IB 
Union Calendar No. 87 
119TH CONGRESS 
1ST SESSION H. R. 3422 
[Report No. 119–117] 
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 under-
represented small businesses, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
MAY 15, 2025 
Ms. WATERS introduced the following bill; which was referred to the 
Committee on Financial Services 
JUNE 3, 2025 
Additional sponsor: Mrs. WAGNER 
JUNE 3, 2025 
Reported with an amendment, committed to the Committee of the Whole 
House on the State of the Union, and ordered to be printed 
[Strike out all after the enacting clause and insert the part printed in italic] 
[For text of introduced bill, see copy of bill as introduced on May 15, 2025] 
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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. 
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Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Promoting Opportuni-
ties for Non-Traditional Capital Formation Act’’. 
SEC. 2. PROMOTING CAPITAL RAISING OPTIONS FOR TRADI-
TIONALLY UNDERREPRESENTED SMALL BUSI-
NESSES. 
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 inserting a semicolon; and 
(3) by adding at the end the following: 
‘‘(I) provide educational resources and host 
or participate in events for small businesses and 
small business investors, including to raise 
awareness of capital raising options for— 
‘‘(i) underrepresented small businesses, 
including women-owned small businesses 
and minority-owned small businesses; 
‘‘(ii) businesses located in rural areas; 
and 
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‘‘(iii) small businesses affected by hur-
ricanes or other natural disasters; and 
‘‘(J) at least annually, meet with represent-
atives 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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Union Calendar No. 87 
119TH CONGRESS 
1ST SESSION 
H. R. 3422 
[Report No. 119–117] 
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. 
JUNE 3, 2025 
Reported with an amendment, committed to the Com-
mittee of the Whole House on the State of the Union, 
and ordered to be printed 
VerDate Sep 11 2014 
00:52 Jun 04, 2025
Jkt 059200
PO 00000
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E:\BILLS\H3422.RH
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