House Passes McHenry Crowdfunding Bill
House Passes McHenry Crowdfunding Bill Removes Barriers to American Innovation, Job Creation Washington, Nov 3 – WASHINGTON Today, Congressman Patrick McHenry (NC-10), Chairman of the Oversight Subcommittee on TARP, Financial Services and Bailouts of Public and Private Programs, applauded House passage of the Entrepreneur Access to Capital Act, H.R. 2930. The legislation enjoyed broad bipartisan support, passing by a vote of 407 to 17 and receiving a supportive Statement of Administration Policy* from the President. “Small business folks in Western North Carolina tell me time and time again that uncertainty and over-regulation are hampering their growth.
So it unfortunately comes as no surprise that over two years into a sluggish economic recovery, nearly 14 million Americans remain unemployed as entrepreneurs continue to struggle with gaining access to much needed capital,” McHenry said.”Its clear that we need new ways to help small businesses and entrepreneurs take their ideas from the dinner table to the production line. The first step is to modernize outdated regulations that stand as barriers to American innovation.
This legislation will ensure that our small businesses are not left behind. Crowdfunding can help give them the means to create jobs for hard-working individuals here at home. Specifically the bill will do the following:
-Create a crowdfunding exemption from SEC regulations for firms raising up to $2 million, with individual investments limited to $10,000 or 10 percent of an investors annual income.
-Excludes crowdfunding investors from counting as shareholders for purposes of calculating the 499-shareholder cap under 12(g) of the Securities Exchange Act
-Preempt state law and exempts the ban on general solicitation for the new crowdfunding exemption.*Statement of Administration Policy
Visit mchenry.house.gov/crowdfunding for more information about H.R. 2930 ###
7 Responses to House Passes McHenry Crowdfunding Bill
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It’s already happening in Europe at http://www.diebergkomter.nl
The crowd is funding the innovation dream of creating new ways to live, grow food, manage energy, water and to have fun. 100% sustainable.
For information in English on European Crowdfunding go directly to http://www.eucapx.com under subscriptions and find downloadable info.
Crowdfunding that allows investors to obtain shares in a corporation is up and running in the UK – see http://www.crowdcube.co.uk as an example
This is long overdue. Crowdfunding is a great way for individuals to be able to invest in start-up companies that could grow huge. People say all the time they wish they would have had the chance to invest in Amazon or Facebook or other big players in today’s markets. Crowdfunding equity will give everyday people who wouldn’t otherwise be able to, the opportunity to invest in great start-ups.
It will also provide much needed funding for these companies to grow and create jobs. This is one of the single best things that could happen to our economy to encourage job growth.
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It is my understanding that the Crowd Funding Bill has now stalled in the U.S. Senate. It appears that some Senators don’t like McHenry’s Bill and are introducing their own legislation. These Senators need to stop grand standing and start doing things in the best interest of the American people and not in the best interest of special interests.
I would like to contact you to see how we could partner to incorporate the Caribbean.
Looking forward here is my contact information.
Edward C Chin-Mook
CEO Global Ink – 10 Waterloo Avenue, Kingston 10. Jamaica – Tel: 1-876-754-7444 Fax: 1-876-754-5513
Skype ID: chrischinmook , Cell Tel: 1-876-365-8191
President – C.A.S.M.E (Caribbean Association Of Small and Medium Enterprises Inc) –
Credit Committee Chair – (C.O.K-SOD) City Of Kingston-Cooperative Credit Union –
National Council on Technical Vocational Education and Training (NCTVET)
Past President Small Business Association Of Jamaica – http://www.sbaj.org.jm
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