Maxine Waters (D-CA)
Promoting Opportunities for Non-Traditional Capital Formation Act
A Democratic bill with 1 Republican cosponsor · See the cosponsor
Last activity — Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
In the other chamber's committee
Passed one chamber and has been handed to a committee in the other.
The committee decides whether it goes any further, and most bills that reach a committee never leave it. A committee that simply does nothing kills a bill without anyone ever voting against it, so no news from here is usually the news.
Its path through Congress
- Introduced
- Passed House 321–87
- In Senate committee
What this bill would do
This bill, titled the ``Promoting Opportunities for Non-Traditional Capital Formation Act'', seeks to amend the Securities Exchange Act of 1934. It directs the Advocate for Small Business Capital Formation to take on new responsibilities regarding outreach and coordination. Specifically, the Advocate must provide educational resources and host or participate in events to raise awareness about capital raising options. These efforts are targeted toward underrepresented small businesses, rural businesses, and those affected by natural disasters. Additionally, the Act requires annual meetings with State securities commissions to coordinate efforts to assist small businesses and investors.
Yes· 3 of 14
- Scored +7
Would business owners be better off under this?
The bill specifically targets small business owners to improve their access to capital.
- Scored +7
Does this make it easier to run a small business?
The bill directly enhances support for small businesses through education and outreach regarding capital raising.
- Scored +5
Would Black Americans be better off under this?
Supports minority-owned small businesses which include African American entrepreneurs.
The opposite
No question was scored the opposite.
What Congress actually voted on
One recorded vote has been taken on this bill.
- The House: a fast-track vote, needing two-thirds to pass The House sets aside its normal procedure to move quickly: no amendments, little debate, and a two-thirds bar instead of a simple majority. It is used for measures expected to be uncontroversial, so a bill that fails here failed despite broad expectations that it would not. Passed 321 yes · 87 no
06/23/2025 · Roll call 174 · recorded as “On Motion to Suspend the Rules and Pass, as Amended”
Who it would affect, and how
Potential Positive Impacts for People
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Support for Underrepresented Groups: The bill requires the Advocate to provide educational resources and host events for women-owned and minority-owned small businesses to raise awareness of capital raising options (Section 2, subparagraph (I)(i)).
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Support for Rural Communities: The provision includes businesses located in rural areas in the mandate to provide education and hosting events for capital raising awareness (Section 2, subparagraph (I)(ii)).
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Disaster Recovery Assistance: Small businesses that have been affected by hurricanes or other natural disasters are included as a group that can benefit from increased awareness of capital raising options (Section 2, subparagraph (I)(iii)).
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Improved State Coordination: The Act requires the Advocate to meet at least annually with representatives of State securities commissions to discuss ways to collaborate and coordinate efforts to assist small businesses and investors (Section 2, subparagraph (J)).
Potential Negative Impacts for People
- No negative impacts are explicitly mentioned in the provided text.
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Tap or hover a score for the reason it gave.
- Demographic And Interest Groups
- Would business owners be better off under this? — The bill specifically targets small business owners to improve their access to capital. Would Black Americans be better off under this? — Supports minority-owned small businesses which include African American entrepreneurs. Would Asian Americans be better off under this? — Supports minority-owned small businesses which include Asian American entrepreneurs. Would Hispanic Americans be better off under this? — Supports minority-owned small businesses which include Hispanic entrepreneurs. Would Native Americans be better off under this? — Supports minority-owned small businesses which include Native American entrepreneurs. Would women be better off under this? — The bill mandates resources for women-owned small businesses. Would people in rural areas be better off under this? — Includes rural businesses in its mission to provide capital raising awareness.
- Economy And Finance
- Does this make it easier to run a small business? — The bill directly enhances support for small businesses through education and outreach regarding capital raising. Is this likely to grow the economy? — Expanding capital formation opportunities supports broader economic growth. Is this likely to create jobs? — Increased access to capital for small businesses can lead to job creation.
- Social Issues And Justice
- Does this narrow the gap between how men and women are treated? — Providing resources to women-owned businesses promotes economic gender equality. Does this narrow racial gaps in how people are treated? — Targeting minority-owned businesses helps address economic disparities.
- Environment Energy And Infrastructure
- Does this invest in rural communities? — The bill provides specific outreach for businesses located in rural areas. Does this improve help for people hit by a disaster? — Provides targeted capital raising awareness for businesses affected by natural disasters.
- 6/24/2025
- Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- 6/23/2025
- Motion to reconsider laid on the table Agreed to without objection.
- Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 321 - 87 (Roll no. 174). (text: CR H2875)
- On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 321 - 87 (Roll no. 174). (text: CR H2875)
- Considered as unfinished business. (consideration: CR H2879)
- At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
- DEBATE - The House proceeded with forty minutes of debate on H.R. 3422.
- Considered under suspension of the rules. (consideration: CR H2875-2876)
- Mr. Downing moved to suspend the rules and pass the bill, as amended.
- 6/3/2025
- Reported (Amended) by the Committee on Financial Services. H. Rept. 119-117.
- Placed on the Union Calendar, Calendar No. 87.
- 5/20/2025
- Committee Consideration and Mark-up Session Held
- Ordered to be Reported (Amended) by the Yeas and Nays: 50 - 0.
- 5/19/2025
- 1 Cosponsor added.
- 5/15/2025
- Referred to the House Committee on Financial Services.
- Introduced in House
One bill Congress.gov lists as related to this one — companions in the other chamber, earlier versions, and bills this one absorbed or was folded into.
Ann WagnerRepublican · Missouri