On the recordSeptember 8, 2016
I thank the chairman of the Financial Services Committee. I am proud to sponsor the Accelerating Access to Capital Act, H.R. 2357. I would also like to thank and congratulate my colleagues, Representative Emmer and Chairman Garrett, for their legislation as well. Regulatory burden is one of the reasons why we are still in the slowest recovery of our lifetime since the financial crisis. Small businesses are finding it more and more difficult to find financing in order to grow and expand their business. Dodd-Frank has made traditional bank lending for small businesses more scarce. Smaller companies that wish to go to the capital markets are finding compliance and regulatory requirements too extensive and far too costly. This legislation builds upon other efforts by this committee to provide simplified disclosure and reduce burdens for smaller companies in order to lower the cost of raising capital. Specifically, this would extend to smaller reporting companies the ability to utilize Form S-3, a much more simplified registration for companies that have already met prior reporting requirements with the SEC. Allowing small companies to use this form would provide significant benefits with its shorter length, allowing forward incorporation by reference and the ability to offer securities off the shelf, which are all things that larger companies are currently able to enjoy.…
