Hill, Cotton Introduce Bill to Reduce Regulatory Burdens on Small Broker-Dealers
Washington,
September 22, 2026
Tags:
Full Committee
House Financial Services Committee Chairman French Hill (AR-02) and Senator Tom Cotton (R-AR) recently introduced the Small Business Audit Correction Act. The bicameral legislation would provide targeted relief from certain audit requirements for small broker-dealers in good standing, reducing compliance costs and allowing them to devote more resources to growing their businesses and serving customers. “When we discuss regulatory relief in the financial services industry, the focus often falls on community banks. But small, privately held broker-dealers deserve that same attention,” said Chairman Hill. “These firms serve as a gateway to the capital markets for Main Street businesses, yet they remain burdened by costly, one-size-fits-all audit requirements. That’s why I’m pleased to lead the House effort on the Small Business Audit Correction Act, which will provide targeted relief for small broker-dealers in good standing, allowing them to devote more resources to growing their businesses and serving their customers.” “Washington wrote this rule for Wall Street and then applied it to small firms on Main Street. Our bill would eliminate this one-size-fits-all requirement to ensure investment firms in Arkansas are no longer punished for their size and are instead given the chance to grow and succeed in a friendlier business environment,” added Senator Cotton. Read the bill text here. Further Background:
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