Promoting Opportunities for Non-Traditional Capital Formation Act

Subjects: Commerce, Business investment and capital, Economic development, Economic performance and conditions, Natural disasters, Rural conditions and development, Small business

Summary:  <p><strong>Promoting Opportunities for Non-Traditional Capital Formation Act</strong></p> <p>This bill expands the functions of the Securities and Exchange Commission's Office of the Advocate for Small Business Capital Formation.</p> <p>Specifically, the office must (1) provide educational resources and host events to promote capital-raising options for underrepresented small businesses, businesses in rural areas, and businesses affected by natural disasters; and (2) meet annually with representatives of state securities commissions to discuss opportunities for collaboration and coordination.</p>

<html><body><pre>[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2796 Introduced in House (IH)]

&lt;DOC&gt;






118th CONGRESS
  1st Session
                                H. R. 2796

 To amend the Securities Exchange Act of 1934 to require the Advocate 
 for Small Business Capital Formation to provide educational resources 
 and host events to promote capital raising options for traditionally 
       underrepresented small businesses, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             April 24, 2023

  Ms. Waters introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
 To amend the Securities Exchange Act of 1934 to require the Advocate 
 for Small Business Capital Formation to provide educational resources 
 and host events to promote capital raising options for traditionally 
       underrepresented small businesses, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Promoting Opportunities for Non-
Traditional Capital Formation Act''.

SEC. 2. PROMOTING CAPITAL RAISING OPTIONS FOR TRADITIONALLY 
              UNDERREPRESENTED SMALL BUSINESSES.

    Section 4(j)(4) of the Securities Exchange Act of 1934 (15 U.S.C. 
78d(j)(4)) is amended--
            (1) in subparagraph (G), by striking ``and'' at the end;
            (2) in subparagraph (H), by striking the period at the end 
        and insert a semicolon; and
            (3) by adding at the end the following:
                    ``(I) provide educational resources and host events 
                to raise awareness of capital raising options for--
                            ``(i) underrepresented small businesses, 
                        including women-owned and minority-owned small 
                        businesses;
                            ``(ii) businesses located in rural areas; 
                        and
                            ``(iii) small businesses affected by 
                        hurricanes or other natural disasters; and
                    ``(J) at least annually, meet with representatives 
                of State securities commissions to discuss 
                opportunities for collaboration and coordination with 
                respect to efforts to assist small businesses and small 
                business investors.''.
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