Expanding Access to Capital for Rural Job Creators Act
- Bill Number
- H.R. 1190
- Origin Chamber
- House
- Congress
- 119th Congress, Session 1
- Policy Area
- Finance and Financial Sector
- Status
- Passed House
- Latest Action
- 2025-06-24: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- Last Updated
- 2026-07-10T16:53:24Z
AI-Generated Summary
Purpose
The "Expanding Access to Capital for Rural Job Creators Act" (H.R. 1190) aims to improve funding opportunities for small businesses in rural areas by updating federal securities laws. It seeks to ensure that rural small businesses receive similar support in accessing capital markets as other targeted groups, like women-owned businesses, to foster economic growth in underserved regions.
Key Provisions
- Amends Section 4(j) of the Securities Exchange Act of 1934, which establishes the Office of the Advocate for Small Business Capital Formation within the Securities and Exchange Commission (SEC). This office advocates for small businesses navigating federal securities laws.
- In paragraph (4)(C), adds "rural-area small businesses" alongside "women-owned small businesses" to expand the types of businesses the Advocate considers when reviewing SEC rules that impact capital raising.
- In paragraph (6)(B)(iii), similarly inserts "rural-area small businesses" to include them in the Advocate's annual reports to Congress on barriers to capital formation and recommendations for improvements.
Significant Changes to Existing Law
- Previously, the law focused advocacy efforts on specific groups like women-owned and minority-owned small businesses. This bill broadens that scope by explicitly including rural-area small businesses (defined implicitly as those operating primarily in rural locations, such as non-urban areas with lower population density).
- No new definitions, funding, or penalties are introduced; the changes are limited to textual additions for inclusivity in existing advocacy and reporting mechanisms.
Potential Impacts
- On government agencies: The SEC's Office of the Advocate will need to incorporate rural small business perspectives into rule reviews and reports, potentially leading to more tailored guidance or policy adjustments without requiring additional resources.
- On citizens: Rural entrepreneurs and communities may gain easier access to investment and financing, supporting job creation and local economic development in areas often overlooked by urban-focused policies.
- On international relations: Minimal direct impact, as the bill focuses on domestic U.S. securities regulation and small business support.
Main Stakeholders Affected
- Rural small businesses: Primary beneficiaries, gaining advocacy for reduced regulatory hurdles in raising capital through stocks, bonds, or crowdfunding.
- SEC and its Office of the Advocate: Responsible for implementing the expanded considerations in their work.
- Investors and financial institutions: Indirectly affected through potential increases in rural business listings or funding opportunities.
- Rural communities and economic development groups: Could see broader benefits from stronger local businesses.
Notable Legal, Constitutional, or Political Implications
- Legal: Strengthens the existing framework of the Securities Exchange Act without altering core regulatory requirements, ensuring compliance with federal securities oversight. The changes promote equal access under securities law, aligning with broader goals of reducing barriers for underserved groups.
- Constitutional: No apparent conflicts; it supports Congress's authority to regulate interstate commerce and securities markets under Article I, Section 8.
- Political: Highlights bipartisan interest in rural economic equity, potentially influencing future legislation on small business support. It avoids controversy by building on established programs rather than creating new mandates.
This summary was generated by AI and may contain inaccuracies. Refer to the official source document for the authoritative text.
Sponsor
Cosponsors (5)
Rep. Bynum, Janelle [D-OR-5], Rep. Nunn, Zachary [R-IA-3], Rep. Pappas, Chris [D-NH-1], Rep. Sessions, Pete [R-TX-17], Rep. Vindman, Eugene Simon [D-VA-7]
Recent Actions
- 2025-06-24: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- 2025-06-23: Motion to reconsider laid on the table Agreed to without objection.
- 2025-06-23: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H2873-2874)
- 2025-06-23: Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H2873-2874)
- 2025-06-23: DEBATE - The House proceeded with forty minutes of debate on H.R. 1190.
- 2025-06-23: Considered under suspension of the rules. (consideration: CR H2873-2875)
- 2025-06-23: Mrs. Wagner moved to suspend the rules and pass the bill, as amended.
- 2025-06-03: Placed on the Union Calendar, Calendar No. 92.
- 2025-06-03: Reported (Amended) by the Committee on Financial Services. H. Rept. 119-122.
- 2025-06-03: Reported (Amended) by the Committee on Financial Services. H. Rept. 119-122.
- 2025-05-20: Ordered to be Reported (Amended) by the Yeas and Nays: 51 - 0.
- 2025-05-20: Committee Consideration and Mark-up Session Held
- 2025-02-11: Referred to the House Committee on Financial Services.
- 2025-02-11: Introduced in House
- 2025-02-11: Introduced in House
Bill Versions
- Expanding Access to Capital for Rural Job Creators Act — issued 2025-06-23 — PDF (4 pages)
- Expanding Access to Capital for Rural Job Creators Act — issued 2025-02-11 — PDF (2 pages)
- Expanding Access to Capital for Rural Job Creators Act — issued 2025-06-24 — PDF (2 pages)
- Expanding Access to Capital for Rural Job Creators Act — issued 2025-06-03 — PDF (4 pages)