[Congressional Record Volume 168, Number 124 (Tuesday, July 26, 2022)]
[House]
[Page H7131]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




         EXPANDING ACCESS TO CAPITAL FOR RURAL JOB CREATORS ACT

  Ms. WATERS. Mr. Speaker, I move to suspend the rules and pass the 
bill (H.R. 5128) to amend the Securities Exchange Act of 1934 to expand 
access to capital for rural-area small businesses, and for other 
purposes.
  The Clerk read the title of the bill.
  The text of the bill is as follows:

                                H.R. 5128

       Be it enacted by the Senate and House of Representatives of 
     the United States of America in Congress assembled,

     SECTION 1. SHORT TITLE.

       This Act may be cited as the ``Expanding Access to Capital 
     for Rural Job Creators Act''.

     SEC. 2. ACCESS TO CAPITAL FOR RURAL-AREA SMALL BUSINESSES.

       Section 4(j) of the Securities Exchange Act of 1934 (15 
     U.S.C. 78d(j)) is amended--
       (1) in paragraph (4)(C), by inserting ``rural-area small 
     businesses,'' after ``women-owned small businesses,''; and
       (2) in paragraph (6)(B)(iii), by inserting ``rural-area 
     small businesses,'' after ``women-owned small businesses,''.

  The SPEAKER pro tempore. Pursuant to the rule, the gentlewoman from 
California (Ms. Waters) and the gentlewoman from Missouri (Mrs. Wagner) 
each will control 20 minutes.
  The Chair recognizes the gentlewoman from California.


                             General Leave

  Ms. WATERS. Mr. Speaker, I ask unanimous consent that all Members may 
have 5 legislative days within which to revise and extend their remarks 
on this legislation.
  The SPEAKER pro tempore. Is there objection to the request of the 
gentlewoman from California?
  There was no objection.
  Ms. WATERS. Mr. Speaker, I yield myself such time as I may consume.
  Mr. Speaker, I rise in support of H.R. 5128, the Expanding Access to 
Capital for Rural Job Creators Act, introduced by Representative Axne.
  While small businesses in the big cities may enjoy easier access to 
capital to grow their businesses, hire and support their employees, and 
serve their communities, the businesses in rural America often 
struggle. Rural America's job growth is half the rate than that of big 
cities, and rural America's poverty rate is also higher than that of 
the big cities, even though it has dropped under President Biden's 
leadership and as a result of this Congress' work.
  Congresswoman Axne's bill would require SEC's small business advocate 
to report to Congress particular challenges that rural businesses face 
in accessing our capital markets.
  Mr. Speaker, I urge my colleagues to support this bill, and I reserve 
the balance of my time.
  Mrs. WAGNER. Mr. Speaker, I yield myself such time as I may consume.
  Mr. Speaker, I rise in support of H.R. 5128, the Expanding Access to 
Capital for Rural Job Creators Act.
  I thank Representatives Axne and Mooney for their work on H.R. 5128. 
In the Financial Services Committee, we continually highlight the 
importance of capital formation for entrepreneurs and job creators in 
the underbanked rural communities. We all know constituents who have 
struggled to gain capital to begin their own small businesses.
  Small and rural counties and the small businesses in those areas are 
even more vulnerable during recessions and during economic recovery. 
H.R. 5128 is an example of legislation that can help solve one of the 
biggest issues for a number of rural small businesses: access to 
capital.
  Mr. Speaker, I urge all my colleagues to support this legislation, 
and I reserve the balance of my time.

                              {time}  1800

  Ms. WATERS. Mr. Speaker, I have no further speakers, and I am 
prepared to close. I reserve the balance of my time.
  Mrs. WAGNER. Mr. Speaker, I urge my colleagues to support H.R. 5128, 
and I yield back the balance of my time.
  Ms. WATERS. Mr. Speaker, I yield myself the balance of my time.
  I thank Mrs. Axne for her work on this important issue and for always 
working on behalf of the rural businesses and communities in her 
district. Congresswoman Axne's bill directs the SEC's Small Business 
Advocate to similarly focus on the challenges rural small businesses 
face.
  Mr. Speaker, I urge my colleagues to support this bill, and I yield 
back the balance of my time.
  The SPEAKER pro tempore. The question is on the motion offered by the 
gentlewoman from California (Ms. Waters) that the House suspend the 
rules and pass the bill, H.R. 5128.
  The question was taken; and (two-thirds being in the affirmative) the 
rules were suspended and the bill, as amended, was passed.
  A motion to reconsider was laid on the table.

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