Statement Summary
In a recent speech at a PLI event, the Director of the Office of the Advocate for Small Business Capital Formation highlighted the Office’s commitment to supporting small businesses in accessing capital. Celebrating a year of growth and outreach, the Office conducted 34 events, generated educational resources, reviewed numerous bills, and produced their Annual Report detailing small business capital trends. The Office assists small businesses, ranging from startups to public companies, by resolving regulatory issues, providing clarity, and advocating for policy changes. Emphasizing engagement with the community, the Office gathers feedback from small business owners and investors to enhance capital formation efforts. Resources are available on the SEC’s website to aid small businesses in their financing journeys, with a focus on creating supportive ecosystems across the nation.
Original Statement
Good morning. Thank you to PLI for once again hosting this event and to the studio audience, both live and virtual, who has joined us today. In preparing these remarks and knowing I was lucky enough to take the stage between all of you and your lunch break, I thought, how do I pack in all the ways our Office seeks to support small businesses in a few short minutes before that mental lunch bell rings? And just like that, I found myself in my head somewhere between the Final Jeopardy countdown music and those shopping shows where contestants race around with a grocery cart. Embracing that theme, welcome to my trip down “game show” memory lane to revisit some famous, and possibly not so famous, game shows.
Our journey will highlight some of what our Office does, and what is happening with capital formation in the small business ecosystem. However, before I test your game show acumen, I need to remind all of you that I am speaking in my official capacity as the Director of the Office of the Advocate for Small Business Capital Formation, and my remarks do not necessarily reflect the views of the Commission, the Commissioners, or other members of the Commission Staff. For those of you who were here last year, you might remember I had only been the Host, oh I mean the Director, of the Small Business Advocacy Office for 79 days. Today, while my duration as Director has lengthened in tenure to 16 months, one thing from those initial days still holds absolutely true — this Office is made up of an incredible bunch of dedicated individuals who are passionate about improving small business capital formation and serving as a voice for small businesses and their investors.
While we may have barely enough folks to field a couple of “Family Feud” teams, this small team continues to amaze me on a daily basis with their accomplishments and commitment to the Office’s mission. Just looking at the current fiscal year, since October 2024 the Office has engaged in 34 outreach events and dozens of policy meetings, produced the 2024 Annual Report, created new educational resources and content, reviewed dozens of proposed bills and amendments related to small business capital formation, and organized and hosted the 44th Annual SEC Small Business Forum. And that’s on top of our daily collaboration with our SEC colleagues on matters of importance to small businesses and their investors. I am proud to be a part of this hard-working team and for the opportunity to serve alongside them as we seek ways to continue to support and advocate for the small business community.
Engagement With the Small Business Community
Let’s play a little Jeopardy. Actually, let’s jump straight to some Double Jeopardy questions. I’ll start with “Little Known Gems at the SEC” for $1,200. Congress created this Office with the longest name in the agency to advance the interests of small businesses and their investors at the Commission and in the capital markets. You got it! What is the Office of the Advocate for Small Business Capital Formation? Many of the folks that our Office advocates for may not have gotten that one, and we are on a mission to change that by getting the word out about who we are and what we do for small businesses and their investors.
Small businesses cut a wide swath for this Office — from a start-up to a small public company. We are tasked with assisting in resolving problems, identifying areas where small businesses and their investors would benefit from changes in regulations, identifying problems that small businesses encounter with securing capital, analyzing the impact of proposed rules and legislation, and engaging in outreach on capital formation issues.
Educational Resources and Policy Recommendations
How do we go about fulfilling these vital functions? We engage with the community — we meet, talk, and listen to small business founders, investors, and those parties that support them. The questions that we get from the small business community often serve as indicators of areas where that community could benefit from additional clarity, and where we can assist by working with our colleagues to help bring about solutions and by creating educational resources on those topics. In addition, we rely on what we hear from our stakeholders when we make the policy recommendations that we include in our Annual Report.
Closing Remarks
Do not forget to spread the word about the Small Business Advocacy Office with your colleagues, clients, and those who support the small business capital formation ecosystem. This Office exists to advocate and be a voice for small businesses and their investors. We continue to be committed to helping them find the support, guidance, and resources that they need to succeed on their journeys. You can always reach us at smallbusiness with questions or ideas. And do not forget to visit our resources by clicking on the “small businesses” link on sec.gov or relish the in-depth analysis provided in our Annual Report.
I appreciate you being an engaged studio audience today and do not blame me when you find yourself tuning into the Game Show Network tonight and yelling “no whammies, no whammies!” Enjoy the remainder of this wonderful conference.
