OFFICIALS LEGISLATION INTEREST GROUPS PUBLIC STATEMENTS COMMITTEES VETOES

Small Entity Update Act

Floor Speech

Date: July 21, 2025
Location: Washington, DC

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Mrs. WAGNER. Mr. Speaker, I rise in support of H.R. 3351, the Improving Access to Small Business Information Act.

Mr. Speaker, I thank my colleagues on both sides of the aisle, Representatives Kim and Gottheimer, for their work on this commonsense, bipartisan piece of legislation that will give Americans, small businesses, and entrepreneurs a stronger voice at the SEC.

H.R. 3351 offers a straightforward solution to empower the SEC's Office of the Advocate for Small Business Capital Formation, the advocate, making it a more effective champion for American entrepreneurs.

Mr. Speaker, I also rise today in support of my bill, H.R. 3382, the Small Entity Update Act. I thank my colleagues across the aisle, Congressmen Casten, Himes, Scott, and Torres, for their support of this impactful bipartisan legislation. It ensures that the SEC fairly weighs in its rulemaking the regulatory burdens faced by small businesses.

This bipartisan bill would direct the SEC to assess the costs of compliance for small and growing businesses, ensuring that regulations placed on these businesses are not overly burdensome.

Specifically, the bill would direct the Commission to conduct a study, followed by a rulemaking consistent with the results of such study every 5 years, including defining the term ``small entity'' under the Regulatory Flexibility Act.

Simply put, small businesses can't afford the extensive legal and regulatory expertise that large, multinational firms employ to comply with every regulation while still managing their operating costs.

Recognizing that company sizes and market dynamics constantly evolve, my bill requires the SEC to update its definition of ``small entity'' every 5 years.

For our economy to flourish, Congress and regulators must ensure that all policies consider their impact on America's millions of small businesses.

Mr. Speaker, by creating a more focused regulatory approach for small entities, the Small Entity Update Act will make it easier for entrepreneurs across the country to achieve the American Dream.

Mr. Speaker, I urge all of my colleagues to vote for this bill, H.R. 3382.

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