Does the SEC Need to Consider Ways to Improve Small Businesses’ Access to Capital? (H.R. 1312)
Do you support or oppose this bill?
What is H.R. 1312?
(Updated March 10, 2020)
This bill would require the Securities and Exchange Commission (SEC) to conduct an annual review of the government-business forum on small business capital formation. The forum is held each year to address the status of problems and programs related to small business capital formation.
The SEC would be required to review each of the forum’s findings and recommendations, then issue a public statement promptly after assessing disclose any actions it intends to take.
Argument in favor
The SEC ought to review the recommendations of an annual government-industry forum on small business capital formation. That way the SEC can assess ways to help small businesses grow and fuel economic growth.
Argument opposed
All this bill does is require the SEC to review the findings of a government-industry forum and announce what, if anything, it will do. It's doubtful that will lead to tangible actions that help small business.
Impact
Small businesses; participants in the annual government-business forum, and the SEC.
Cost of H.R. 1312
The CBO estimates that implementing this bill would cost less than $500,000.
Additional Info
In-Depth: Sponsoring Rep. Bruce Poliquin (R-ME) introduced this bill to ensure that small businesses can access the capital they need to drive economic growth:
“Small businesses are the lifeblood of our economy in Maine and across our Nation, and it’s critical they are given the access to capital and resources they need to succeed. Often times, however, the system is working against them, as they struggle to raise enough money to grow and bring on new employees. I’m proud to once again push this bipartisan bill forward with my colleague Congressman Vargas to give our local job creators the tools to expand their businesses and hire more workers.”
The House Financial Services Committee passed this bill by a vote of 58-0. During the 114th Congress, this legislation passed the House on a vote of 390-1 but wasn't considered by the Senate.
Media:
- Sponsoring Rep. Bruce Poliquin (R-ME) Press Release
- House Financial Services Committee Press Release
- CBO Cost Estimate
- Financial Regulation News
- Ripon Advance
Summary by Eric Revell
(Photo Credit: Flickr user Boston Public Library)
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