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H. Rept. 119-250 1 (2025-09-08)

handle is hein.congrecreports/crptxahps0001 and id is 1 raw text is: AUT-ENTICATED US. GOVERNMENT INFORMATION GP 119TH CONGRESS REPORT 1st Session HOUSE OF REPRESENTATIVES 119-250 ADVOCATING FOR SMALL BUSINESS ACT SEPTEMBER 8, 2025.-Committed to the Committee of the Whole House on the State of the Union and ordered to be printed Mr. HILL of Arkansas, from the Committee on Financial Services, submitted the following REPORT [To accompany H.R. 4449] The Committee on Financial Services, to whom was referred the bill (H.R. 4449) to amend the Securities Exchange Act of 1934 to establish Offices of Small Business within rule writing divisions of the Securities and Exchange Commission to coordinate on rules and policy priorities related to capital formation, having considered the same, reports favorably thereon without amendment and rec- ommends that the bill do pass. CONTENTS Page Purpose and Sum m ary ............................................................................................ 1 Background and Need for Legislation .................................................................... 2 Com m ittee Consideration ........................................................................................ 2 R elated H earing ...................................................................................................... . 2 C om m ittee V otes ..................................................................................................... 2 Com m ittee Oversight Findings ............................................................................... 4 Perform ance Goals and Objectives ......................................................................... 4 Com m ittee Cost Estim ate ....................................................................................... 4 New Budget Authority and CBO Cost Estimate ................................................... 4 Unfunded M andates Statem ent .............................................................................. 4 E arm ark Statem ent ................................................................................................. 4 Federal Advisory Committee Act Statement ......................................................... 5 Applicability to the Legislative Branch ................................................................. 5 Duplication of Federal Program s ............................................................................ 5 Section-by-Section Analysis of the Legislation ...................................................... 5 Changes in Existing Law Made by the Bill, as Reported ................. 5 PURPOSE AND SUMMARY H.R. 4449, the Advocating for Small Business Act was introduced on July 16, 2025, by Democratic Representative Vicente Gonzalez (TX-34). H.R. 4449 establishes Offices of Small Business within 59-006