U.S. Rep. Mike Quigley (D-Dist. 5) joined Reps. John Carney (D-DE), Sean Duffy (R-WI) and Ander Crenshaw (R-FL) in introducing the SEC Small Business Advocate Act of 2015 late last week.
The legislation would set up an Office of the Advocate for Small Business Capital Formation and formalizes a Small Business Advisory Committee, giving small businesses a voice and a line of communication with regulators and lawmakers.
Small businesses are a driver of economic growth and job creation throughout the U.S. While many federal regulators and legislators understand small businesses' importance and account for their needs, they still struggle to communicate with D.C. powers that be on a number of issues.
The Office of the Advocate and advisory ommittee would create a clear path of communication to SEC leadership for small businesses by maintaining a designated consistent representative to advocate for small-business needs and communicate their positions. The advocate’s office would develop into a source for new concepts and innovation in the small-business marketplace.
Through this legislation, the regulatory process for small-business owners would provide relief for the many investors and consumers that rely on the presence and success of these businesses.
“Enforcing robust investor protections is essential for the safety and soundness of our financial markets, but we must ensure that these well-intended protections do not significantly harm small-business growth,” Quigley, a member of the New Democrat Coalition, said. “The SEC Small Business Advocate Act will do just that by providing small businesses and small-business investors an independent voice at the SEC. 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 pass the SEC Small Business Advocate Act.”
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