Lafayette Reporter

Sen. John Kennedy (R-La.), a member of the Senate Banking Committee, has partnered with Sen. Tim Scott (R-S.C.) and other colleagues to introduce the Empowering Main Street in America Act. The bill aims to enhance Americans' access to capital and investment opportunities while increasing the transparency of the Securities and Exchange Commission (SEC) to ensure regulators are accountable to the public.

"Every day, the American dream is becoming less attainable thanks to government bureaucracy. Louisianians and all Americans deserve a level playing field when it comes to accessing capital and making investments. I’m proud to help introduce the Empowering Main Street in America Act to ensure that small businesses and job creators in every corner of our country have the tools they need for financial prosperity and security," said Kennedy.

"Our capital markets system is the envy of the world and has helped many Americans build wealth and save for their futures. But unfortunately for individuals in communities like the one I grew up in, investing in a local venture or raising capital to grow a business seems out of reach. We need to change that – and this comprehensive legislation will create economic opportunity and provide more Americans with the resources necessary to achieve financial security for their families and realize their version of the American Dream, while ensuring small business owners can access capital to grow and innovate," added Scott.

The proposed legislation includes several key measures:

- Reversing regulations that hinder entrepreneurs, small business owners, and public companies from raising funds in both rural and metropolitan areas.

- Expanding criteria for everyday Americans to qualify as accredited investors.

- Improving readability, clarity, and accessibility of information necessary for retail investors.

- Ensuring SEC transparency by holding it accountable through expanded oversight provisions within the Dodd-Frank Act.

The bill has garnered support from Sens. Mike Crapo (R-Idaho), Mike Rounds (R-S.D.), Thom Tillis (R-N.C.), Bill Hagerty (R-Tenn.), Cynthia Lummis (R-Wyo.), Katie Britt (R-Ala.), Kevin Cramer (R-N.D.), and Steve Daines (R-Mont.).

The full text of the bill is available here.