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Small Business Regulatory Hurdles Subject of House Hearing

WASHINGTON - Hurdles faced by some small public companies in meeting regulatory requirements in their quest to form capital was the subject of a House hearing scheduled to take place Sept. 23. The House Financial Services Subcommittee on Oversight and Investigations chaired by Rep. Sue Kelly (NY), held the hearing....

By Staff Writer | Updated on September 28, 2004

WASHINGTON – Hurdles faced by some small public companies in meeting regulatory requirements in their quest to form capital was the subject of a House hearing scheduled to take place Sept. 23. The House Financial Services Subcommittee on Oversight and Investigations chaired by Rep. Sue Kelly (NY), held the hearing. Businesses with fewer than 500 employees represent 99.7% of all American firms and employ more than half of private-sector employees, according to the Subcommittee. These companies create 60-80% of the net new jobs annually, as evidenced in 1999-2000 when 2.5 million of 3.4 million total new jobs were created by small businesses. “It is important that we continue to explore how to balance flexibility and growth with sound corporate governance to create the best system for American investors,” said Michael Oxley (R-Ohio), chairman of the House Financial Services Committee. “I am encouraged that the IPO market is strong and continues to grow.” Scheduled to testify included Alan L. Beller, Director, Division of Corporation Finance and Senior, SEC; and Thomas Schneider, President and Chief Executive Officer, PathFinder Bank, Oswego, N.Y., representing America’s Community Bankers.

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