PlainBillCongress, translated.Legislation. Context. Public interest.Congressional Research Service
Version 49 · Public Law · Dec 16, 2016
(This measure has not been amended since it was passed by the House on February 1, 2016. The summary of that version is repeated here.)
SEC Small Business Advocate Act of 2016
(Sec. 2) This bill amends the Securities Exchange Act of 1934 to establish within the Securities and Exchange Commission (SEC) an Office of the Advocate for Small Business Capital Formation.
Showing the opening paragraphs of the official summary.
The Advocate for Small Business Capital Formation shall:
assist small businesses and small business investors in resolving significant problems they may have with the SEC or with self-regulatory organizations;
identify areas in which such businesses and investors would benefit from changes in SEC regulations or the rules of such organizations;
identify problems that small businesses have with securing access to capital, including any unique challenges to minority-owned and women-owned small businesses;
analyze the potential impact on such businesses and investors of proposed SEC regulations and proposed rules that are likely to have a significant economic impact on small businesses and small business capital formation;
conduct outreach to such businesses and investors to solicit views on relevant capital formation issues;
propose to the SEC changes in its regulations or orders, and propose to Congress legislative, administrative, or personnel changes, to mitigate problems identified and to promote the interests of such businesses and investors;
consult with the Investor Advocate on such proposals and advise the Investor Advocate on small business-related issues;
submit annual reports on its activities to specified congressional committees; and
be responsible for planning, organizing, and executing the annual Government-Business Forum on Small Business Capital Formation.
The bill also establishes the Small Business Capital Formation Advisory Committee, which shall provide the SEC with advice on SEC rules, regulations, and policies regarding its mission of protecting investors, maintaining fair, orderly, and efficient markets, and facilitating capital formation, as they relate to:
capital raising by emerging, privately held small businesses and publicly traded companies with less than $250 million in public market capitalization through securities offerings;
trading in the securities of such businesses and companies; and
public reporting and corporate governance requirements of such businesses and companies.
The SEC shall assess the committee's recommendations and disclose any action it intends to take with respect to such recommendations.
People & committees
Rep. Carney, John C., Jr. [D-DE-At Large] · D–DE
Legislative record
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Became Public Law No: 114-284.
Became Public Law No: 114-284.
Signed by President.
Signed by President.
Presented to President.
Presented to President.
Message on Senate action sent to the House.
Passed Senate without amendment by Unanimous Consent.
Passed/agreed to in Senate: Passed Senate without amendment by Unanimous Consent.
Senate Committee on Banking, Housing, and Urban Affairs discharged by Unanimous Consent. (consideration: CR S7108)
Senate Committee on Banking, Housing, and Urban Affairs discharged by Unanimous Consent.(consideration: CR S7108)
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Motion to reconsider laid on the table Agreed to without objection.
On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H379-381)
Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.(text: CR H379-381)
DEBATE - The House proceeded with forty minutes of debate on H.R. 3784.
Considered under suspension of the rules. (consideration: CR H379-382)
Mr. Garrett moved to suspend the rules and pass the bill, as amended.
Placed on the Union Calendar, Calendar No. 311.
Reported (Amended) by the Committee on Financial Services. H. Rept. 114-408.
Reported (Amended) by the Committee on Financial Services. H. Rept. 114-408.
Ordered to be Reported (Amended) by the Yeas and Nays: 56 - 0.
Committee Consideration and Mark-up Session Held.
Committee Consideration and Mark-up Session Held.
Hearings Held by the Subcommittee on Capital Markets and Government Sponsored Enterprises Prior to Referral.
Referred to the House Committee on Financial Services.
Introduced in House
Introduced in House
Primary sources
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Source last updated: Apr 7, 2025. Consult Congress.gov for the current record.
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Analyze H.R.3784 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.
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