WASHINGTON, March 19 -- Sen. Ruben Gallego issued the following press release:
Senators Ruben Gallego (D-AZ) and Mike Rounds (R-SD) introduced legislation to increase access to capital for small businesses and entrepreneurs by modernizing outdated securities regulations.
The Small Business Investor Capital Access Act would update federal securities law to allow more small private funds to invest in emerging businesses by adjusting the threshold that determines when private fund advisers must register with the U.S. Securities and Exchange Commission (SEC). Under current law established in the 2010 Dodd-Frank Act, private fund advisers with up to $150 million in assets under management are exempt from SEC registration.
"For too many small ...