H. Rept. 115-529 1 (2018-01-29)

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                   115TH CONGRESS                                    REPORT
                     2d Session    HOUSE  OF REPRESENTATIVES         115-529





                        SMALL   BUSINESS   ACCESS   TO  CAPITAL   AFTER  A
                                    NATURAL DISASTER ACT


                   JANUARY 29, 2018.-Committed to the Committee of the Whole House on the State
                                   of the Union and ordered to be printed


                      Mr. HENSARLING, from the Committee on Financial Services,
                                      submitted the following


                                         REPORT

                                         [To accompany H.R. 4792]

                            [Including cost estimate of the Congressional Budget Office]
                    The  Committee on Financial Services, to whom was referred the
                  bill (H.R. 4792) to amend the Securities Exchange Act of 1934 to
                  expand  access to capital for small businesses affected by hurricanes
                  or other natural disasters, and for other purposes, having consid-
                  ered the same, report favorably thereon without amendment  and
                  recommend  that the bill do pass.
                                      PURPOSE  AND SUMMARY
                    On  January  18, 2018, Representative Nydia  Vel6zquez intro-
                    duced H.R. 4792, the Small Business Access to Capital After a
                  Natural Disaster Act, which amends the Securities Exchange Act
                  of 1934 to require the Securities and Exchange Commission's (SEC)
                  Advocate  for Small Business Capital Formation (Small Business
                  Advocate) to identify any unique challenges to small businesses af-
                  fected by hurricanes or natural disasters when assessing problems
                  that the small businesses have with securing access to capital. This
                  bill further requires that in its annual report the Small Business
                  Advocate  must include a summary  of any unique  issues encoun-
                  tered by small businesses affected by hurricanes or natural disas-
                  ters.
                              BACKGROUND   AND NEED  FOR LEGISLATION
                    In the 114th Congress, Congress passed  and President Obama
                    signed into law, H.R. 3874, the SEC Small Business Advocate Act
                  of 2016 (P.L. 114-284). This law created within the SEC the Office
                      79-006

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