Promoting Opportunities for Non-Traditional Capital Formation Act

Bill: 117-hr-7977
Sponsor: full_name: Rep. Waters, Maxine [D-CA-43]
Introduced: 2022-06-08
Policy area: Commerce
Subjects: Business investment and capital

Economic development

Economic performance and conditions

Natural disasters

Rural conditions and development

Small business
Latest action: action_date: 2022-06-22
text: Ordered to be Reported (Amended) by the Yeas and Nays: 29 - 24.

Summaries:
action_date: 2022-06-08
action_desc: Introduced in House
text: <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 and businesses in rural areas, and (2) meet annually with representatives of state securities commissions to discuss opportunities for collaboration and coordination.</p>

tv_txt: I 117th CONGRESS 2d Session H. R. 7977 IN THE HOUSE OF REPRESENTATIVES June 8, 2022 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.

1. Short title This Act may be cited as the Promoting Opportunities for Non-Traditional Capital Formation Act . 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 inserting a semicolon; and (3) by adding at the end the following: (I) provide educational resources and host events to promote capital raising options for— (i) underrepresented small businesses, including women-owned and minority-owned small businesses; and (ii) businesses located in rural areas; 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. .