Small Entity Update Act

Floor Speech

Mr. Speaker, if appropriate, this bill directs the SEC to carry out a study in rulemaking on its definitions of small entities under the Regulatory Flexibility Act. This study in rulemaking would ensure that the commission more carefully accounts for impacts on small businesses when engaging in rulemaking.

The Regulatory Flexibility Act provides small entities with a greater opportunity to participate in the development of certain regulations and will result in more small businesses being included in the definition of small entities under the act. In effect, it gives them a louder voice when it comes to development of SEC regulations that directly apply to them.

Democrats worked to secure important language, ensuring investor protection remains a key focus of the bill. It balances the needs of facilitating capital formation and, of course, protecting our small businesses, which are so critical and are the lifeblood of our country and the jobs in our country.

Mr. Speaker, I thank the gentlewoman from Missouri (Mrs. Wagner) for agreeing to these changes when this bill was marked up in committee.

Mr. Speaker, I urge my colleagues to vote ``yes'' on this bill, and I reserve the balance of my time.

Again, I thank the gentlewoman from Missouri (Mrs. Wagner) for her leadership. I also thank the gentleman from Arkansas (Mr. Hill), the chairman, for his leadership and friendship. I am very grateful.

Small businesses make up the backbone of our Nation's economy. Congress and the SEC should do everything within their power to support small businesses and to ensure that the laws and rules they draft adequately take their capital needs into consideration.

This bill gives small businesses a bigger say in how SEC rules and regulations impact them and will allow them to continue to thrive.

Mr. Speaker, I urge my colleagues to support this bill, and I yield back the balance of my time.

BREAK IN TRANSCRIPT

Source