The U.S. House Committee on Financial Services convened on March 25, 2025, to discuss the critical issue of expanding access to capital across America, particularly in rural areas. The meeting highlighted the challenges faced by small businesses, especially in minority communities, and the need for enhanced support systems to foster entrepreneurship.

During the session, Congresswoman from Texas shared her personal experiences as a small business owner in a rural district, emphasizing the difficulties in raising capital and accessing resources. She pointed out that many entrepreneurs feel lost without local support networks, such as Small Business Administration (SBA) offices or innovation hubs. Mr. Bracken, an expert in economic development, responded by noting that the availability of educational programming and local economic development initiatives is crucial for business growth. He stressed that beyond capital, entrepreneurs need guidance and resources to thrive.

The discussion also touched on the alarming statistic that a significant percentage of small businesses fail within their first few years. While specific numbers were debated, the consensus was clear: without adequate support, many startups struggle to survive. Mr. Bracken suggested that Congress could play a vital role by increasing technical assistance for small businesses and ensuring that capital flows more freely across states.

Mr. Trotter, another participant, discussed the importance of making public markets more accessible for new companies. He advocated for the continuation of successful initiatives like the JOBS Act, which aims to lower the costs associated with going public and operating as a new public company.

The meeting underscored a broader concern regarding the concentration of capital in major financial hubs like New York and Silicon Valley, leaving regions like the Midwest at a disadvantage. Representatives from states like Iowa and Ohio expressed the need for tailored models that reflect their unique economic landscapes, emphasizing the potential for local initiatives to support small business growth.

In conclusion, the committee's discussions highlighted the urgent need for legislative action to improve access to capital and support for small businesses across America. By addressing these challenges, Congress aims to empower entrepreneurs in rural and underserved communities, fostering economic growth and innovation nationwide.