Sponsors (2)
The bill aims to help underserved small businesses access capital through SEC outreach and state coordination, but its impact depends heavily on whether regulators have the sustained resources and stronger-than-annual engagement needed to make those efforts meaningful rather than administrative obligations.
Underrepresented, rural, and disaster-affected small business owners will receive targeted SEC education and outreach about capital-raising options, increasing their awareness of financing choices and the potential to retain jobs and support local economic activity.
Small business investors and state securities regulators may benefit from improved SEC–state coordination through at-least-annual meetings, which could streamline communication and align outreach or oversight efforts.
Federal and state regulators will incur recurring administrative work to implement the mandate, and without appropriated funding this could divert staff time away from other investor-protection tasks.
If the SEC and states lack sufficient resources, outreach efforts risk being limited or cosmetic, providing little real benefit to the targeted small businesses despite the additional mandate.
Requiring only at-least-annual meetings may be insufficient to ensure sustained state-federal coordination or measurable improvements for investors and small businesses without additional mechanisms or accountability.
Based on analysis of 2 sections of legislative text.
Establishes a short title and requires the Securities and Exchange Commission to expand its work to support capital formation for small businesses by providing education and outreach targeted to underrepresented small businesses, rural small businesses, and small businesses affected by hurricanes or other natural disasters. It also requires the SEC to meet at least annually with State securities commissions to discuss collaboration on assisting small businesses and small business investors. The change amends the SEC’s existing list of required activities under the Securities Exchange Act and creates recurring (at least annual) coordination and outreach duties for the Commission; no new funding amounts or specific deadlines beyond “at least annually” are specified.
Introduced May 15, 2025 by Maxine Waters · Last progress June 24, 2025