Today, Rep. Burgess Owens (UT-04) introduced the EXPORT Act of 2022 to level the playing field for small businesses, entrepreneurs, and innovators to compete internationally. The legislation, originally introduced in the 115th Congress by late Sen. Orrin Hatch and former Rep. Mia Love, corrects an oversight in financial regulation by amending the Commodity Exchange Act to allow small state-regulated non-bank businesses to be exempted from overly burdensome Commodity Futures Trading Commission’s (CFTC) regulations. The legislation will expand access to financial services for small businesses and entrepreneurs, while still maintaining proper oversight and mitigating systemic financial risk.
“Small businesses are not just an economic driver, but the heart and soul of our nation,” said Rep. Owens. “While entrepreneurs continue to face strong global economic headwinds, burdensome regulations have stifled innovation, making it more difficult for businesses to expand into new markets. The EXPORT Act of 2022 helps homegrown small businesses access critical financial services and navigate through economic uncertainty.”
Full text of the EXPORT Act of 2022 is available here.