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Remarks at Special Meeting of the Small Business Capital Formation Advisory Committee

April 2, 2020

Thank you, Carla (Garrett).  And thank you to the Committee members for convening this timely meeting.   

We are facing an unprecedented national challenge—a health and safety crisis that has required all of us, for our own sake, the sake of our families and friends, and in fact the sake of all Americans, to significantly change our daily behavior.  Many have made difficult personal sacrifices, and there have been many heroes in our collective fight against this virus—including our first responders, healthcare professionals, those who support them, and those who come to work every day to make sure our shelves our stocked, among many others.  We should always recognize them.

Small businesses also have been, and will continue to be, significantly impacted as many small business owners are asked to make difficult personal and financial sacrifices.  I believe what would be most helpful today is to hear more information and perspective from the Committee on the challenges impacting small businesses.

Over the past several weeks, I have shared more detailed personal views on the functioning of our capital markets, and the importance of those markets, in our national response to COVID-19.[1]  My view is that preserving the flows of credit and capital in our economy—to businesses and individuals alike—will help us better fight COVID-19, as well as speed and strengthen our recovery.

To most effectively respond to COVID-19, parts of our economy have been asked to function at full throttle, other parts to function differently (for example, teleworking rather than going to work in person) and other parts to stand down.  Individuals and small businesses are facing hardship and uncertainty and many will need assistance to meet rent, payroll and many other cash needs.

Our landing page has an update of many of the SEC’s efforts to date.[2]  These efforts have been targeted, balanced and timely.  For example, last week, we provided targeted relief to companies with respect to certain filing obligations under Regulation A and Regulation Crowdfunding.[3]

I welcome your thoughts on other ways the Commission may be able to provide guidance to assist small businesses.  Thank you. 

[1] See Chairman Jay Clayton, The Deep and Essential Connections Among Markets, Businesses, and Workers and the Importance of Maintaining those Connections in our Fight Against COVID-19 (Mar. 24, 2020), available at

[2] See SEC Coronavirus (COVID-19) Response, available at 

[3] Relief for Form ID Filers and Regulation Crowdfunding and Regulation A Issuers Related to Coronavirus Disease 2019 (COVID-19), Release No. 33-10768 (Mar. 26, 2020), available at

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