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house Bill H.R. 3784

Does the SEC Need an Office to Address the Concerns of Small Businesses?

Argument in favor

The Securities and Exchange Commission’s regulations can have a profound impact on the ability of small businesses to attract investment. Giving small businesses an advocate within the SEC will make the regulatory process less disruptive.

BernieSanders's Opinion
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02/05/2016
"Small business creates most of the new jobs in this country and it’s important that we do everything we can to help them." [sanders.senate.gov]
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BarackObama's Opinion
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02/05/2016
"We need an economy built to last – that creates jobs of the future and makes things the rest of the world buys. And we need to strengthen small businesses, which are the backbone of our economy and critical to job creation and sustained economic growth." [whitehouse.gov]
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Kevin's Opinion
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02/05/2016
Large businesses have lobbyists to represent their needs. Small businesses need as large a voice as we the people can give them. Most people in America are employed by a small businesses , so this debate affects everyone in some way.
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Argument opposed

Small businesses are already well-represented in the federal regulatory process, and if they have issues with proposed rules they can raise them without having an office specifically designated for them within the SEC.

operaman's Opinion
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02/02/2016
No SEC office. Just repeal Obama's Executive Orders
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Scott's Opinion
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02/05/2016
The sec deals with publicly traded companies. Once a company goes that rout, it's not a "small business".
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Buster's Opinion
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05/10/2016
Keep the Fed out of small businesses to many regulations now that Destroy them
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What is House Bill H.R. 3784?

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.

Impact

Small businesses, the to-be-created Office for Small Business Capital Formation and the Small Business Capital Formation Advisory Committee, and the SEC.

Cost of House Bill H.R. 3784

$7.00 Million
The CBO estimates that implementing this bill would cost $7 million over the 2016-2020 period.

More Information

In-Depth: Sponsoring Rep. John Carney (D-DE) introduced this legislation to improve communication between the small business community and leadership at the SEC responsible for drafting and implementing regulations:

“Every American relies on small business — from employment to shopping needs. Considering the crucial role they play in our economy and job creation, providing resources for their success is a no-brainer. The SEC has done an admirable job supporting and advancing the priorities of small businesses. This legislation will help provide the SEC tools to understand their needs and concerns.”

This bill was passed by the House Financial Services Committee unanimously on a vote of 56-0, and it currently has nine cosponsors in the House including six Democrats and three Republicans.


Media:

Summary by Eric Revell
(Photo Credit: Flickr user Beth Olson)

AKA

SEC Small Business Advocate Act of 2016

Official Title

To amend the Securities Exchange Act of 1934 to establish an Office of the Advocate for Small Business Capital Formation and a Small Business Capital Formation Advisory Committee, and for other purposes.

bill Progress

  • EnactedDecember 16th, 2016
    The President signed this bill into law
  • The senate Passed December 10th, 2016
    Passed by Voice Vote
      senate Committees
      Committee on Banking, Housing, and Urban Affairs
  • The house Passed February 1st, 2016
    Passed by Voice Vote
      house Committees
      Committee on Financial Services
      Investor Protection, Entrepreneurship, and Capital Markets
    IntroducedOctober 21st, 2015
Log in or create an account to see how your Reps voted!
    BernieSanders's Opinion In Favor
    ···
    02/05/2016
    "Small business creates most of the new jobs in this country and it’s important that we do everything we can to help them." [sanders.senate.gov]
    Like (124)
    Follow
    Share
    operaman's Opinion Against
    ···
    02/02/2016
    No SEC office. Just repeal Obama's Executive Orders
    Like (7)
    Follow
    Share
    BarackObama's Opinion In Favor
    ···
    02/05/2016
    "We need an economy built to last – that creates jobs of the future and makes things the rest of the world buys. And we need to strengthen small businesses, which are the backbone of our economy and critical to job creation and sustained economic growth." [whitehouse.gov]
    Like (39)
    Follow
    Share
    Scott's Opinion Against
    ···
    02/05/2016
    The sec deals with publicly traded companies. Once a company goes that rout, it's not a "small business".
    Like (5)
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    Alan's Opinion Against
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    02/08/2016
    We need less gov, not more gov.
    Like (3)
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    Buster's Opinion Against
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    05/10/2016
    Keep the Fed out of small businesses to many regulations now that Destroy them
    Like (3)
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    Raymondwhite's Opinion Against
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    04/10/2016
    Not the SEC's place
    Like (3)
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    wsdraperv's Opinion Against
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    02/12/2016
    Cut the SEC budget, we need to reduce red tape, not increase it.
    Like (3)
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    frankponciano's Opinion In Favor
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    02/05/2016
    This is a very small investment that will surely have a positive impact on small businesses, consumers, and the work force at large. This bill is a no brainer So long as it is implemented correctly and there is a true line of communication between business owners and the SEC.
    Like (2)
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    Dave's Opinion Against
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    02/05/2016
    Right. Another bureaucratic "necessity" headquartered in DC to "help" those outside the beltway. More rules, more do's and don't with added costs of doing business to process reams of paperwork for the government aimed at the people!!
    Like (2)
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    T's Opinion Against
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    02/04/2016
    The answer is not more advocates for every slice of the economy, it is minimal regulation limited to ensuring that the few rules we do have are clear, consistent, and followed.
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    SherryTX's Opinion Against
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    02/02/2016
    We don't need anymore govt "offices" unless it is one to figure out how to shut down most of the ones we already have. Want to screw something up... Get the govt involved.
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    Kenneth's Opinion Against
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    02/10/2016
    No more government! Geez!!!
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    StratonGarrard's Opinion In Favor
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    02/05/2016
    Until we create a streamlined means that will allow small businesses to thrive in our economy, this will give them a way to negotiate with the SEC on a more even footing.
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    CPMonroe's Opinion In Favor
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    02/06/2016
    Despite the SEC typically being used by & for businesses that have stocks or other securities, many small businesses do not have lobbyists or sway in Washington D.C. Additionally, small businesses could really benefit from this knowledge, advice & (possible) additional revenue stream was available to them.
    Like (2)
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    Kevin's Opinion In Favor
    ···
    02/05/2016
    Large businesses have lobbyists to represent their needs. Small businesses need as large a voice as we the people can give them. Most people in America are employed by a small businesses , so this debate affects everyone in some way.
    Like (2)
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    John's Opinion Against
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    08/31/2016
    NO NO NO!!! THE POWERS OF THE SEC DO NOT NEED TO BE EXPANDED. If a "small" business is thinking of going public, they can already get help. WE AR 19 TRILLION IN DEBT and the deficit is growing that debt by millions each and every day. WE NEED TO BE CUTTING SERVICES, NOT ADDING NEW ONES AT THE FEDERAL LEVEL. STOP SPENDING!!!
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    Donald's Opinion Against
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    03/11/2016
    No more government agencies or committees
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    AndrewGVN's Opinion In Favor
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    04/29/2016
    Since there are so many regulations in place currently, there should be an office to help small businesses with the complicated regulations placed enforced by the SEC. Hopefully, however, in the future, this won't even be a concern.
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    JayinNC's Opinion In Favor
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    08/02/2016
    Sure why not
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