SEC small business advocate would expand outreach to underserved owners
Passed one chamberH.R. 3422Latest action
Sponsor: Maxine Waters · Representative · CA
AIDecoded by AI · checked against the recordRead the official text
Official title: Promoting Opportunities for Non-Traditional Capital Formation Act
119th Congress
Topics: Jobs & the economy
Introduced:
Read the official bill on Congress.govIn plain words
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The bill expands the SEC's Small Business Capital Formation office to educate underserved business owners on raising investment funds.
40-second read · 4 questions answered below
What does this do?
This bill amends the Securities Exchange Act of 1934 to expand the duties of the SEC's Advocate for Small Business Capital Formation. The office must create educational materials and host or join events explaining capital-raising options, focusing on women-owned, minority-owned, rural, and disaster-affected businesses. The Advocate must also meet at least annually with state securities commission representatives to coordinate support efforts.
Who does it affect?
Small business owners, particularly those in underrepresented groups, and small business investors are primarily affected. The SEC office holding the Advocate role also gains added responsibilities.
Why does it matter?
The bill could improve access to information on raising capital for targeted businesses, without imposing new penalties, taxes, or requirements on the public.
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Where does it stand?
- IntroducedMay 15, 2025
- House committee
- House vote
- SenateYou are here · Jun 24, 2025
- The president's desk
Right now: it passed the House, and the official record shows nothing new since. If the Senate changes it, it goes back to the House before reaching the president.
Latest action: — Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Recorded votes
Roll-call votes recorded since January 3, 2025.
House · · Roll call 174
As recorded
- Question
- On Motion to and Pass, as Amended
- Result:
- Passed
- 321
- Nay
- 87
- 0
- 23
Republicans 122 yes, 87 no, 10 not voting · Democrats 199 yes, 13 not voting
Official recordHow members voted
The official record lists how each member voted.Official record