SEC Director Explains Purpose of New Office of Advocate for Small Business Capital Formation

Martha Miller, Director of the Office of the Advocate for Small Business Capital Formation (the "Office"), explained that the recently established Office is intended to help small businesses and their investors access capital.

In remarks at the Kauffman Foundation's "1 Million Cups" program held in Kansas City, Missouri, Ms. Miller said the Office will, in part, focus on assisting small businesses in resolving issues with the SEC and self-regulatory organizations, and on identifying problems faced by women- and minority-owned small businesses.

As to "who" qualifies, Ms. Miller noted that Congress defined "small business" to include a variety of companies, including privately held startups and publicly traded companies with less than $250 million in public market capitalization.

Further, she called on small businesses to weigh in on where they encounter "unnecessary regulatory obstacles" that are obstructing the flow of capital to their businesses.