Working to Support Small Businesses with Congresswoman Ann Wagner
Startup growth is everywhere including the middle of the country!
Marcia talks with Congresswoman Ann Wagner, who represents the 2nd district of Missouri and is the highest ranking republican on all matters concerning capital markets, investor protection, and capital formation. She is the first woman to chair the House Financial Services subcommittee on Capital Markets. Congresswoman Wagner discusses why she ran for office, the entrepreneurial ecosystem of her home state, and the work she is doing in congress to help advance legislation to support small businesses and investors in the US.
Congresswoman Wagner starts off by telling listeners her background as the daughter and granddaughter of small business owners from Missouri. She recounts how she learned early on the value of a dollar and a good work ethic. Her father would say he wanted the government off his back so he could provide a service to his community, take care of his employees and provide for his family. Feeling privileged to now represent her constituents, the congresswoman believes it is critical to address the issues impacting their wallets. She discusses the work being done in her home district in the St. Louis area. She talks about the large startup ecosystem and how it is one of the fastest growing startup scenes in the country. She and Marcia mention how many of the “fly over” states are actually booming innovation hubs, directly affecting the nation’s economy, but how congress can do more to create more opportunities for these small businesses and investors. Congresswoman Wagner touches on several groups in the St. Louis area that are contributing to the growth of small businesses, such as St. Louis Arch Angels, 39 North, Cortex Innovation Community, NGA, and TRex Innovation Center.
They go on to discuss Congresswoman Wagner’s work and goals as the chair of the Capital Markets subcommittee. She plans to pursue innovation and opportunity and provide oversight of the Biden Administration to hold financial regulators accountable, specifically the SEC and CFPB. With capital formation being a top focus of the subcommittee, by the end of April they will put together a major package of legislative bills focusing on public markets, small business and entrepreneurs, and retail investor opportunities. Congresswoman Wagner is optimistic these bills, which show bipartisan support, will be successful moving through Congress. In addition to the legislation, the congresswoman looks to hold hearings with SEC divisional directors to examine the deluge of proposed rules that she believes are solutions looking for problems and fail to consider the compliance costs and burden on smaller companies.
Finally Marcia and Congresswoman Wagner talk about the definition of accredited investor and the previous hearing held by the Financial Services Committee which included testimony from ACA Board Member Eli Velasquez. Congresswoman Wagner explains that Eli’s experience is exactly why the committee is working to reform the current definition and that she will be introducing the Increasing Investor Opportunities Act, which would amend the Investment Company Act to provide for private market access and increase retail investor exposure to private markets while maintaining the investor protections. She believes wealth is not a proxy for sophistication, and opportunities for wealth creation should not be reserved for the wealthiest Americans. Marcia also touches on a study completed by the Desert Angels in Arizona, which quantifies the significant economic impact their investments have made on the local economy serving as a benchmarking standard for other communities. This is a great episode for listeners to learn about some of the work being done in Congress to increase opportunities for investors and small businesses, and how these opportunities can provide a massive positive impact on communities throughout the country.