Kennedy, Scott introduce bill to help Americans access capital, make investments and hold SEC accountable

WASHINGTON - Sen. John Kennedy (R-La.), a member of the Senate Banking Committee, today joined Sen. Tim Scott (R-S.C.) and colleagues in introducing the Empowering Main Street in America Act to promote Americans' access to capital and investment opportunities. The legislation also fosters transparency of the Security and Exchange Commission (SEC) so that regulators are held 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," said Scott.

The legislation would:

• Reverse burdensome regulations to help entrepreneurs, small business owners and public companies raise funding in rural and metropolitan areas alike.

• Expand the criteria that everyday Americans must meet in order to qualify as accredited investors.

• Improve the readability, clarity and accessibility of information that retail investors need to make informed decisions.

• Ensure the SEC is transparent by holding it accountable to Congress and the public by broadening oversight provisions in the Dodd-Frank Act.

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.) also cosponsored the legislation.

The full bill text is available here.

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