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This evening, Chief Deputy Whip Patrick McHenry (R, NC-10), the Vice Chairman of the House Financial Services Committee and co-leader of House Republican's Innovation Initiative, applauded the passage of H.R. 6427, the Creating Financial Prosperity for Businesses and Investors Act. Included in H.R. 6427 were two bills introduced by Congressman McHenry: H.R. 4854 the Supporting America's Innovators Act and H.R. 4855, the Fix Crowdfunding Act.
“Small businesses and entrepreneurs play a vitally important role in the American economy, especially in communities like those I represent in western North Carolina," said Congressman McHenry. "Yet today, the combination of a sluggish economy and misguided Washington regulations have led to these communities losing more jobs than they create."
“This evening, the House voted on a bipartisan legislative package that can begin to change that,"Congressman McHenry continued. "The Creating Financial Prosperity for Businesses and Investors Act includes two bills I authored that will make it easier for small businesses and entrepreneurs to utilize innovative forms of capital formation to grow their ideas. While there is more work to be done to improve the small business climate in America, today’s vote is a step in the right direction.”
Earlier today, Congressman McHenry spoke on the House floor in support of H.R. 6427. Video of those remarks can be accessed by clicking here or on the image above.
H.R. 6427 is a package of six bills that passed the House earlier this year. The two bills introduced by Congressman McHenry, H.R. 4854 and H.R. 4855, originally passed the on July 5th. You can read more about those votes by clicking here.
H.R. 4854, the Supporting America's Innovators Act of 2016 amends an exemption under the Investment Company Act of 1940 to by increasing the investor limitation from 100 to 250 persons for qualifying venture capital funds.
H.R. 4855, the Fix Crowdfunding Act amends Title III of the JOBS Act by raising the dollar amount limit and clarifying certain requirements under the Exchange Act 12(g) requirements, and permit single purpose funds to participate in the sale and offer of crowdfunding securities.
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