by Chairman Christopher Cox, U.S. Securities & Exchange Commission
Before the Committee on Small Business, U.S. House of Representatives
Chairwoman Velázquez, Ranking Member Chabot, and Members of the Committee:
Thank you for inviting me to testify on behalf of the Securities and Exchange Commission concerning the application of section 404 of the Sarbanes-Oxley Act to small businesses.
This Committee's charge is a vitally important one, both to the millions of small businesses in America, and to our economy. For our part, the SEC is charged by statute with the protection of investors, fostering efficient markets, and the promotion of capital formation. Small business needs all of these to survive. Like every Member of this Committee, we are completely committed to fostering a climate of entrepreneurship that helps promote small business growth, and the creation of the many jobs and goods and services in our country that are produced by small business.
For a small business, raising private capital often depends upon the future viability of tapping the public markets. It isn't just the company that is ready to go public today that benefits from a healthy market in publicly traded securities. Every startup, every new business idea — every determined woman with a dream, and every man striking out on his own — needs a flourishing IPO market.
See full Testimony.
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