Lafayette Reporter

Senator John Kennedy, a member of the Senate Banking Committee, has introduced a new piece of legislation aimed at supporting rural small businesses. The bill, known as the Expanding Access to Capital for Rural Job Creators Act, seeks to eliminate barriers these businesses face when trying to access capital.

"Small businesses keep Louisiana’s economy running, and Congress should make sure our rural entrepreneurs aren’t facing unnecessary hurdles to securing capital. Our bill would help rural job creators get their businesses off the ground and better serve American communities," stated Kennedy.

The proposed legislation involves amending the Securities Exchange Act of 1934. It would require the Securities and Exchange Commission Office of the Advocate for Small Business Capital Formation to submit an annual report detailing the unique challenges faced by rural businesses in securing capital. These reports aim to provide Congress with information necessary for considering legislative measures that could improve small business access to financial resources.

The bill has garnered bipartisan support with cosponsors including Senators Gary Peters, Raphael Warnock, and Shelley Moore Capito.

Kennedy has previously introduced this act during both the 117th and 118th Congresses. The Senate passed it in the 118th Congress.

Further details about the full text of the bill are available online.