Sec Small Business Advocate Act of 2016

Floor Speech

I begin by thanking all of those who have worked with us to introduce and to improve this legislation. I especially want to thank my colleague and friend, the gentleman from Wisconsin (Mr. Duffy), the gentleman from Illinois (Mr. Quigley), who will speak in a minute, the gentleman from Florida (Mr. Crenshaw), and all of our other cosponsors, as well as the SEC, for their work on this bill. Due to their help and the bipartisan work on our committee, this legislation received a unanimous vote out of committee, as the gentleman from New Jersey pointed out.

Mr. Speaker, small businesses are the cornerstones of our communities, and they are a major driver of American economic job growth. In fact, small businesses create over 60 percent of new jobs in the United States, which is the main point here. If we want to help businesses create jobs, we need to help small businesses.

From one's employment to one's shopping needs, every American relies on small business in some way or another. Given the crucial part they play in our economy, ensuring their success just makes common sense. That is what this bill is--just a commonsense, bipartisan bill to help small businesses across our great country.

Despite the important role that small businesses have in driving economic growth and job creation, they can be underrepresented in conversations about regulations affecting them at every level of government, and their concerns are not always heard. This doesn't just harm small businesses. It can also adversely impact investors and the public at large.

The SEC has done an admirable job in supporting and in advancing the priorities of small businesses. This bill, the SEC Small Business Advocate Act, simply gives the SEC more tools to understand their needs and concerns. The SEC Small Business Advocate Act mirrors provisions found in the Dodd-Frank bill, which created the current Office of the Investor Advocate.

This advocate would open clear avenues of communication to SEC leadership on issues affecting small-business owners, investors, and stakeholders. It would also help continue the reforms and progress that Congress made in passing the JOBS Act, which the gentleman from New Jersey mentioned, including with issues such as equity crowdfunding and ideas for venture exchanges and changes to tick size, which the gentleman from Wisconsin and I have worked on over the past year.

With the resources provided in H.R. 3784, the SEC will have the ability to pursue meaningful regulatory improvements that could significantly improve outcomes for small businesses and help them with their access to capital, which is needed to grow and create jobs.

I am very encouraged that the House has chosen to take up this bipartisan piece of legislation today and that we are moving forward to ensure a voice for small business at the SEC.

Again, I thank the SEC for its help on this issue and a special thanks to my friend and colleague, Congressman Duffy.

I urge all of my colleagues, as the members of the Financial Services Committee have, to vote ``yes'' on this legislation.

I close by again asking my colleagues to follow the example of the Financial Services Committee and vote unanimously to support this bill, which will help small businesses to access capital and to get the advice they need from the SEC.

I yield back the balance of my time.

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