Washington, D.C.—Today, U.S. Congressman Andy Barr’s Small Business Investor Capital Access Act sailed through the House Financial Services Committee. The bipartisan bill led by Congressman Barr and Congresswoman Nydia Velázquez (D-NY) ups the threshold for private fund advisers to register with the U.S. Securities and Exchange Commission (SEC). Under the 2010 Dodd Frank law, the current exemption for private fund advisors registering with the SEC is for firms up to $150M.
“Instead of investing resources in compliance costs and unnecessary regulations, we want private fund advisors investing in small businesses, job creation, and innovators,” said Congressman Barr. “This bill unleashes capital for Main Street, and I urge the full House to pass it.”
“Securing financing remains a major hurdle for many small businesses, especially in communities that lack strong connections to traditional lenders,” said Congresswoman Nydia M. Velázquez. “This legislation helps open the door to more private capital, giving entrepreneurs the support they need to grow and hire. I thank Rep. Barr for his efforts to provide immediate relief to smaller funds, and I look forward to passing this bill through the full House.”