CHICAGO, Dec. 11, 2023 /PRNewswire/ — A groundbreaking piece of legislation, the Main Street Growth Act H.R. 6623 (the “Act”), has been introduced to the 118th Congress, signaling a new era for capital markets. Majority Whip Tom Emmer (R) and Representative Jimmy Panetta (D) introduced the Act on Wednesday, December 6th, 2023, which targets the ongoing inequalities in small business capital formation by allowing for the creation of a new type of stock exchange called a “venture exchange.” Venture exchanges will list and trade small company stock.
Since the late 1990’s not only has the total number of public companies declined by nearly 50%, the number of small initial public offerings (IPOs) has declined from 70-90% of the IPO market to just 20-30%, according to a white paper written by Joe Cecala and Ioannis Floros in 2018.
The Act is poised to counteract this trend, fostering increased opportunities for small and mid-sized companies to conduct an IPO and get access to capital formerly only available to the largest companies. The Act, which has bipartisan support in the House, seeks to create a stock exchange environment with rules specifically tailored to help startups and emerging enterprises list and trade on a stock exchange, providing more businesses with access to capital and investors with access to invest in the best new companies that would otherwise not be able to list on an exchange.
Joe Cecala, Founder and CEO of Dream Exchange, the company that intends on creating the first venture exchange in the US said, “The Main Street Growth Act represents a pivotal moment for small businesses in America. By cutting through the barriers to access to capital for small businesses. This legislation will be a game-changer for entrepreneurs, enabling them to scale their operations, create jobs, and contribute significantly to local economies.”
Dream Exchange has an upcoming free webinar where you can find out more about this new legislation and how it will also help minority communities: The Main Street Growth Act: Empowering Black Entrepreneurs with Vital Legislation scheduled for December 13, 2023, at 6.30 PM EST.
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.
Vice President of Public Relations
SOURCE Dream Exchange