The Small Business & Entrepreneurship (SBE) Council strongly supported these bills.
H.R. 2357, Accelerating Access to Capital Act:
On September 8, the U.S. House passed H.R. 2357, which is comprised of three bills including the Micro Offering Safe Harbor Act (H.R. 4850) and the Private Placement Improvement Act (H.R. 4852).
SBE Council testified in support of the latter two bills before a House Financial Services subcommittee in the spring.
The reform package will encourage capital formation by: reducing the burden of Securities and Exchange Commission (SEC) registration costs on smaller companies, provide clarity to entrepreneurs who wish to utilize micro offerings, and reinforce the intent of the JOBS Act by revising new SEC rules on Regulation D offerings that created new red tape and barriers for small businesses.
Read the SBE Council support letter here.
On September 9 the House passed H.R. 5424, which modernizes provisions of very old law.
The bill would exempt investment advisers from outdated advertising restrictions while still maintaining anti-fraud protections; remove a duplicative requirement on client notifications with regard to partnership management; and update private equity investment forms to reduce the reporting of needless information.
Less red tape and compliance costs means more capital and resources can be directed to small businesses.
Read SBE Council support letter here.