BIO Applauds Senators Heitkamp, Heller and Peters for Introducing the SEC Small Business Advocate Act
Washington, D.C. (April 29, 2016) – Today, the Biotechnology Innovation Organization (BIO) applauds Senators Heidi Heitkamp (D-ND), Dean Heller (R-NV) and Gary Peters (D-MI) for introducing the SEC Small Business Advocate Act, which would ensure that growing companies have a strong, independent voice at the Securities and Exchange Commission (SEC).
The bipartisan legislation would establish an Office of the Small Business Advocate at the SEC to facilitate small business capital formation and ensure that the SEC takes into account the impact of regulatory burdens on growing companies as it considers new compliance requirements. The Office also would organize and support the SEC Advisory Committee on Small & Emerging Companies and the SEC Government-Business Forum on Small Business Capital Formation. These two groups convene private sector stakeholders to formulate policy recommendations that would support small business growth.
The proposed Office of the Small Business Advocate will further incorporate small business innovators into the policymaking process at the SEC and enable the SEC to keep emerging company policy concerns at the forefront of its regulatory decisions.
The following statement may be attributed to BIO President & CEO Jim Greenwood:
“BIO commends Senators Heitkamp, Heller and Peters for introducing this important bipartisan legislation. Policymaking processes at the SEC that prioritize the needs of smaller companies, including emerging biotech companies, can support their growth on the public market by incentivizing capital formation and reducing regulatory burdens that divert funds from science to one-size-fits-all compliance requirements.
“Capital formation and resource efficiency are of paramount importance to growing biotech companies, which depend on investor capital to fund their decades-long, billion-dollar development pathway. Ensuring that the SEC enacts policies that support the growth of these innovative job creators will build on the success of the JOBS Act and further enhance the role that public capital plays in the search for groundbreaking discoveries and lifesaving medicines.
“Creating an Office of the Small Business Advocate at the SEC will give growing companies an enhanced voice in the Commission's rulemaking process, ensuring that SEC policies and regulations support small business capital formation, incentivize regulatory efficiency and drive American innovation.”
BIO endorsed the SEC Small Business Advocate Act when it was introduced in the House in October 2015 and testified in support of the bill at a December 2015 hearing of the House Capital Markets Subcommittee.
BIO is the world's largest trade association representing biotechnology companies, academic institutions, state biotechnology centers and related organizations across the United States and in more than 30 other nations. BIO members are involved in the research and development of innovative healthcare, agricultural, industrial and environmental biotechnology products. BIO also produces the BIO International Convention, the world’s largest gathering of the biotechnology industry, along with industry-leading investor and partnering meetings held around the world. BIOtechNOW is BIO's blog chronicling “innovations transforming our world” and the BIO Newsletter is the organization’s bi-weekly email newsletter. Subscribe to the BIO Newsletter.