Senators Ruben Gallego (D-AZ) and Mike Rounds (R-SD) introduced legislation to increase access to capital for small businesses and entrepreneurs by modernizing outdated securities regulations. The Small Business Investor Capital Access Act would update federal securities law to allow more small private funds to invest in emerging businesses by adjusting the threshold that determines when private fund advisers must register with the Securities and Exchange Commission.
Introduce and support legislation to modernize federal securities regulations to expand access to capital for small businesses and entrepreneurs.
Occurrences
Senator Ruben Gallego (D-Ariz.) joined Rounds in introducing legislation to increase access to capital for small businesses and entrepreneurs by modernizing outdated securities regulations. The Small Business Investor Capital Access Act would update federal securities law to allow more small private funds to invest in emerging businesses by adjusting the threshold that determines when private fund advisers must register with the U.S. Securities and Exchange Commission (SEC).
Evidence
WASHINGTON — U.S. Senator Mike Rounds (R-S.D.) introduced legislation to increase access to capital for small businesses and entrepreneurs by modernizing outdated securities regulations. The Small Business Investor Capital Access Act would update federal securities law to allow more small private funds to invest in emerging businesses by adjusting the threshold that determines when private fund advisers must register with the U.S. Securities and Exchange Commission (SEC). Under current law established in the 2010 Dodd-Frank Act, private fund advisers with up to $150 million in assets under management are exempt from SEC registration. Senator Ruben Gallego (D-Ariz.) joined Rounds in introducing this legislation.
WASHINGTON — Senators Ruben Gallego (D-AZ) and Mike Rounds (R-SD) introduced legislation to increase access to capital for small businesses and entrepreneurs by modernizing outdated securities regulations. The Small Business Investor Capital Access Act would update federal securities law to allow more small private funds to invest in emerging businesses by adjusting the threshold that determines when private fund advisers must register with the U.S. Securities and Exchange Commission (SEC).
WASHINGTON, DC – As reported in Semafor, Senators Angela Alsobrooks (D-Md.), Bill Hagerty (R-Tenn.), Catherine Cortez Masto (D-Nev.), Jim Banks (R-Ind.), Ruben Gallego (D-Ariz.), and Cindy Hyde-Smith (R-Miss.) introduced the Main Street Depositor Protection Act. This bipartisan legislation would require a data-driven process to increase deposit insurance coverage levels for business checking accounts at most banks and credit unions.
Senate Banking Committee member Sen. Ruben Gallego (D-Ariz.) has introduced a bill to protect the independence of the Federal Reserve Board and prevent dual appointments. The bill was introduced the day after the Senate confirmed Stephen Miran to the Board of Governors of the Federal Reserve System, despite continuing to hold his White House position. The Bill—the Fed Integrity and Independence Act—would prohibit members of the Federal Reserve from holding multiple positions appointed by the President, including under a leave of absence whether paid or unpaid.
Twelve Senate Democrats released a unified crypto regulation framework Tuesday, ending months of public silence on digital asset legislation. According to a report by Axios, the group includes Mark Warner (Va.), Kirsten Gillibrand (N.Y.), Cory Booker (N.J.), Adam Schiff (Calif.), and Ruben Gallego (Ariz.), among others, who had previously avoided articulating clear positions on comprehensive crypto market structure bills.
Twelve Democratic senators called for Republican cooperation on comprehensive crypto market structure legislation, proposing bipartisan authorship in regulatory efforts. Senator Ruben Gallego led the Sept. 19 statement alongside Mark Warner, Kirsten Gillibrand, Cory Booker, and eight other Democrats seeking “true collaboration” on legislation addressing regulatory gaps that have left businesses and investors without explicit protections.
WASHINGTON – Today, Senator Ruben Gallego (D-AZ) introduced the Fed Integrity and Independence Act to prohibit members of the Federal Reserve from holding multiple positions appointed by the President, including under a leave of absence whether paid or unpaid.
WASHINGTON – Senators Ruben Gallego (D-AZ) and Ted Cruz (R-TX) introduced the Safe Access to Cash Act. The bill ensures that robberies involving off-site automatic teller machines (ATMs) receive federal penalties, equal to those imposed for on-site robberies of financial institutions.
Official bill text (S.3880) introduced February 12, 2026, amends Section 203(m) of the Investment Advisers Act to raise and provide periodic inflation adjustments to the private-fund adviser registration threshold to expand access to capital for small funds investing in emerging businesses. Senator Ruben Gallego is listed as an introducer/co-sponsor.
Congress.gov record for S.3880 (Small Business Investor Capital Access Act) shows the bill was submitted in the Senate on February 12, 2026 and lists Senator Ruben Gallego among the introducers/cosponsors; it records the bill's title, summary, and referral to the Senate Committee on Banking, Housing, and Urban Affairs.
Congress.gov lists S.3880 with Sen. Mike Rounds as sponsor and Sen. Ruben Gallego as original cosponsor on 02/12/2026. The bill status is 'Introduced,' and the latest action shown is 'Read twice and referred to the Committee on Banking, Housing, and Urban Affairs' on 02/12/2026.
Congress.gov lists S.3880 with Sen. Ruben Gallego as original cosponsor on 02/12/2026. The bill status is 'Introduced,' and the latest action shown is 'Read twice and referred to the Committee on Banking, Housing, and Urban Affairs' on 02/12/2026.
Official bill text for S.3880 amends Section 203(m) of the Investment Advisers Act to raise and periodically adjust the private-fund adviser registration threshold, which modernizes securities regulation and is intended to expand access to capital for small businesses and entrepreneurs. Senator Ruben Gallego is listed as an introducer/co-sponsor.
Assessments
Gallego promised to introduce and support legislation, not necessarily to enact it. Official records and bill text for S.3880, the Small Business Investor Capital Access Act, show he was an original cosponsor/co-introducer in the 119th Congress and that the bill would amend federal securities law by changing the private-fund adviser SEC registration threshold to expand capital access for small businesses and entrepreneurs. Because the promised action was introduction/support and it occurred during his current Senate term, this counts as delivered with same_term timing even though the bill had not advanced beyond referral.
Gallego co-introduced the Small Business Investor Capital Access Act (S.3880) in February 2026, and the bill text explicitly modernizes securities rules by adjusting private-fund adviser registration thresholds to expand capital access for small businesses and entrepreneurs. The official record confirms he supported the legislation in his Senate term, which satisfies the promise as stated.
Sen. Ruben Gallego co-introduced and cosponsored S.3880 (Small Business Investor Capital Access Act) on Feb 12, 2026, which amends the Investment Advisers Act to raise/adjust the private-fund adviser SEC registration threshold to expand capital access for small funds and emerging businesses. Congress.gov and the official bill text (govinfo) list Gallego as an introducer/cosponsor, and press releases describe the bill’s intent to modernize securities rules—meeting the campaign promise to introduce and support such legislation.
The pledge was to introduce and support legislation modernizing federal securities regulations to expand capital access for small businesses and entrepreneurs. Senator Ruben Gallego co-introduced the Small Business Investor Capital Access Act—explicitly described as updating federal securities law to allow more small private funds to invest in emerging businesses by adjusting SEC registration thresholds—and participated in related legislative and policy efforts the same term. These actions match the pledged commitment to introduce and support such legislation.
Senator Ruben Gallego fulfilled his promise to introduce and support legislation to modernize federal securities regulations to expand access to capital for small businesses and entrepreneurs. He introduced and supported multiple pieces of legislation directly aimed at modernizing securities regulations (e.g., the Small Business Investor Capital Access Act), broader financial modernization (Main Street Depositor Protection Act), and contributed to comprehensive frameworks for crypto regulation and financial market modernization. While not all bills may have passed, the promise was to 'introduce and support' legislation, not necessarily to guarantee passage. His efforts clearly meet the threshold of the pledge within the same term.
Senator Ruben Gallego introduced and supported multiple pieces of legislation and frameworks designed to modernize federal securities regulations and expand access to capital for small businesses and entrepreneurs. Evidence shows direct legislative action, bipartisan collaboration, and public advocacy for regulatory modernization, including the introduction of the Small Business Investor Capital Access Act and initiatives regarding crypto regulation and business banking. However, there is no evidence that any of these measures were enacted into law or resulted in completed regulatory modernization. Therefore, the promise was meaningfully pursued but not fully delivered.
Senator Ruben Gallego introduced and supported multiple pieces of legislation aimed at modernizing federal securities regulations and expanding access to capital for small businesses and entrepreneurs, such as the Small Business Investor Capital Access Act and initiatives related to crypto market regulation. The evidence shows he co-introduced and led on efforts to update securities laws, modernize regulations for emerging markets (including crypto), and called for bipartisan reform. While some legislation targeted adjacent areas (e.g., deposit insurance, Federal Reserve independence), there are clear and direct legislative attempts to fulfill the core promise of modernizing securities regulations to benefit small businesses' access to capital.