The Securities and Exchange Commission (SEC), Small Business Capital Formation Advisory Committee (SBCFAC), has posted its first agenda following the new incarnation of the Committee with an almost completely new group of members. The agenda for the meeting, available below, includes Member Observations on the State of Small Business Capital Raising and a Discussion on Remedying the Funding Gaps for Underrepresented Founders and Startups.
The previous SBCFAC politely expressed their frustration with the SEC’s lack of action on issues long advocated by the Committee in a letter sent to the Chair of the Commission, Gary Gensler. The letter, signed by then Committee Chair Carla Garrett and Vice Chair Jeffrey Solomon, told the Commission that “it is imperative that the SEC do all it can to foster capital formation even as it maintains the necessary protections for the investors providing that important capital.”
Virtually all of the SBCFAC’s recommendations have been ignored since Chair Gensler took over the helm of the Commission.
It will be interesting to observe if the new Committee makeup will continue to advocate along similar lines as the previous group which pursued many common-sense policy recommendations to boost access to capital as well as access to opportunity for smaller investors.
The meeting of the SBCFAC is scheduled for 10 AM on June 14, 2023, and will be live-streamed on the SEC’s website.
10:00 Call to Order; Introductory Remarks by Commissioners
10:15 Committee Member Introductions; Member Observations on the State of Small Business Capital Raising
11:30 Administrative Executive Session
1:00 Discussion on Remedying the Funding Gaps for Underrepresented Founders and Startups
2:00 Potential Areas for Future Committee Focus
2:30 Wrap-up and Adjournment