Opening Remarks at the Small Business Capital Formation Advisory Committee Meeting
Aug. 4, 2020
Good morning to everyone joining us today, and thank you to those participating in the discussion. I want to give a special welcome to Kesha Cash and Sue Washer, the newest members of the Small Business Capital Formation Advisory Committee. I very much look forward to the valuable perspectives and insight that you both will provide. Thank you for serving on this Committee.
While the items on today’s agenda are particularly timely, it is important to note that in the legislation that created the position of the SEC Small Business Advocate and the Small Business Capital Formation Advisory Committee, Congress explicitly mandated that the Small Business Advocate identify problems that small businesses have with securing access to capital, including any unique challenges to minority-owned small businesses and women-owned small businesses. Martha, I commend you and your team for making this a priority, not just for this meeting, but in your day-to-day work.
I learn something new at each Small Business Capital Formation Advisory Committee meeting, and I am sure that this meeting will be no exception. I am interested to listen to today’s presentations about the unique capital raising challenges faced by underrepresented entrepreneurs. It is my sincere hope that the Committee will present the SEC with suggestions on how we can improve access to opportunities. As the SEC staff considers responses to our proposals to amend the accredited investor definition and modernize and streamline our exempt offering framework, now is the time to provide us with ideas on how to improve access to capital for those who face barriers to success.
I could say a lot more on the subject, but I am sure we would all rather hear from the terrific presenters joining us today, so I will cut myself off in the hopes we can get to the substance of today’s meeting a bit earlier than planned. Thank you.