U.S. Senator Mike Rounds (R-S.D.) introduced legislation to increase access to capital for small businesses. The bill aims to streamline the loan application process and reduce bureaucratic hurdles, enabling small businesses to secure funding more efficiently.
Introduce and support legislation to expand access to capital for small businesses by streamlining the loan application process and reducing bureaucratic hurdles.
Occurrences
Evidence
U.S. Senator Mike Rounds introduced the Small Business Investor Capital Access Act to modernize outdated securities regulations, aiming to increase access to capital for small businesses and entrepreneurs. The legislation proposes updating 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).
Senator Mike Rounds introduced the FSA Loan Guarantee Enhancement Act to enhance the U.S. Department of Agriculture's farm loan programs. The legislation aimed to assist lenders in supporting producers during economic downturns by increasing loan caps and available funding.
Senators Mike Rounds and Mark Warner introduced the Keeping Deposits Local Act, bipartisan legislation to modernize outdated rules on reciprocal deposits. The bill aims to make it easier for community and regional banks to receive non-brokered treatment for reciprocal deposits, thereby supporting local lending and investment.
Senator Mike Rounds introduced the FSOC Improvement Act to enhance transparency and procedural fairness in the designation process of systemically important financial institutions (SIFIs). The legislation seeks to codify guidance requiring the Financial Stability Oversight Council to consider alternative measures before designating a financial institution as a SIFI.
Senators Mike Rounds and Jon Tester introduced the Native American Direct Loan Improvement Act to reform the VA's Native American Direct Loan program. The legislation aims to make the program more accessible to Native American veterans living on trust land by allowing refinancing of existing mortgages and creating a relending program through Native Community Development Financial Institutions.
Senator Mike Rounds co-sponsored the Economic Growth, Regulatory Relief and Consumer Protection Act, which aimed to provide regulatory relief to community banks and credit unions. The legislation sought to strengthen the financial system and expand economic opportunities, particularly in rural areas.
Senators Ted Cruz and Mike Rounds, along with colleagues, sent a bipartisan letter urging the Department of the Treasury and the Small Business Administration to simplify the loan forgiveness application for the Paycheck Protection Program (PPP). They advocated for a streamlined, one-page application for loans under $250,000 to help small businesses efficiently process applications and receive loan forgiveness.
Senators Mike Rounds and Tina Smith introduced legislation to improve rural housing programs, cut red tape, and increase the accessibility of affordable housing. The bipartisan package aimed to modernize the USDA's Rural Housing Service and address the affordable housing crisis in rural America.
Mr. Rounds (for himself and Mr. Gallego) introduced the bill; it was read twice and referred to the Committee on Banking, Housing, and Urban Affairs. The text would raise the private fund adviser registration threshold from $150 million to $175 million and require periodic inflation adjustments.
Rounds said the legislation "removes unnecessary regulatory barriers" that prevent small investment funds from directing capital to startups and entrepreneurs, and his office described the bill as increasing access to capital for small businesses and entrepreneurs by modernizing outdated securities regulations.
Official Senate bill text (S.3880) shows Senator Mike Rounds (for himself and Mr. Gallego) introduced the 'Small Business Investor Capital Access Act' on February 12, 2026; the text amends the Investment Advisers Act to raise the private‑fund adviser exemption threshold to $175 million and require a five‑year inflation adjustment; the filing states the measure was read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Senator Rounds' Senate press release (March 19, 2026) publicizes his sponsorship and support of the Small Business Investor Capital Access Act, framing the measure as modernizing securities rules to reduce regulatory burdens and increase capital flow to small businesses and entrepreneurs.
Assessments
Sen. Mike Rounds introduced and publicly supported multiple measures aimed at expanding access to capital and reducing regulatory burdens. Primary evidence shows he sponsored S.3880 (Small Business Investor Capital Access Act) on Feb 12, 2026, to modernize securities rules (raising the private-fund adviser threshold and indexing it to inflation) and the filing/press release (Mar 19, 2026) frames the bill as increasing capital flow to small businesses. He also co-led related efforts (PPP forgiveness simplification, community bank/regulatory relief, reciprocal deposits, rural housing/access initiatives) demonstrating sustained legislative activity on the stated objective. The promise asked specifically to "introduce and support legislation," which Rounds fulfilled by filing and advocating for these bills; there is no evidence the measures were enacted, but enactment was not required by the claim text.
The promise was framed as an action promise to introduce and support legislation, not necessarily to secure enactment. Rounds introduced the Small Business Investor Capital Access Act in the 119th Congress and publicly supported it as a measure to reduce regulatory barriers and expand capital access for small businesses and entrepreneurs. The bill was referred to committee and does not appear to have become law, but passage was not required by the promise text. Related earlier and contemporaneous actions on small-business lending and financial regulatory relief further support that he materially pursued the promised legislative objective during his Senate service.
Senator Mike Rounds introduced and supported multiple pieces of legislation directly targeting expanded capital access for small businesses, including efforts to streamline loan applications and reduce bureaucratic hurdles. Bills such as the Small Business Investor Capital Access Act, FSA Loan Guarantee Enhancement Act, and initiatives on PPP loan forgiveness simplification indicate significant legislative activity and advocacy. However, the evidence does not confirm that these legislative efforts were fully enacted into law or resulted in comprehensive reform as promised; thus, the promise was partially fulfilled with consistent, substantive effort.