Bynum Advances 3 Bipartisan Bill Out of Financial Services Committee

Washington, DC – This week, Congresswoman Janelle Bynum (OR-05) advanced three bipartisan pieces of legislation through the Financial Services Committee, marking a key step on the process to becoming law. The three bills, the Access to Small Business Investor Capital Act, the ELEVATE Act, and the Expanding Access to Capital for Rural Job Creators Act, all work to set small businesses up for success and make sure they can compete.

“Rural small businesses are an essential part of our communities and our economy, but they face too many obstacles when they’re trying to get started,” said Rep. Bynum. “I'm proud that these bills, which make it easier for these businesses to get on their feet by expanding their access to capital, are one step closer to becoming law. I’ll partner with anyone to get it done for Oregon’s Fifth, and I look forward to working with my colleagues on both sides of the aisle to deliver results for our small businesses.”

Background:

In February, Congresswoman Janelle Bynum (D-OR) joined Congressman Troy Downing (R-MT) in introducing the Expanding Access to Capital for Rural Job Creators Act. This bipartisan legislation would require the Securities and Exchange Commission’s (SEC) Office of the Advocate for Small Business Capital Formation to report on the issues rural small businesses face in accessing capital.

In March, Congresswoman Janelle Bynum (D-OR) along with Congressman Brad Sherman (D-CA), Congressman Bill Huizenga (R-MI), and Congressman Andrew Garbarino (R-NY) re-introduced the bipartisan Access to Small Business Investor Capital Act, which makes a narrow technical correction to a federal securities rule that has had major unintended consequences over the last two decades. This will allow Business Development Companies to better compete for capital to then invest in small businesses.

Finally, in May, Congresswoman Janelle Bynum (D-OR) and Congressman Zach Nunn (R-IA) introduced the Encouraging Local Emerging Ventures and Economic Growth Act (ELEVATE) Act. The bipartisan legislation that would reduce bureaucratic red tape for small and mid-sized businesses seeking to raise capital investment through Initial Public Offerings (IPOs).

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