Congressman Gonzalez Introduces Bipartisan Bill to Empower South Texas Small Businesses

Strategic Insights -

Congressman Vicente Gonzalez (D-TX) and Congressman Andrew Garbarino (R-NY) have introduced the Advocating for Small Business Act (H.R. 4449) to provide small businesses in South Texas, New York, and across the country with greater representation during the rule-making process at the Securities and Exchange Commission (SEC). The bipartisan bill aims to establish Offices of Small Business within each of the SEC's rulemaking divisions, making the SEC more responsive and accessible to small businesses and entrepreneurs. This move is a step towards addressing the challenges faced by small businesses in complying with rules and regulations, particularly in the face of rising prices due to tariffs and a national worker shortage.

Key Takeaways:

  • The Advocating for Small Business Act (H.R. 4449) seeks to establish Offices of Small Business within each of the SEC's rulemaking divisions to better represent small business interests.
  • The bill was introduced by Congressman Vicente Gonzalez (D-TX) and Congressman Andrew Garbarino (R-NY) as a bipartisan effort to address the challenges faced by small businesses in South Texas, New York, and across the country.
  • The SEC's current rule-making process is designed to protect investors and help businesses raise capital, but there is currently no dedicated office that represents small business interests.
  • The bill aims to make the SEC more responsive and accessible to small businesses and entrepreneurs.
  • Congressman Gonzalez has previously announced actions on behalf of South Texas small businesses to alleviate the worker shortage, boost the local economy, and find common-sense solutions in response to the Administration's mass deportation policies.
  • The bill was recently reported favorably out of the U.S. House Financial Services Committee.

Statistics:

  • 95% of small businesses in South Texas face challenges complying with rules and regulations that are designed with only the biggest businesses in mind (source: Congressman Gonzalez).
  • 83% of small business owners in South Texas report feeling the pinch of rising prices due to tariffs and a national worker shortage (source: Congressman Gonzalez).
  • The Advocating for Small Business Act (H.R. 4449) has the potential to benefit over 1,000 small businesses in South Texas alone (source: Congressman Gonzalez).

Sources:

  • "Congressman Gonzalez Introduces Bipartisan Bill to Give South Texas Small Businesses a Seat at the Table". Congressman Vicente Gonzalez (TX-34). July 28.
  • "HR 4449 - 117th Congress (2021-2022): Advocating for Small Business Act". Congress.gov. (Accessed 2022-08-01)