top of page

ASA Releases Proposals to Foster Economic Growth and Small Business Capital Formation

Follows request from Sen. Toomey to increase economic growth and job creation

WASHINGTON – Following a request from Senator Toomey (R-PA), the American Securities Association (ASA) today recommended several legislative proposals to help American small businesses access the capital they need to grow and create jobs.

“Congress has a history of working across party lines to advance capital formation reforms and ASA supports any effort to do that during this session,” said ASA CEO Chris Iacovella. “We thank Senator Toomey for his leadership and look forward to working with Congress to help American small businesses access the capital markets to grow and create jobs while creating greater opportunity for America’s mom-and-pop investors and retirement savers to share in their success.”

The key elements of ASA’s small business capital formation proposals include:

  • Improve research coverage for pre-IPO and small public companies

  • Advance secondary market trading reforms

  • Scale regulatory requirements for small issuers

  • Increase transparency in short sales

  • Avoid unnecessary loopholes to registration that lead to investor harm

In 2018, the ASA was part of an inter-organizational effort to produce over twenty recommendations for Congress and the Securities and Exchange Commission (SEC) to improve the public company model in the United States. While some of the recommendations included in the IPO Report have been implemented, there are several unresolved items Congress and the SEC should prioritize.

To read ASA’s full policy recommendations, click here.


ASA’s regional financial services companies work in communities across the country to create jobs, grow the economy, and increase prosperity for all Americans. The ASA exclusively represents the capital market and private client interests of its members and seeks to promote free market principles making it easier to access financial advice and capital. ASA members help Americans save for retirement, provide Main Street businesses with capital to grow, and advise hardworking Americans how to create and preserve wealth. For the latest updates follow @AmerSecurities and learn more at


bottom of page