The U.S. Securities and Exchange Commission (SEC) unanimously proposed boosting by 10 times the amount of money companies can raise under a simplified public offering, the agency's latest step to ease fundraising by smaller firms.

The SEC measure, released for public comment in Washington today, also would preempt such stock deals from state oversight, a change sought by small businesses and Republican lawmakers who support the change. Firms could elect to raise as much as $50 million, up from $5 million, while providing investors with fewer disclosures than those required of public companies.

The changes to the SEC's Regulation A are required by the 2012 Jumpstart Our Business Startups Act to encourage investment in smaller companies. The number of businesses seeking to raise money under the current rule fell to 19 in 2011 from 116 in 1997 as businesses complained the requirements are too strict for the limited amount of money that can be raised.