The House of Representatives recently passed the Expanding Access to Capital Act, H.R. 2799, a significant piece of legislation aimed at transforming American entrepreneurship and economic growth by democratizing the ability to invest in startups, removing net worth as a criterion. Rep. Mike Lawler's HALOS Act was integrated as an amendment into this broader financial services bill, showcasing bipartisan support. The bill, championed by the Financial Services Committee under Chairman Patrick McHenry, received backing from Rep. Thomas Massie in the Rules Committee and on the floor last week, and is now poised for Senate consideration. Advocates highlight the potential for a larger base of LPs (Limited Partners), leading to a more inclusive investor base and a robust ecosystem of funds and startups, underscoring the bill's implications for innovation and opportunity expansion.
Terrific must-read piece by @OfficialBBrooks on the Expanding Access to Capital Act, which passed the House of Friday, and its far-reaching implications for American #entrepreneurship, economic growth, and expanding opportunity. https://t.co/iChIhDM3Jt
More on the Expanding Access to Capital Act, H.R. 2799 It’s an important piece of legislation that can change the face of American entrepreneurship. It passed in the House & now moves onto the Senate, contact your rep to support! https://t.co/6IxpTpaw6E
Last week H.R. 2799 passed in the House thanks to the @FinancialCmte Now it moves on to the Senate, I encourage all to reach out to their representatives to vote yes! Here’s a write up on potential impacts. Please share wide. https://t.co/6IxpTpaw6E
We’re going to see a much larger base of LPs soon due to HR 2799. At a time when emerging funds are struggling to raise & stay afloat, this is fantastic news. The expansion of LPs can lead to a more robust ecosystem of funds & startups. Innovation wins.
Currently a person's net worth determines whether the government allows that person to invest in startups. I support HR 2799 to change this. Americans deserve access to the same opportunities big banks have. I supported this bill in Rules Committee and on the floor last week. https://t.co/ZhazKa2wMI
My HALOS Act to empower angel investors was incorporated as an amendment into a broader financial services bill put forward by @FinancialCmte Chairman @PatrickMcHenry. I was pleased to see this legislation pass this week, becoming my latest bill to pass the House. https://t.co/Eh1a57c1IN