Today, the House Financial Services Committee advanced the Small Business Investor Capital Access Act, spearheaded by U.S. Congressman Andy Barr and Congresswoman Nydia Velázquez. This bipartisan legislation seeks to increase the threshold for private fund advisers required to register with the U.S. Securities and Exchange Commission (SEC), which is currently set at $150 million under the 2010 Dodd-Frank law.
Congressman Barr emphasized the bill’s intent: “Instead of investing resources in compliance costs and unnecessary regulations, we want private fund advisors investing in small businesses, job creation, and innovators.” He urged the full House to pass the bill, highlighting its potential to release capital for Main Street.
Congresswoman Velázquez noted the challenges small businesses face in securing financing, particularly those without strong ties to traditional lenders. She stated: “This legislation helps open the door to more private capital, giving entrepreneurs the support they need to grow and hire.” She expressed gratitude towards Rep. Barr for his efforts and looked forward to advancing the bill through the full House.
