desk.”
Small businesses are a driver of economic growth and job creation throughout the United States. Though many regulators and lawmakers take into account their needs, small businesses still face challenges communicating with regulators 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 will create a strong, independent voice for small business investors at the SEC. The Advocate will focus the SEC’s attention on capital formation and small business investment issues, an area that is often overlooked at the Commission. SBIA is thankful to the sponsors of this legislation for pushing this bill through the House including Congressmen John Carney, Sean Duffy, Mike Quigley, and Ander Crenshaw,” said Brett Palmer, President of the Small Business Investor Alliance (SBIA).
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)
Rep. Quigley is a member of the New Democrat Coalition, a group of congressional lawmakers that promotes policies that harness American ingenuity, innovation and entrepreneurship to grow our economy. He was a supporter of the Jumpstart Our Business Startups (JOBS) Act and cosponsored an original part of this legislation that focused on helping businesses raise the capital needed to expand and create jobs. This legislation was signed into law by President Obama in April 2012. This year, Rep. Quigley celebrated “Start-Up Day Across America” by meeting with leaders at Chicago- based start-up UrbanBound.
To see Rep. Quigley speak on the House floor in support of the bill, click here. 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 afore-mentioned groups, click here.