By Small Business & Entrepreneurship Council, Special for USDR
The nation’s leading advocate for entrepreneurs and small businesses issued the following statement regarding U.S. Senate passage last evening, by unanimous consent, of H.R. 3784, the “Securities and Exchange Commission (SEC) Small Business Advocate Act.” According to Small Business & Entrepreneurship Council president & CEO Karen Kerrigan, a voice for entrepreneurs and small businesses is desperately needed at the SEC as the commission has continuously failed to act upon recommendations and common-sense reforms to streamline rules and regulations that impede capital formation and access for small businesses and startups.
“An Advocate within the SEC will give startups and small businesses a permanent voice to ensure our issues and views are given the weight and seriousness they deserve. The SEC needs to better understand small business barriers when accessing capital, and how proposed rules and regulations will impact their costs and competitiveness. An Advocate will ensure our views and concerns are identified, elevated, and acted upon,” said Kerrigan.
H.R. 3784 will give small businesses high-level representation as it will establish an Office of the Small Business Advocate at the SEC, formalize the current SEC Advisory Committee on Small & Emerging Companies as a permanent Small Business Advisory Committee, and bring the annual Government-Business Forum on Small Business Capital Formation under the authority of the newly formed Office.
“Strengthening capital markets and improving capital access is critical to small business growth and getting robust entrepreneurship back on track. This legislation makes important changes that will provide a boost to capital formation and investment. Entrepreneurs and small business owners look forward to President Obama quickly signing the legislation into law,” added Kerrigan.
SBE Council is a nonpartisan, nonprofit advocacy, research and education organization that works to protect small business and promote entrepreneurship. For nearly 25 years, SBE Council has worked to advance initiatives and policies that strengthen the ecosystem for startups and small business growth. To learn more, visit SBE Council’s website: www.sbecouncil.org. Follow on Twitter:@SBECouncil
SOURCE Small Business & Entrepreneurship Council