[Congressional Record Volume 169, Number 118 (Tuesday, July 11, 2023)]
[House]
[Pages H3185-H3187]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




           IMPROVING ACCESS TO SMALL BUSINESS INFORMATION ACT

  Mrs. WAGNER. Madam Speaker, I move to suspend the rules and pass the

[[Page H3186]]

bill (H.R. 1548) to amend the Securities Exchange Act of 1934 to 
specify that actions of the Advocate for Small Business Capital 
Formation are not a collection of information under the Paperwork 
Reduction Act, as amended.
  The Clerk read the title of the bill.
  The text of the bill is as follows:

                               H.R. 1548

       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 ``Improving Access to Small 
     Business Information Act''.

     SEC. 2. EXCLUSION FROM THE PAPERWORK REDUCTION ACT.

       Section 4(j) of the Securities Exchange Act of 1934 (15 
     U.S.C. 78d(j)) is amended by adding at the end the following:
       ``(10) Exclusion from the paperwork reduction act.--
       ``(A) In general.--Actions taken by the Advocate for Small 
     Business Capital Formation under this subsection shall not be 
     a `collection of information' for purposes of subchapter I of 
     chapter 35 of title 44, United States Code (commonly known as 
     the `Paperwork Reduction Act').
       ``(B) Exceptions.--Subparagraph (A) shall not apply to the 
     requirements under subsections (c)(1), (c)(4), and (i) of 
     section 3506 of such title and section 3507(a)(1)(A) of such 
     title, except that the Commission shall not be required--
       ``(i) to submit a collection of information by the Advocate 
     to the Director of the Office of Management and Budget, as 
     described under section 3506(c)(1)(A) of such title;
       ``(ii) to display a control number on a collection of 
     information by the Advocate, as described under section 
     3506(c)(1)(B)(i) of such title (or to inform a person 
     receiving a collection of information from the Advocate that 
     the collection of information needs to display a control 
     number, as described under section 3506(c)(1)(B)(iii)(V) of 
     such title); or
       ``(iii) to indicate a collection of information by the 
     Advocate is in accordance with the clearance requirements of 
     section 3507 of such title, as described under section 
     3506(c)(1)(B)(ii) of such title.''.

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


                             General Leave

  Mrs. WAGNER. Madam Speaker, I ask unanimous consent that all Members 
may have 5 legislative days in which to revise and extend their remarks 
and include extraneous material on this bill.
  The SPEAKER pro tempore. Is there objection to the request of the 
gentlewoman from Missouri?
  There was no objection.
  Mrs. WAGNER. Madam Speaker, I yield myself such time as I may 
consume.
  Madam Speaker, I rise in support of H.R. 1548, the Improving Access 
to Small Business Information Act.
  I thank my colleagues from both sides of the aisle, the gentlewoman 
from California (Mrs. Kim), the author of this legislation, and the 
gentleman from New Jersey (Mr. Gottheimer), for working on this 
commonsense piece of bipartisan legislation that will help ensure 
America's small businesses and entrepreneurs are heard at the SEC.
  H.R. 1548 provides a simple fix that will allow the SEC's Advocate 
for Small Business Capital Formation, or the Advocate, to become a more 
impactful voice in support of American entrepreneurs and capital 
formation.
  Each year, the Advocate and its staff host events around the country 
to support small businesses and to better understand their most 
pressing issues when it comes to raising capital. Such interactions 
help the Advocate analyze the potential impact of policy changes likely 
to affect small businesses and their investors.
  Under current law, however, the Advocate may not collect 
information--such as through surveys or studies--from small businesses 
and entrepreneurs without triggering the burdensome requirements of the 
Paperwork Reduction Act. This, in turn, introduces a host of 
bureaucratic hurdles the Advocate must navigate in carrying out its 
mission.
  By clarifying that such actions of the Advocate are not a collection 
of information under the Paperwork Reduction Act and providing 
exemptions from the most burdensome aspects of the Paperwork Reduction 
Act, H.R. 1548 enables the Advocate to engage with American small 
businesses with less friction.
  With fewer hurdles in place, the Advocate will gain a better 
understanding of the capital formation challenges that small businesses 
face, which will result in better policymaking decisions here in 
Washington, D.C.

                              {time}  1715

  Madam Speaker, H.R. 1548 is a balanced and thoughtful bill that cuts 
unnecessary and onerous red tape to allow the SEC's Advocate for Small 
Business Capital Formation to become a more effective champion in 
support of American small businesses and capital formation. For this 
reason, I urge my colleagues to support H.R. 1548, and I reserve the 
balance of my time.
  Mr. SHERMAN. Madam Speaker, I yield myself such time as I may 
consume.
  I rise in support of H.R. 1548, the Improving Access to Small 
Business Information Act, sponsored by Representative Young Kim from 
the great State of California.
  The Paperwork Reduction Act mandates that all Federal agencies 
receive approval from the Office of Management and Budget before 
putting forth a paper form or survey that will impose an information 
collection burden on the general public.
  Although this is well-intentioned, the Paperwork Reduction Act may 
often prevent Federal agencies like the SEC from obtaining data from 
the public, the very data that assists agencies in carrying out this 
mission.
  This bill streamlines the ability of the SEC's Advocate for Small 
Business Capital Formation to carry out its mission by exempting it 
from the requirements of the Act in the same way that a sister agency, 
the SEC's Investor Advocate, is currently exempted.
  In effect, it enables the small business advocate to properly conduct 
its job, which will strengthen the ability of the SEC to craft 
regulations that help small businesses raise capital.
  I also want to note that as part of the negotiations that resulted in 
this bipartisan compromise bill, Chairman McHenry and Ranking Member 
Waters agreed that in the months ahead they will work together on bills 
to strengthen the independence and capacities of the investor advocate 
and of the small business advocate at the SEC.
  These two offices, both of which are congressionally created, must be 
given sufficient resources to satisfy their unique roles within the 
SEC. I urge my colleagues to support this bill, and I reserve the 
balance of my time.
  Mrs. WAGNER. Madam Speaker, I yield such time as she may consume to 
the gentlewoman from California (Mrs. Kim), the author of this piece of 
legislation, and my friend and colleague.
  Mrs. KIM of California. Madam Speaker, I thank Chairwoman Wagner for 
yielding.
  I rise in strong support of my bill. This is a bipartisan bill, H.R. 
1548, the Improving Access to Small Business Information Act.
  H.R. 1548 is very simple. The legislation would amend the Securities 
Exchange Act of 1934 to specify that certain actions by the Office of 
the Advocate for Small Business Capital Formation are not a collection 
of information under the Paper Reduction Act.
  Currently, the office must adhere to a prolonged process to get 
approval from OMB on surveys that could help get better information on 
the capital formation challenges small businesses and their investors 
face on a daily basis.
  Former Director of the SEC's Office of the Advocate for Small 
Business Capital Formation, Martha Miller, told our office, ``The 
office went through a yearlong process just to collect registration 
information for our annual forum and ask a few basic questions to 
understand the audience attending.''
  So, by the time her office got a response from OMB, the circumstances 
of the economy had changed, and some of the survey questions were 
outdated and did not serve their intended purpose.
  Rather than answering these unrelated questions to the difficulties 
facing small businesses, it would have been so much more effective for 
small business owners and investors attending the forum to be focused 
on analyzing the substantive issues and share effective perspectives on 
capital formation policies.
  The SEC's Office of the Advocate for Small Business Capital Formation 
is the primary office that looks to advance the interests of the small 
businesses and their investors at the SEC and in the capital markets.

[[Page H3187]]

  With the ever-changing economic and regulatory environment, the 
office is required to adapt quickly to the needs of the small 
businesses and gather timely feedback to improve capital raising 
policy.
  H.R. 1548 reduces red tape and streamlines access to tools that the 
office can utilize to gather more effective and timely data. The better 
information that the office can gather, the better Congress and the 
public can identify policy gaps and facilitate small business capital 
formation.

  I thank Chairman   James Comer and House Oversight and Accountability 
Committee staff for working with my staff and Financial Services 
Committee staff to address standing policy on the PRA and get H.R. 1548 
through the finish line.
  I also thank my colleague and friend, Mr. Gottheimer of New Jersey, 
for co-leading H.R. 1548, the Improving Access to Small Business 
Information Act, with me. I urge my colleagues from both sides of the 
aisle to vote ``yes'' on H.R. 1548.
  Mr. SHERMAN. Madam Speaker, I have no further speakers, and I am 
prepared to close if the gentlewoman from Missouri has no further 
speakers.
  Mrs. WAGNER. Madam Speaker, I have no further speakers, so I reserve 
the balance of my time.
  Mr. SHERMAN. Madam Speaker, I yield myself the balance of my time.
  I commend the gentlewoman from California (Mrs. Kim) for her 
excellent work on this bill.
  H.R. 1548 streamlines the ability of the SEC's small business 
advocate to better support small businesses' efforts to raise capital. 
I urge my colleagues to support the bill, and I yield back the balance 
of my time.
  Mrs. WAGNER. Madam Speaker, I would simply urge my colleagues to 
support H.R. 1548, and I yield back the balance of my time.
  Ms. JACKSON LEE. Madam Speaker, I rise in support of H.R. 1548, 
Improving Access to Small Business Information Act.
  The Securities Exchange Act of 1934 regulates transactions of 
securities in the secondary market.
  The act typically governs transactions which take place between 
parties which are not the original issuer, such as trades that retail 
investors execute through brokerage companies.
  The Paperwork Reduction Act of 1980 is a federal law designed to 
reduce the total amount of paperwork burden the federal government 
imposes on private business and citizens.
  Under the Paperwork Reduction Act, agencies must comply with specific 
procedures when gathering information from the public.
  H.R. 1548 will amend the Securities Exchange Act of 1934 to specify 
that actions of the Advocate Small Business Capital Formation are not a 
collection of information undue the Paperwork Reduction Act.
  In other words, this bill excludes from the Paperwork Reduction Act 
actions taken by the Office of the Advocate for Small Business Capital 
Formation within the Securities and Exchange Commission.
  The Office of the Advocate for Small Business Capital Formation does 
hard work to provide an annual report to the United States House and 
Senate to ensure that we understand the state of small business capital 
formation.
  The Office of the Advocate for Small Business Capital Formation will 
continue to advocate for solutions to improve the capital raising 
opportunities for the dreamers, builders, doers, creators, and 
investors who you don't see in the headlines today.
  For this reason, it is vital that we pass H.R. 1548.
  The SPEAKER pro tempore. The question is on the motion offered by the 
gentlewoman from Missouri (Mrs. Wagner) that the House suspend the 
rules and pass the bill, H.R. 1548, as amended.
  The question was taken.
  The SPEAKER pro tempore. In the opinion of the Chair, two-thirds 
being in the affirmative, the ayes have it.
  Mrs. WAGNER. Madam Speaker, on that I demand the yeas and nays.
  The yeas and nays were ordered.
  The SPEAKER pro tempore. Pursuant to clause 8 of rule XX, further 
proceedings on this motion will be postponed.

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