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Carney’s new bill creates SEC advocate for small biz

A bill passed Monday will create more federal support for small businesses.

John Carney, right, meets with Delaware entrepreneurs at The Archer Group. (Photo by Mona Parikh)

Good news for small businesses: The U.S. House of Representatives passed a bill Monday called the SEC Small Business Advocate Act of 2015.
It was introduced by Rep. John Carney (D-Del.) and will create an Office of Small Business Advocate at the Securities Exchange Commission (SEC).
What’s that mean? A summary of the bill says such an advocate will report to the SEC and help small businesses and investors resolve problems, offer feedback on regulations and update relevant policy.
The bill also creates a committee of 10-20 people in the SEC to be led by the advocate. Like the advocate, the committee will also create an open line of communication about small business issues.
The appointed advocate will also send an annual report to the Senate Banking, Housing and Urban Affairs Committee and the House Financial Services Committee to keep them apprised of how the committee is helping small businesses and what work needs to be done.
Rep. Carney said in a statement that small businesses create the country’s most new jobs. “Considering the crucial role they play in our economy, providing resources for their success is a no-brainer,” he said.
In Delaware, there have been some exciting small business prospects brewing: The Delaware Economic Development Office is choosing small businesses on a rolling basis to build million-dollar enterprises, and Great Dames is currently holding a Remarkable Ideas contest for entrepreneurs to potentially win a package worth $25,000 for a new startup.

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