Mike Quigley: “Given that small businesses have accounted for over 60 percent of the net new jobs created since the end of the…”

“Given that small businesses have accounted for over 60 percent of the net new jobs created since the end of the recession, we should be doing more to simplify regulatory compliance so that small businesses can direct their resources to what they do best: innovating and growing our economy. Small businesses and small business investors were not the cause of the financial crisis and do not pose a significant risk to the rest of the economy. Yet, regulators like the SEC, which oversee the financial markets, too often craft regulations by which the costs to small businesses far outweigh the minimal benefits they may have on our economy. We need our regulators to take the concerns of small businesses seriously and to make small business growth a top priority. That is why I was proud to coauthor the SEC Small Business Advocate Act, which will establish an Office of the Advocate for Small Business Capital Formation within the SEC. This office will open a clear avenue of communication to the SEC leadership on issues affecting small businesses by maintaining a designated representative to advocate on their needs. This advocate will be responsible for helping small businesses resolve problems with the SEC, analyzing the potential impact of proposed rules and regulations on small businesses, and reaching out to small businesses to understand issues related to capital formation.…”