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Public Law114th CongressFinance and Financial Sector
H.R. 3784Became Law

SEC Small Business Advocate Act of 2016

This bill became law

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Law

What it doesSummary public law (Dec 16, 2016)

(This measure has not been amended since it was passed by the House on February 1, 2016. The summary of that version is repeated here.)

SEC Small Business Advocate Act of 2016

(Sec. 2) This bill amends the Securities Exchange Act of 1934 to establish within the Securities and Exchange Commission (SEC) an Office of the Advocate for Small Business Capital Formation.

The Advocate for Small Business Capital Formation shall:

  • assist small businesses and small business investors in resolving significant problems they may have with the SEC or with self-regulatory organizations;
  • identify areas in which such businesses and investors would benefit from changes in SEC regulations or the rules of such organizations;
  • identify problems that small businesses have with securing access to capital, including any unique challenges to minority-owned and women-owned small businesses;
  • analyze the potential impact on such businesses and investors of proposed SEC regulations and proposed rules that are likely to have a significant economic impact on small businesses and small business capital formation;
  • conduct outreach to such businesses and investors to solicit views on relevant capital formation issues;
  • propose to the SEC changes in its regulations or orders, and propose to Congress legislative, administrative, or personnel changes, to mitigate problems identified and to promote the interests of such businesses and investors;
  • consult with the Investor Advocate on such proposals and advise the Investor Advocate on small business-related issues;
  • submit annual reports on its activities to specified congressional committees; and
  • be responsible for planning, organizing, and executing the annual Government-Business Forum on Small Business Capital Formation.

The bill also establishes the Small Business Capital Formation Advisory Committee, which shall provide the SEC with advice on SEC rules, regulations, and policies regarding its mission of protecting investors, maintaining fair, orderly, and efficient markets, and facilitating capital formation, as they relate to:

  • capital raising by emerging, privately held small businesses and publicly traded companies with less than $250 million in public market capitalization through securities offerings;
  • trading in the securities of such businesses and companies; and
  • public reporting and corporate governance requirements of such businesses and companies.

The SEC shall assess the committee's recommendations and disclose any action it intends to take with respect to such recommendations.

What just happenedDec 16, 2016

Became Public Law No: 114-284.

Who’s behind it

Rep. Carney, John C., Jr. [D-DE-At Large](D-DE)Sponsor
9 cosponsors6 D3 R
Read on Congress.gov
9cosponsors2committees28actions5related bills12subjects
  1. Dec 16, 2016President

    Became Public Law No: 114-284.

  2. Dec 16, 2016BecameLaw36000

    Became Public Law No: 114-284.

  3. Dec 16, 2016President

    Signed by President.

  4. Dec 16, 2016BecameLaw36000

    Signed by President.

  5. Dec 15, 2016Floor

    Presented to President.

  6. Dec 15, 2016President28000

    Presented to President.

  7. Dec 12, 2016Floor

    Message on Senate action sent to the House.

  8. Dec 10, 2016Floor

    Passed Senate without amendment by Unanimous Consent.

  9. Dec 10, 2016Floor17000

    Passed/agreed to in Senate: Passed Senate without amendment by Unanimous Consent.

  10. Dec 10, 2016Discharge

    Senate Committee on Banking, Housing, and Urban Affairs discharged by Unanimous Consent. (consideration: CR S7108)

    Banking, Housing, and Urban Affairs Committee
  11. Dec 10, 2016Committee14500

    Senate Committee on Banking, Housing, and Urban Affairs discharged by Unanimous Consent.(consideration: CR S7108)

    Banking, Housing, and Urban Affairs Committee
  12. Feb 2, 2016IntroReferral

    Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

    Banking, Housing, and Urban Affairs Committee
  13. Feb 1, 2016FloorH38310

    Motion to reconsider laid on the table Agreed to without objection.

  14. Feb 1, 2016FloorH37300

    On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H379-381)

  15. Feb 1, 2016Floor8000

    Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.(text: CR H379-381)

  16. Feb 1, 2016FloorH8D000

    DEBATE - The House proceeded with forty minutes of debate on H.R. 3784.

  17. Feb 1, 2016FloorH30000

    Considered under suspension of the rules. (consideration: CR H379-382)

  18. Feb 1, 2016FloorH30300

    Mr. Garrett moved to suspend the rules and pass the bill, as amended.

  19. Feb 1, 2016CalendarsH12410

    Placed on the Union Calendar, Calendar No. 311.

  20. Feb 1, 2016CommitteeH12200

    Reported (Amended) by the Committee on Financial Services. H. Rept. 114-408.

    Financial Services Committee
  21. Feb 1, 2016Committee5000

    Reported (Amended) by the Committee on Financial Services. H. Rept. 114-408.

    Financial Services Committee
  22. Dec 9, 2015Committee

    Ordered to be Reported (Amended) by the Yeas and Nays: 56 - 0.

    Financial Services Committee
  23. Dec 9, 2015Committee

    Committee Consideration and Mark-up Session Held.

    Financial Services Committee
  24. Dec 8, 2015Committee

    Committee Consideration and Mark-up Session Held.

    Financial Services Committee
  25. Dec 2, 2015Committee

    Hearings Held by the Subcommittee on Capital Markets and Government Sponsored Enterprises Prior to Referral.

    Capital Markets Subcommittee
  26. Oct 21, 2015IntroReferralH11100

    Referred to the House Committee on Financial Services.

    Financial Services Committee
  27. Oct 21, 2015IntroReferralIntro-H

    Introduced in House

  28. Oct 21, 2015IntroReferral1000

    Introduced in House

Public LawDec 16, 201649

(This measure has not been amended since it was passed by the House on February 1, 2016. The summary of that version is repeated here.)

SEC Small Business Advocate Act of 2016

(Sec. 2) This bill amends the Securities Exchange Act of 1934 to establish within the Securities and Exchange Commission (SEC) an Office of the Advocate for Small Business Capital Formation.

The Advocate for Small Business Capital Formation shall:

  • assist small businesses and small business investors in resolving significant problems they may have with the SEC or with self-regulatory organizations;
  • identify areas in which such businesses and investors would benefit from changes in SEC regulations or the rules of such organizations;
  • identify problems that small businesses have with securing access to capital, including any unique challenges to minority-owned and women-owned small businesses;
  • analyze the potential impact on such businesses and investors of proposed SEC regulations and proposed rules that are likely to have a significant economic impact on small businesses and small business capital formation;
  • conduct outreach to such businesses and investors to solicit views on relevant capital formation issues;
  • propose to the SEC changes in its regulations or orders, and propose to Congress legislative, administrative, or personnel changes, to mitigate problems identified and to promote the interests of such businesses and investors;
  • consult with the Investor Advocate on such proposals and advise the Investor Advocate on small business-related issues;
  • submit annual reports on its activities to specified congressional committees; and
  • be responsible for planning, organizing, and executing the annual Government-Business Forum on Small Business Capital Formation.

The bill also establishes the Small Business Capital Formation Advisory Committee, which shall provide the SEC with advice on SEC rules, regulations, and policies regarding its mission of protecting investors, maintaining fair, orderly, and efficient markets, and facilitating capital formation, as they relate to:

  • capital raising by emerging, privately held small businesses and publicly traded companies with less than $250 million in public market capitalization through securities offerings;
  • trading in the securities of such businesses and companies; and
  • public reporting and corporate governance requirements of such businesses and companies.

The SEC shall assess the committee's recommendations and disclose any action it intends to take with respect to such recommendations.

Passed Senate without amendmentDec 10, 201682

(This measure has not been amended since it was passed by the House on February 1, 2016. The summary of that version is repeated here.)

SEC Small Business Advocate Act of 2016

(Sec. 2) This bill amends the Securities Exchange Act of 1934 to establish within the Securities and Exchange Commission (SEC) an Office of the Advocate for Small Business Capital Formation.

The Advocate for Small Business Capital Formation shall:

  • assist small businesses and small business investors in resolving significant problems they may have with the SEC or with self-regulatory organizations;
  • identify areas in which such businesses and investors would benefit from changes in SEC regulations or the rules of such organizations;
  • identify problems that small businesses have with securing access to capital, including any unique challenges to minority-owned and women-owned small businesses;
  • analyze the potential impact on such businesses and investors of proposed SEC regulations and proposed rules that are likely to have a significant economic impact on small businesses and small business capital formation;
  • conduct outreach to such businesses and investors to solicit views on relevant capital formation issues;
  • propose to the SEC changes in its regulations or orders, and propose to Congress legislative, administrative, or personnel changes, to mitigate problems identified and to promote the interests of such businesses and investors;
  • consult with the Investor Advocate on such proposals and advise the Investor Advocate on small business-related issues;
  • submit annual reports on its activities to specified congressional committees; and
  • be responsible for planning, organizing, and executing the annual Government-Business Forum on Small Business Capital Formation.

The bill also establishes the Small Business Capital Formation Advisory Committee, which shall provide the SEC with advice on SEC rules, regulations, and policies regarding its mission of protecting investors, maintaining fair, orderly, and efficient markets, and facilitating capital formation, as they relate to:

  • capital raising by emerging, privately held small businesses and publicly traded companies with less than $250 million in public market capitalization through securities offerings;
  • trading in the securities of such businesses and companies; and
  • public reporting and corporate governance requirements of such businesses and companies.

The SEC shall assess the committee's recommendations and disclose any action it intends to take with respect to such recommendations.

Passed House amendedFeb 1, 201636

SEC Small Business Advocate Act of 2016

(Sec. 2) This bill amends the Securities Exchange Act of 1934 to establish within the Securities and Exchange Commission (SEC) an Office of the Advocate for Small Business Capital Formation.

The Advocate for Small Business Capital Formation shall:

  • assist small businesses and small business investors in resolving significant problems they may have with the SEC or with self-regulatory organizations;
  • identify areas in which such businesses and investors would benefit from changes in SEC regulations or the rules of such organizations;
  • identify problems that small businesses have with securing access to capital, including any unique challenges to minority-owned and women-owned small businesses;
  • analyze the potential impact on such businesses and investors of proposed SEC regulations and proposed rules that are likely to have a significant economic impact on small businesses and small business capital formation;
  • conduct outreach to such businesses and investors to solicit views on relevant capital formation issues;
  • propose to the SEC changes in its regulations or orders, and propose to Congress legislative, administrative, or personnel changes, to mitigate problems identified and to promote the interests of such businesses and investors;
  • consult with the Investor Advocate on such proposals and advise the Investor Advocate on small business-related issues;
  • submit annual reports on its activities to specified congressional committees; and
  • be responsible for planning, organizing, and executing the annual Government-Business Forum on Small Business Capital Formation.

The bill also establishes the Small Business Capital Formation Advisory Committee, which shall provide the SEC with advice on SEC rules, regulations, and policies regarding its mission of protecting investors, maintaining fair, orderly, and efficient markets, and facilitating capital formation, as they relate to:

  • capital raising by emerging, privately held small businesses and publicly traded companies with less than $250 million in public market capitalization through securities offerings;
  • trading in the securities of such businesses and companies; and
  • public reporting and corporate governance requirements of such businesses and companies.

The SEC shall assess the Committee's recommendations and disclose any action it intends to take with respect to such recommendations.

Introduced in HouseOct 21, 2015

SEC Small Business Advocate Act of 2015

This bill amends the Securities Exchange Act of 1934 to establish within the Securities and Exchange Commission (SEC) an Office of the Advocate for Small Business Capital Formation.

The Advocate for Small Business Capital Formation shall:

  • assist small businesses and small business investors in resolving significant problems they may have with the SEC or with self-regulatory organizations;
  • identify areas in which such businesses and investors would benefit from changes in SEC regulations or the rules of such organizations;
  • identify problems that small businesses have with securing access to capital;
  • analyze the potential impact on such businesses and investors of proposed SEC regulations and proposed rules that are likely to have a significant economic impact on small businesses and small business capital formation;
  • conduct outreach to such businesses and investors to solicit views on relevant capital formation issues;
  • propose to the SEC changes in its regulations or orders, and propose to Congress legislative, administrative, or personnel changes, to mitigate problems identified and to promote the interests of such businesses and investors;
  • consult with the Investor Advocate on such proposals and advise the Investor Advocate on small business-related issues;
  • submit annual reports on its activities to specified congressional committees; and
  • be responsible for planning, organizing, and executing the annual Government-Business Forum on Small Business Capital Formation.

The bill also establishes the Small Business Capital Formation Advisory Committee, which shall provide the SEC with advice on SEC rules, regulations, and policies regarding its mission of protecting investors, maintaining fair, orderly, and efficient markets, and facilitating capital formation, as they relate to:

  • capital raising by emerging, privately held small businesses and publicly traded companies with less than $250 million in public market capitalization through securities offerings;
  • trading in the securities of such businesses and companies; and
  • public reporting and corporate governance requirements of such businesses and companies.

The SEC shall assess the Committee's recommendations and disclose any action it intends to take with respect to such recommendations.

SEC Small Business Advocate Act of 2016 — Informed