,,ib  ,union ,cal5d> ,no4 #caa  #aad?   
,,congress  #b;d ,session  ,h4 ,r4 #cghd
  ,report ,no4 #aad-djh  ,,9 ,,! ,,h\se 
,,( ,,repres5tatives  ,octob] #ba1 #bjae
 ,mr4 ,c>ney 7= himself1 ,mr4 ,duffy1   
,mr4 ,quigley1 & ,mr4 ,cr5%aw7 introduc$
 ! foll[+ bill2 :i* 0 ref]r$ to !       
,committee on ,f9ancial ,s]vices        
,febru>y #a1 #bjaf;,additional sponsors3
 ,mr4 ,%]man1 ,mr4 ,f9*]1 ,mrs4 ,c>olyn 
,b4 ,maloney ( ,new ,york1 ,miss ,rice (
 ,new ,york1 ,mr4 ,kildee1 & ,ms4       
,velzquez  ,febru>y #a1 #bjaf ,report$ )
 an am5dm5t1 committ$ to ! ,committee ( 
! ,:ole ,h\se on ! ,/ate ( ! ,union1 &  
ord]$ to be pr9t$ ,/rike out all aft] ! 
enact+ clause & ins]t ! "p pr9t$ 9      
italic ,= text ( introduc$ bill1 see    
copy ( bill z introduc$ on ,octob] #ba1 
#bjae  ,a ,,bill  ,to am5d ! ,securities
 ,ex*ange ,act ( #aicd to e/abli% an    
,(fice ( ! ,advocate = ,small ,bus9ess  
,capital ,=mation & a ,small ,bus9ess   
,capital ,=mation ,advisory ,committee1 
& = o!r purposes4  #a4 ,%ort title ,?is 

,act may be cit$ z ! ,,sec ,small       
,bus9ess ,advocate ,act ( #bjae4  #b4   
,e/abli%m5t ( ,(fice ( ! ,advocate =    
,small ,bus9ess ,capital ,=mation &     
,small ,bus9ess ,capital ,=mation       
,advisory ,committee  7a7 ,(fice ( !    
advocate = small bus9ess capital =mation
 ,section #d ( ! ,securities ,ex*ange   
,act ( #aicd 7#ae ,u4,s4,c4 #gh;d7 is   
am5d$ by add+ at ! end ! foll[+3  7j7   
,(fice ( ! advocate = small bus9ess     
capital =mation  7#a7 ,(fice e/abli%$   
,!re is e/abli%$ )9 ! ,commission !     
,(fice ( ! ,advocate = ,small ,bus9ess  
,capital ,=mation 7h]eaft] 9 ?is        
subsection ref]r$ to z ! ,(fice74  7#b7 
,advocate = small bus9ess capital       
=mation  7,a7 ,9 g5]al ,! head ( !      
,(fice %all be ! ,advocate = ,small     
,bus9ess ,capital ,=mation1 :o %all--   
7i7 report directly to ! ,commission2 & 
7ii7 be appo9t$ by ! ,commission1 f     
among individuals hav+ exp]i5ce 9       
advocat+ = ! int]e/s ( small bus9esses &
 enc\rag+ small bus9ess capital =mation4

  7,b7 ,comp5sation ,! annual rate ( pay
 = ! ,advocate = ,small ,bus9ess        
,capital ,=mation %all be equal to !    
highe/ rate ( annual pay = o!r s5ior    
executives :o report directly to !      
,commission4  7,c7 ,no curr5t employee (
 ! commission ,an individual may n be   
appo9t$ z ! ,advocate = ,small ,bus9ess 
,capital ,=mation if ! individual is    
curr5tly employ$ by ! ,commission4  7#c7
 ,/aff ( (fice ,! ,advocate = ,small    
,bus9ess ,capital ,=mation1 aft]        
consultation ) ! ,commission1 may reta9 
or employ indep5d5t c\nsel1 rese>* /aff1
 & s]vice /aff1 z ! ,advocate = ,small  
,bus9ess ,capital ,=mation det]m9es to  
be necess>y to c>ry out ! functions ( ! 
,(fice4  7#d7 ,functions ( ! advocate = 
small bus9ess capital =mation ,!        
,advocate = ,small ,bus9ess ,capital    
,=mation %all-- 7,a7 assi/ small        
bus9esses & small bus9ess inve/ors 9    
resolv+ significant problems su*        
bus9esses & inve/ors may h ) !          
,commission or ) self-regulatory        

organizations2  7,b7 id5tify areas 9 :i*
 small bus9esses & small bus9ess        
inve/ors w\ld b5efit f *anges 9 !       
regulations ( ! ,commission or ! rules (
 self-regulatory organizations2  7,c7   
id5tify problems t small bus9esses h )  
secur+ access to capital1 includ+ any   
unique *all5ges to m9ority-own$ &       
wom5-own$ small bus9esses2  7,d7 analyze
 ! pot5tial impact on small bus9esses & 
small bus9ess inve/ors (-- 7i7 propos$  
regulations ( ! ,commission t are likely
 to h a significant economic impact on  
small bus9esses & small bus9ess capital 
=mation2 &  7ii7 propos$ rules t are    
likely to h a significant economic      
impact on small bus9esses & small       
bus9ess capital =mation (               
self-regulatory organizations regi/]$ "u
 ?is title2  7,e7 conduct outrea* to    
small bus9esses & small bus9ess         
inve/ors1 includ+ ?r\gh regional        
r\ndtables1 9 ord] to solicit views on  
relevant capital =mation issues2  7,f7  
to ! ext5t practicable1 propose to !    

,commission *anges 9 ! regulations or   
ord]s ( ! ,commission & to ,congress any
 legislative1 adm9i/rative1 or p]sonnel 
*anges t may be appropriate to mitigate 
problems id5tifi$ "u ?is p>agraph & to  
promote ! int]e/s ( small bus9esses &   
small bus9ess inve/ors2  7,g7 consult ) 
! ,inve/or ,advocate on propos$         
recomm5dations made "u subp>agraph 7,f72
 &  7,h7 advise ! ,inve/or ,advocate on 
issues relat$ to small bus9esses & small
 bus9ess inve/ors4  7#e7 ,access to     
docum5ts ,! ,commission %all ensure t ! 
,advocate = ,small ,bus9ess ,capital    
,=mation has full access to ! docum5ts &
 in=mation ( ! ,commission & any        
self-regulatory organization1 z necess>y
 to c>ry out ! functions ( ! ,(fice4    
7#f7 ,annual report on activities  7,a7 
,9 g5]al ,n lat] ?an ,decemb] #ca ( ea* 
ye> aft] #bjae1 ! ,advocate = ,small    
,bus9ess ,capital ,=mation %all submit  
to ! ,committee on ,bank+1 ,h\s+1 &     
,urban ,affairs ( ! ,s5ate & !          
,committee on ,f9ancial ,s]vices ( !    

,h\se ( ,repres5tatives a report on !   
activities ( ! ,advocate = ,small       
,bus9ess ,capital ,=mation dur+ !       
imm$iately prec$+ fiscal ye>4  7,b7     
,cont5ts ,ea* report requir$ "u         
subp>agraph 7,a7 %all include-- 7i7     
appropriate /ati/ical in=mation & full &
 sub/antive analysis2  7ii7 in=mation on
 /eps t ! ,advocate = ,small ,bus9ess   
,capital ,=mation has tak5 dur+ !       
report+ p]iod to improve small bus9ess  
s]vices & ! responsiv5ess ( !           
,commission & self-regulatory           
organizations to small bus9ess & small  
bus9ess inve/or conc]ns2  7iii7 a summ>y
 ( ! mo/ s]i\s issues enc\nt]$ by small 
bus9esses & small bus9ess inve/ors1     
includ+ any unique issues enc\nt]$ by   
m9ority-own$ & wom5-own$ small bus9esses
 & _! inve/ors1 dur+ ! report+ p]iod2   
7iv7 an inv5tory ( ! items summ>iz$ "u  
clause 7iii7 7includ+ items summ>iz$ "u 
su* clause = any prior report+ p]iod on 
:i* no action has be5 tak5 or t h n be5 
resolv$ to ! satisfaction ( ! ,advocate 

= ,small ,bus9ess ,capital ,=mation z ( 
! beg9n+ ( ! report+ p]iod cov]$ by !   
report7 t includes--  7,i7 id5tification
 ( any action tak5 by ! ,commission or !
 self-regulatory organization & ! result
 ( su* action2  7,,ii7 ! l5g? ( "t t ea*
 item has rema9$ on su* inv5tory2 &     
7,,iii7 = items on :i* no action has be5
 tak51 ! reasons = inaction1 & an       
id5tification ( any (ficial :o is       
responsible = su* action2  7v7          
recomm5dations = su* *anges to !        
regulations1 guidance & ord]s ( !       
,commission & su* legislative actions z 
may be appropriate to resolve problems )
 ! ,commission & self-regulatory        
organizations enc\nt]$ by small         
bus9esses & small bus9ess inve/ors & to 
enc\rage small bus9ess capital =mation2 
&  7vi7 any o!r in=mation1 z det]m9$    
appropriate by ! ,advocate = ,small     
,bus9ess ,capital ,=mation4  7,c7       
,confid5tiality ,no report requir$ by   
subp>agraph 7,a7 may conta9 confid5tial 
in=mation4  7,d7 ,indep5d5ce ,ea* report

 requir$ "u subp>agraph 7,a7 %all be    
provid$ directly to ! committees (      
,congress li/$ 9 su* subp>agraph )\t any
 prior review or comm5t f ! ,commission1
 any commission]1 any o!r (fic] or      
employee ( ! ,commission1 or ! ,(fice ( 
,managem5t & ,budget4  7#g7 ,regulations
 ,! ,commission %all e/abli% proc$ures  
requir+ a =mal response to all          
recomm5dations submitt$ to ! ,commission
 by ! ,advocate = ,small ,bus9ess       
,capital ,=mation1 n lat] ?an #c mon?s  
aft] ! date ( su* submission4  7#h7     
,gov]nm5t-bus9ess =um on small bus9ess  
capital =mation ,! ,advocate = ,small   
,bus9ess ,capital ,=mation %all be      
responsible = plann+1 organiz+1 &       
execut+ ! annual ,gov]nm5t-,bus9ess ,=um
 on ,small ,bus9ess ,capital ,=mation   
describ$ 9 section #ejc ( ! ,small      
,bus9ess ,inve/m5t ,inc5tive ,act (     
#aihj 7#ae ,u4,s4,c4 #hj;c-#a74  7#i7   
,rule ( con/ruction ,no?+ 9 ?is         
subsection may be con/ru$ z replac+ or  
r$uc+ ! responsibilities ( ! ,inve/or   

,advocate ) respect to small bus9ess    
inve/ors4  4  7b7 ,small bus9ess capital
 =mation advisory committee ,title ,i ( 
! ,securities ,ex*ange ,act ( #aicd 7#ae
 ,u4,s4,c4 #gh;a et seq47 is am5d$ by   
add+ at ! end ! foll[+3  #dj4 ,small    
,bus9ess ,capital ,=mation ,advisory    
,committee  7a7 ,e/abli%m5t & purpose   
7#a7 ,e/abli%m5t ,!re is e/abli%$ )9 !  
,commission ! ,small ,bus9ess ,capital  
,=mation ,advisory ,committee 7h]eaft] 9
 ?is section ref]r$ to z ! ,committee74 
7#b7 ,functions  7,a7 ,9 g5]al ,!       
,committee %all provide ! ,commission ) 
advice on ! ,commission's rules1        
regulations1 & policies ) reg>d to !    
,commission's mission ( protect+        
inve/ors1 ma9ta9+ fair1 ord]ly1 &       
effici5t m>kets1 & facilitat+ capital   
=mation1 z su* rules1 regulations1 &    
policies relate to--  7i7 capital rais+ 
by em]g+1 privately held small bus9esses
 7em]g+ companies7 & publicly trad$     
companies ) less ?an #bej1jjj1jjj 9     
public m>ket capitalization 7small]     

public companies7 ?r\gh securities      
(f]+s1 includ+ private & limit$ (f]+s & 
initial & o!r public (f]+s2  7ii7 trad+ 
9 ! securities ( em]g+ companies &      
small] public companies2 &  7iii7 public
 report+ & corporate gov]nance          
requirem5ts ( em]g+ companies & small]  
public companies4  7,b7 ,limitation ,!  
,committee %all n provide any advice )  
respect to any policies1 practices1     
actions1 or decisions conc]n+ !         
,commission's en=cem5t program4  7b7    
,memb]%ip  7#a7 ,9 g5]al ,! memb]s ( !  
,committee %all be-- 7,a7 ! ,advocate = 
,small ,bus9ess ,capital ,=mation2  7,b7
 n few] ?an #aj1 & n m ?an #bj1 memb]s  
appo9t$ by ! ,commission1 f among       
individuals--  7i7 :o repres5t-- 7,i7   
em]g+ companies engag+ 9 private &      
limit$ securities (f]+s or consid]+     
initial public (f]+s 7,,ipo7 7includ+ ! 
companies' (fic]s & directors72  7,,ii7 
! pr(essional advisors ( su* companies  
7includ+ attorneys1 acc\ntants1 inve/m5t
 bank]s1 & f9ancial advisors72 &        

7,,iii7 ! inve/ors 9 su* companies      
7includ+ angel inve/ors1 v5ture capital 
funds1 & family (fices72  7ii7 :o are   
(fic]s or directors ( m9ority-own$ small
 bus9esses & wom5-own$ small bus9esses2 
7iii7 :o repres5t--  7,i7 small] public 
companies 7includ+ ! companies' (fic]s &
 directors72  7,,ii7 ! pr(essional      
advisors ( su* companies 7includ+       
attorneys1 auditors1 und]writ]s1 &      
f9ancial advisors72 &  7,,iii7 !        
pre-,,ipo & po/-,,ipo inve/ors 9 su*    
companies 7bo? in/itutional1 su* z      
v5ture capital funds1 & individual1 su* 
z angel inve/ors72 &  7iv7 :o repres5t  
p>ticipants 9 ! m>ketplace = !          
securities ( em]g+ companies & small]   
public companies1 su* z securities      
ex*anges1 alt]native trad+ sy/ems1      
analy/s1 in=mation processors1 & transf]
 ag5ts2 &  7,c7 #c non-vot+ memb]s-- 7i7
 #a ( :om %all be appo9t$ by ! ,inve/or 
,advocate2  7ii7 #a ( :om %all be       
appo9t$ by ! ,nor? ,am]ican ,securities 
,adm9i/rators ,association2 &  7iii7 #a 

( :om %all be appo9t$ by ! ,adm9i/rator 
( ! ,small ,bus9ess ,adm9i/ration4  7#b7
 ,t]m ,ea* memb] ( ! ,committee appo9t$ 
"u subp>agraph 7,b71 7,c77ii71 or       
7,c77iii7 ( p>agraph 7#a7 %all s]ve = a 
t]m ( #d ye>s4  7#c7 ,memb]s n          
commission employees ,memb]s appo9t$ "u 
subp>agraph 7,b71 7,c77ii71 or 7,c77iii7
 ( p>agraph 7#a7 %all n be treat$ z     
employees or ag5ts ( ! ,commission      
solely because ( memb]%ip on !          
,committee4  7c7 ,*airman2 vice *airman2
 secret>y2 assi/ant secret>y  7#a7 ,9   
g5]al ,! memb]s ( ! ,committee %all     
elect1 f among ! memb]s ( ! ,committee--
 7,a7 a *airman2  7,b7 a vice *airman2  
7,c7 a secret>y2 &  7,d7 an assi/ant    
secret>y4  7#b7 ,t]m ,ea* memb] elect$  
"u p>agraph 7#a7 %all s]ve = a t]m ( #c 
ye>s 9 ! capacity = :i* ! memb] 0 elect$
 "u p>agraph 7#a74  7d7 ,meet+s  7#a7   
,frequ5cy ( meet+s ,! ,committee %all   
meet-- 7,a7 n less frequ5tly ?an f\r    
times annually1 at ! call ( ! *airman ( 
! ,committee2 &  7,b7 f "t to "t1 at !  

call ( ! ,commission4  7#b7 ,notice ,!  
*airman ( ! ,committee %all give !      
memb]s ( ! ,committee writt5 notice (   
ea* meet+1 n lat] ?an #b weeks be=e !   
date ( ! meet+4  7e7 ,comp5sation &     
travel exp5ses ,ea* memb] ( ! ,committee
 :o is n a full-"t employee ( ! ,unit$  
,/ates %all-- 7#a7 be entitl$ to receive
 comp5sation at a rate n to exce$ !     
daily equival5t ( ! annual rate ( basic 
pay 9 effect = a position at level ,v ( 
! ,executive ,s*$ule "u section #ecaf ( 
title #e1 ,unit$ ,/ates ,code1 = ea* day
 dur+ :i* ! memb] is engag$ 9 ! actual  
p]=mance ( ! duties ( ! ,committee2 &   
7#b7 :ile away f ! home or regul> place 
( bus9ess ( ! memb] 9 ! p]=mance (      
s]vices = ! ,committee1 be all[$ travel 
exp5ses1 includ+ p] diem 9 lieu (       
subsi/5ce1 9 ! same mann] z p]sons      
employ$ int]mitt5tly 9 ! ,gov]nm5t      
s]vice are all[$ exp5ses "u section     
#egjc ( title #e1 ,unit$ ,/ates ,code4  
7f7 ,/aff ,! ,commission %all make      
available to ! ,committee su* /aff z !  

*airman ( ! ,committee det]m9es are     
necess>y to c>ry out ?is section4  7g7  
,review by commission ,! ,commission    
%all-- 7#a7 review ! f9d+s &            
recomm5dations ( ! ,committee2 &  7#b7  
ea* "t ! ,committee submits a f9d+ or   
recomm5dation to ! ,commission1 promptly
 issue a public /atem5t--  7,a7 assess+ 
! f9d+ or recomm5dation ( ! ,committee2 
&  7,b7 disclos+ ! action1 if any1 !    
,commission int5ds to take ) respect to 
! f9d+ or recomm5dation4  7h7 ,f$]al    
advisory committee act ,! ,f$]al        
,advisory ,committee ,act 7#e ,u4,s4,c4 
,app47 %all n apply ) respect to !      
,committee & its activities4  4  7c7    
,annual gov]nm5t-,bus9ess =um on small  
bus9ess capital =mation ,section        
#ejc7;a7 ( ! ,small ,bus9ess ,inve/m5t  
,inc5tive ,act ( #aihj 7#ae ,u4,s4,c4   
#hj;c-#a7;a77 is am5d$ by ins]t+ 7act+  
?r\gh ! ,(fice ( ! ,advocate = ,small   
,bus9ess ,capital ,=mation & 9          
consultation ) ! ,small ,bus9ess        
,capital ,=mation ,advisory ,committee7 

aft] ,securities & ,ex*ange ,commission4
  ,febru>y #a1 #bjaf ,report$ ) an      
am5dm5t1 committ$ to ! ,committee ( !   
,:ole ,h\se on ! ,/ate ( ! ,union1 &    
ord]$ to be pr9t$