This bill would establish an Office for Small Business Capital Formation and the Small Business Capital Formation Advisory Committee within the Securities and Exchange Commission (SEC).
The office would be led by the Advocate for Small Business Capital Formation, who would be appointed by and report to the SEC. Among the Advocate’s responsibilities would be:
Help small businesses resolve problems with the SEC;
Analyze the potential impact of proposed rules and regulations that are likely to have a significant effect of small businesses;
Reach out to small businesses to understand issues related to capital formation.
The advisory committee would provide advice to the commission on rules and policies related to capital formation, securities trading, and reporting and governance requirements for emerging and smaller public companies.