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Requires the Securities and Exchange Act framework to include new outreach and coordination duties: federal securities authorities must provide educational resources and events to raise awareness of capital-raising options for certain small businesses, and must meet at least annually with State securities commission representatives to coordinate assistance for small businesses and small‑business investors. The change is procedural and focused on outreach and coordination; it does not create new funding or alter substantive securities-law standards.
In subparagraph (G) of Section 4(j)(4), strike the word "and" at the end of the subparagraph.
In subparagraph (H) of Section 4(j)(4), strike the period at the end and insert a semicolon.
Add new subparagraph (I): provide educational resources and host or participate in events for small businesses and small business investors 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.
Add new subparagraph (J): at least annually, meet with representatives of State securities commissions to discuss opportunities for collaboration and coordination regarding efforts to assist small businesses and small business investors.
Primary effects fall on small businesses seeking capital and the investors who consider small-business securities. Small businesses may gain better access to information on funding options (e.g., private placements, crowdfunding, registration exemptions) and learn how to comply with applicable rules. Small-business investors could benefit from clearer educational materials about risks and options. State securities regulators will be asked to coordinate more closely with federal authorities, which could improve consistency of outreach but will require staff time to attend meetings and exchange information. The federal securities agency will face recurring administrative duties (developing materials, hosting events, and holding at least annual meetings) that are expected to be absorbed within existing budgets unless additional resources are later provided. There is no change to substantive registration, disclosure, or enforcement regimes, so the amendment does not directly alter compliance obligations for securities intermediaries or change investor protections beyond increased information availability.
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Introduced May 15, 2025 by Maxine Waters · Last progress June 24, 2025
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Motion to reconsider laid on the table Agreed to without objection.
On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 321 - 87 (Roll no. 174). (text: CR H2875)
Considered as unfinished business. (consideration: CR H2879)