Senator Tim Scott (R-S.C.) has introduced the Empowering Main Street in America Act, aimed at revitalizing businesses and broadening access to capital markets. The legislation has garnered support from a diverse group of stakeholders.
At a Punchbowl News event, Scott discussed how the bill will enhance capital access for entrepreneurs nationwide, tailor regulations for small and newly public companies, and create investment opportunities for Americans in their communities. This legislation partly stems from feedback received during a roundtable with Black investors and business founders.
“I thank Senator Tim Scott (R-SC) for his leadership in introducing the Empowering Main Street in America Act (EMSAA), which will significantly improve access to capital for all entrepreneurs and investors," said McKeever “Mac” Conwell, Managing Partner of RareBreed Ventures. He added that the EMSAA would allow more accredited investors of color to participate in venture capital at lower minimums, reducing risk and diversifying investments.
Herbert Drayton III, Managing Partner of HI Mark Capital, stated: “Entrepreneurs don’t need to be in Silicon Valley or Wall Street to deserve access to capital. The Empowering Main Street in America Act will help ensure entrepreneurs have the financial resources they need.”
Ryan Frazier, Managing Partner and CEO of Frazier Global, emphasized that the legislation is about providing every American with the opportunity to build a business and achieve financial security.
Key industry stakeholders also expressed their support. Brian Graff, CEO of the American Retirement Association, commended Senator Scott for including provisions that expand investment options in retirement plans for governmental and nonprofit workers.
Anthony Cimino, Head of Policy at Carta, noted: “Carta supports the Empowering Main Street in America Act (EMSAA), which will expand access to capital and refine regulatory frameworks.”
Kate Tummarello, Executive Director of Engine, highlighted that the act expands on-ramps to qualifying as an accredited investor: "The U.S. innovation ecosystem is core to the nation’s economy—making it more accessible is critical."
John R. Dearie, President of the Center for American Entrepreneurship (CAE), remarked on its importance for women founders and entrepreneurs of color: “The legislative package will dramatically enhance access to capital.”
Bobby Franklin, CEO of the National Venture Capital Association (NVCA), urged bipartisan support: "This key provision would expand access to capital in emerging markets."
Eric Pan, President and CEO of Investment Company Institute (ICI), thanked multiple senators for their work on reforms included in this package.
Organizations like ACA, FTA, TECNA joined others in a letter supporting congressional efforts reflected in this bill.
Several Banking Committee members are co-sponsors of this legislation alongside Senator Jerry Moran (R-Kan.).
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