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President Obama Signs Rep. Quigley’s Bill to Expand Small Business’ Voice at the SEC Into Law

Dec 19, 2016
Press Release

WASHINGTON — Last week, the bipartisan SEC Small Business Advocate Act of 2015 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), was signed into law by President Barack Obama. This legislation establishes the Office of the Advocate for Small Business Capital Formation at the Securities and Exchange Commission (SEC).

“Small businesses are a vital driver of economic growth and job creation throughout the city of Chicago and across the entire United States. Though many regulators and lawmakers work hard to support their efforts, small businesses still face challenges understanding complex securities regulations and effectively communicating their needs,” said Rep. Quigley. “I am pleased that the creation of this new office will open a clear avenue of communication to SEC leadership and provide our hardworking small business owners with an advocate to help them explore new concepts and further spur innovation.”

The creation of this new office and formalization of a Small Business Advisory Committee will increase communication on issues affecting small businesses by maintaining a designated representative to advocate on their needs. 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 a broad group of small business organizations, including 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), and 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 their operations and create more good-paying jobs. This legislation was signed into law by President Obama in April 2012. Earlier this year, Rep. Quigley celebrated “Start-Up Day Across America” by meeting with leaders at Chicago- based start-ups Reverb and Curiosity, two prime examples of small business success.

Full text of the legislation can be found here.