Sponsors (2)
The bill expands SEC outreach and state coordination to help small, underrepresented, and disaster-affected firms access capital, but does so with modest federal cost, uneven geographic reach, and potential diversion of SEC resources from enforcement and rulemaking.
Small-business owners — the SEC will provide expanded educational resources, events, and information that improve awareness of capital-raising options and how to access them.
Women-, minority-, rural-, and disaster-affected businesses — targeted outreach and tailored events aim to improve fundraising opportunities and recovery access for underrepresented and geographically vulnerable firms.
State and local governments and investors — annual meetings between the SEC and State securities commissions should strengthen coordination, improve local outreach, and enhance investor protection and program delivery.
Small businesses in underserved areas — benefits may be uneven and concentrated where SEC or State resources focus, leaving many firms (especially in some rural or low-resource areas) with limited access.
Federal regulatory priorities — SEC staff time devoted to expanded outreach and coordination could reduce capacity for other enforcement or rulemaking activities, potentially weakening oversight.
Taxpayers — implementing expanded outreach and meetings will increase SEC administrative costs that are borne by federal funds.
Based on analysis of 2 sections of legislative text.
Introduced May 15, 2025 by Maxine Waters · Last progress June 24, 2025
Directs the SEC to provide education and events about capital-raising for underrepresented, rural, and disaster-affected small businesses and to meet annually with state securities regulators.
Expands the Securities and Exchange Commission’s listed activities to require it to provide educational resources and to host or participate in events that raise awareness of capital-raising options for underrepresented small businesses (including women‑ and minority‑owned), businesses in rural areas, and small businesses affected by hurricanes or other natural disasters. It also requires the Commission to meet at least annually with State securities commission representatives to discuss collaboration and coordination on assisting small businesses and small business investors.