,,ii  #aad? ,,congress  #b;d ,session   
,s4 #bhfg  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,april #bg1 #bjaf,ms4  
,heitkamp 7= h]self1 ,mr4 ,hell]1 & ,mr4
 ,pet]s7 introduc$ ! foll[+ bill2 :i* 0 
read twice & ref]r$ to ! ,committee on  
,bank+1 ,h\s+1 & ,urban ,affairs  ,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 ( #bjaf4  #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 79  
?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-- 7,i7
 advocat+ = ! int]e/s ( small bus9esses2
 &  7,,ii7 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 employ$ by ! ,commission  
at ! "t ( ! appo9tm5t4  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 t !        
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 fac$ by m9ority-own$ &  
wom5-own$ small bus9esses2  7,d7 analyze
 ! pot5tial impacts 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--  7i7   
mitigate problems id5tifi$ "u ?is       
p>agraph2 &  7ii7 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> beg9n+ 9
 #bjaf1 ! ,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--  
7,i7 small bus9ess s]vices2 &  7,,ii7 ! 

responsiv5ess ( ! ,commission &         
self-regulatory organizations ) respect 
to small bus9esses & 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/ors 9 ^? small bus9esses1 dur+ !
 report+ p]iod2  7iv7 an inv5tory ( !   
items summ>iz$ "u clause 7iii71         
includ+-- 7,i7 items summ>iz$ "u t      
clause = any prior report+ p]iod--  7aa7
 on :i* no action has be5 tak52 or  7bb7
 t h n be5 resolv$ to ! satisfaction ( !
 ,advocate = ,small ,bus9ess ,capital   
,=mation z ( ! beg9n+ ( ! report+ p]iod 
cov]$ by ! report2  7,,ii7 id5tification
 ( any action tak5 by ! ,commission or !
 self-regulatory organization & ! result
 ( ! action2  7,,iii7 ! l5g? ( "t t ea* 
item has rema9$ on ! inv5tory2 &  7,,iv7
 = items on :i* no action has be5 tak5--
  7aa7 ! reasons = ! inaction2 &  7bb7  
an id5tification ( any (ficial :o is    

responsible = tak+ action2  7v7         
recomm5dations = legislative actions &  
*anges to ! regulations1 guidance1 &    
ord]s ( ! ,commission t may be          
appropriate to--  7,i7 resolve problems 
) ! ,commission & self-regulatory       
organizations enc\nt]$ by small         
bus9esses & small bus9ess inve/ors2 &   
7,,ii7 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$ "u  
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 t 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 ( ! 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 ,def9itions ,9 ?is      
section-- 7#a7 ! t]m ,committee means ! 
,small ,bus9ess ,capital ,=mation       

,advisory ,committee e/abli%$ "u        
subsection 7b72  7#b7 ! t]m em]g+       
companies means em]g+1 privately held   
small bus9esses2  7#c7 ! t]m ,,ipo means
 initial public (f]+2 &  7#d7 ! t]m     
small] public companies means publicly  
trad$ companies ) less ?an #bej1jjj1jjj 
9 public m>ket capitalization4  7b7     
,e/abli%m5t & purpose  7#a7 ,e/abli%m5t 
,!re is e/abli%$ )9 ! ,commission !     
,small ,bus9ess ,capital ,=mation       
,advisory ,committee4  7#b7 ,functions  
7,a7 ,9 g5]al ,! ,committee %all provide
 ! ,commission ) advice on ! rules1     
regulations1 & policies ( ! ,commission 
) reg>d to ! mission ( ! ,commission (  
protect+ inve/ors1 ma9ta9+ fair1 ord]ly1
 & effici5t m>kets1 & facilitat+ capital
 =mation1 z ^? rules1 regulations1 &    
policies relate to--  7i7 capital       
rais+-- 7,i7 by--  7aa7 em]g+ companies2
 &  7bb7 small] public companies2 &     
7,,ii7 ?r\gh securities (f]+s1 includ+--
 7aa7 private & limit$ (f]+s2 &  7bb7   
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+ ! en=cem5t
 program ( ! ,commission4  7c7 ,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   
:o--  7i7 repres5t em]g+ companies      
engag+ 9 private & limit$ securities    
(f]+s or consid]+ an ,,ipo1 includ+ !   
(fic]s & directors ( ! em]g+ companies2 
7ii7 repres5t ! pr(essional advisors (  
em]g+ companies1 includ+-- 7,i7         
attorneys2  7,,ii7 acc\ntants2  7,,iii7 
inve/m5t bank]s2 &  7,,iv7 f9ancial     
advisors2  7iii7 repres5t ! inve/ors 9  
em]g+ companies1 includ+--  7,i7 angel  
inve/ors2  7,,ii7 v5ture capital funds2 

&  7,,iii7 family (fices2  7iv7 are     
(fic]s or directors ( m9ority-own$ small
 bus9esses & wom5-own$ small bus9esses2 
7v7 repres5t small] public companies1   
includ+ ! (fic]s & directors ( !        
companies2  7vi7 repres5t ! pr(essional 
advisors ( small] public companies1     
includ+-- 7,i7 attorneys2  7,,ii7       
auditors2  7,,iii7 und]writ]s2 &  7,,iv7
 f9ancial advisors2  7vii7 repres5t !   
pre-,,ipo & po/-,,ipo inve/ors 9 small] 
public companies1 :i* include inve/ors t
 are--  7,i7 in/itutional1 su* z v5ture 
capital funds2 &  7,,ii7 individual1 su*
 z angel inve/ors2 &  7viii7 repres5t   
p>ticipants 9 ! m>ketplace = !          
securities ( em]g+ companies & small]   
public companies1 includ+--  7,i7       
securities ex*anges2  7,,ii7 alt]native 
trad+ sy/ems2  7,,iii7 analy/s2  7,,iv7 
in=mation processors2 &  7,v7 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  7d7 ,*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  7e7 ,meet+s  7#a7   
,frequ5cy ( meet+s ,! ,committee %all   
meet-- 7,a7 n less frequ5tly ?an #d     
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  7f7 ,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  
7g7 ,/aff ,! ,commission %all make      

available to ! ,committee su* /aff z !  
*airman ( ! ,committee det]m9es is      
necess>y to c>ry out ?is section4  7h7  
,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  7i7 ,f$]al    
advisory committee act ,! ,f$]al        
,advisory ,committee ,act 7#e ,u4,s4,c4 
,app47 %all n apply ) respect to !      
,committee & ! activities ( !           
,committee4  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+ 1 act+ ?r\gh ! ,(fice (
 ! ,advocate = ,small ,bus9ess ,capital 
,=mation & 9 consultation ) ! ,small    

,bus9ess ,capital ,=mation ,advisory    
,committee1 aft] ,securities & ,ex*ange 
,commission4