U.S. Rep. Ander Crenshaw’s, R-Fla., proposal to create a small business advocate at the Security and Exchange Commission (SEC) picked up steam this week as the House Financial Services Committee passed it without opposition.
The committee passed the bill on a 56-0 vote on Wednesday, sending it to the House floor.
Crenshaw, who chairs the Financial Services and General Government Appropriations Subcommittee, teamed up with U.S. Reps. John Carney, D-Del., Sean Duffy, R-Wisc. and Mike Quigley, D-Ill., back in October to launch the bill. The legislation creates an Office of Small Business Advocate at the SEC. Crenshaw and the other sponsors insist a small business advocate would provide a voice for small business owners and investors and customers who rely on them.
“Small businesses are America’s job creators and deserve common-sense tools to continue playing their vital role in growing our economy,” Crenshaw insisted on Thursday. “Yet with so many new and complex regulations at play, including those brought on by Dodd-Frank and the JOBS Act, they face steep challenges.
“Unanimous Financial Service Committee approval of the SEC Small Business Advocate Act of 2015 underscores strong support for a common-sense solution on the road ahead,” Crenshaw added. “A small business advocate at the SEC provides a welcome voice to help is such areas as handling regulatory issues, predicting problems ahead, and pointing to areas where access to capital can be improved. Opening the door to communication and opportunity for problem solving is a win-win for everyone.”
Crenshaw and the other sponsors have rounded up the support of industry leaders--including the U.S. Chamber of Commerce, the Small Business & Entrepreneurship Council (SBE Council), the Association for Corporate Growth (ACG), National Small Business Association (NSBA), Crowdfunding Professional Association (CfPA), National Venture Capital Association (NVCA) and Small Business Investor Alliance (SBIA) for their proposal.
SBIA President Brett Palmer went to bat for the bill on Thursday.
“The Office of the Small Business Advocate is designed to give an independent voice to small businesses and small business investors,” Palmer said. “Large corporations and the government already have an oversized voice at the SEC. Bolstering the voice of small business will help the SEC rediscover its mandate to encourage capital formation.”
The bill does not yet have a Senate counterpart
Reach Kevin Derby at kderby@sunshinestatenews.com or follow him on Twitter: @KevinDerbySSN
