H.R. 2796 · 118th Congress

Adds SEC outreach on raising capital for underrepresented, rural and disaster-hit firms

Official title: Promoting Opportunities for Non-Traditional Capital Formation Act1

Did not become lawSmall business loans and programs

§1What it does

Why this matters: A plain-English description of the bill as it was voted on, written by us from the official summary and text.

Drafted by AI from the public sources cited. Each sentence links to its source.

This bill would expand the duties of the Securities and Exchange Commission's Office of the Advocate for Small Business Capital Formation.2,3 The office would have to offer educational materials and hold events on ways to raise capital, aimed at underrepresented small businesses, rural businesses and businesses hit by natural disasters.3 It would also have to meet each year with state securities regulators to discuss ways to work together.3

§2Status

StatusLatest action, May 31, 2023: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.1
IntroducedApril 24, 2023
SponsorRep. Waters, Maxine [D-CA-43]
Cosponsors0 cosponsors
Official recordH.R. 2796 on Congress.gov

§3How Congress voted

Why this matters: The official count.

House, May 30, 2023

On Motion to Suspend the Rules and Pass, as Amended: Passed — 309 yes, 67 no, 58 not voting.4