CHICAGO, Jan. 18, 2024 /PRNewswire/ — Dream Exchange recently announced that Majority Whip Tom Emmer (R) and Representative Jimmy Panetta (D) took a significant step towards addressing the persistent inequalities in small business capital formation by introducing the Main Street Growth Act (H.R. 6623) on Wednesday, December 6th, 2023. The Main Street Growth Act has growing support, with Representatives Byron Donalds (R) and Scott Fitzgerald (R) joining as co-sponsors, strengthening the bipartisan coalition.
The legislation, aimed at fostering economic growth and empowering small businesses, introduces a groundbreaking concept: the creation of a “venture exchange” dedicated to listing and trading small company stocks. Advocates are optimistic about the positive impact on small business financing nationwide.
Since the late 1990s, there has been a nearly 50% reduction in the total number of public companies, and the proportion of small initial public offerings (IPOs) has plummeted from comprising 70-90% of the IPO market to a mere 20-30%, as outlined in a 2018 white paper by Joe Cecala and Ioannis Floros.
The Main Street Growth Act is positioned to counteract this alarming trend by creating new opportunities for small and mid-sized companies to engage in initial public offerings (IPOs) and gain access to capital that was traditionally reserved for larger corporations. This initiative not only expands access to capital for businesses but also opens avenues for investors to engage with the most promising new companies that may otherwise face challenges in securing a spot on an exchange.
“The Main Street Growth Act represents a pivotal moment for small businesses in America. By introducing a venture exchange, this legislation addresses the unique challenges faced by small companies in capital formation. It not only provides them with a dedicated platform for listing and trading stocks, but also signifies a commitment to fostering a more accessible and dynamic economy where good people with good ideas win. We applaud the bipartisan efforts of Representatives Emmer, Panetta, Donalds, and Fitzgerald in championing this critical cause.”- said Founder and CEO of Dream Exchange, Joe Cecala.
Dream Exchange has an upcoming free webinar, Building a Legacy: How Dream Exchange is Enhancing Access to Capital for Entrepreneurs. This webinar will take place on Tuesday, February 20, 2024, at 4 PM EST. Sign-up now!
About Dream Exchange
The Dream Exchange is preparing its application and operations to become registered as the first minority company to operate a stock exchange in the history of the United States. In addition, Dream Exchange is championing the creation of a new type of stock exchange called a venture exchange, to list and trade smaller, early-stage company stock. Dream Exchange’s mission is to create equal access to a marketplace that instills ethics, humanity, and fairness into finance.
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SOURCE Dream Exchange
