Washington DC – Today, Dec. 11, the U.S. Senate passed bipartisan legislation championed by United States Senator Dean Heller (R-NV), the SEC Small Business Advocate Act, that would allow small businesses, which make up almost half of the country’s private-sector workforce, to have a seat at the table as new federal rules at the Securities and Exchange Commission are made on how they can raise funding and access the resources they need to succeed. Senator Heller issued the following statement:
“Nearly 230,000 small businesses in Nevada employ more than 414,000 workers,” said Senator Heller. “These businesses are often overlooked and underrepresented in Washington’s regulatory process. This bipartisan legislation strengthens the voice of small businesses and ensures they receive access to the resources needed to succeed. Passage of this legislation gives small businesses more opportunities to grow business ventures and hire more employees.”
Long-time advocates for encouraging innovation and entrepreneurial growth across the country, United States Senators Heller, Heitkamp (D-ND), Peters (D-MI) along with United States Representatives Carney (D-DE), Duffy (R-WI), Quigley (D-IL), and Crenshaw (R-FL), worked to ensure small businesses have a clear voice when it comes to rulemaking that applies to private enterprises nationwide. Too often small businesses and startups face challenges because federal rules don’t distinguish between large and small businesses, putting small businesses at a disadvantage. By creating an Office of the Advocate for Small Business Capital Formation within the U.S. Securities and Exchange Commission (SEC) – the nation’s regulatory authority on protecting investors, maintaining orderly markets, and enabling companies to raise the funding they need to start and grow – the SEC Small Business Advocate Act would establish clear lines of communication between small businesses and the federal rule makers to make sure small businesses can advocate for policies that help them build investments in their companies as well as jobs across the country.