The House Financial Services Committee has approved the Improving Access to Small Business Information Act (H.R. 3351). This bipartisan legislation, led by Representatives Young Kim of California and Josh Gottheimer of New Jersey, aims to alleviate regulatory burdens affecting small business owners.
The bill proposes amendments to the Securities Exchange Act of 1934, clarifying that activities such as conducting field surveys by the Advocate for Small Business Capital Formation are not considered information collection under the Paper Reduction Act (PRA).
Representative Kim addressed the committee, expressing gratitude to Chairman Hill and Ranking Member Waters for organizing the markup session. She also acknowledged Representative Gottheimer for co-leading the initiative. “My bill is simple,” she stated, emphasizing that current processes delay feedback collection from small businesses due to bureaucratic approval requirements.
Kim highlighted her experience as a former small business owner in Orange County, which hosts over 100,000 small enterprises. She recalled questioning whether government policies truly understood their impact on small businesses.
Martha Miller, former Director of the Office of the Advocate for Small Business Capital Formation, noted that regulatory processes can be lengthy and cumbersome. “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,” she said.
The SEC’s Office of the Advocate for Small Business Capital Formation plays a crucial role in promoting small business interests. H.R. 3351 seeks to streamline access to tools needed for effective data gathering and policy improvement in response to evolving economic conditions.
Kim concluded her remarks by urging bipartisan support for H.R. 3351 before yielding her time.
