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Cmte Financial Services (R)
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Financial Services Committee Requests Feedback on Legislative Proposals to Increase Investor Access and Facilitate Capital Formation
Washington, Feb 26 -
Following today’s Subcommittee on Capital Markets hearing focused on strengthening public and private markets by increasing investor access and facilitating capital formation, the House Financial Services Committee is requesting feedback from the public on capital formation and the slate of bills the Committee considered during the hearing. Interested member of the public may send their comments and answers to the questions below by March 31, 2025, to: fsc119@mail.house.gov. Access to Capital · Challenges & Solutions – What are the greatest challenges companies of all sizes, entrepreneurs, and fund managers face when raising capital? What policy solutions could help? · Expanding Access – The JOBS Act and other initiatives have broadened capital access. What aspects of the JOBS Act have been most effective? What improvements are needed? · Innovative Funding Models – Beyond traditional lending and equity finance, what alternative funding models (e.g., revenue-based financing, tokenization, secondary markets) should policymakers consider? · Building Regional Ecosystems – What policies could help develop regional innovation hubs and funding networks outside of traditional financial centers? · Empowering Emerging Managers – What policy changes could lower barriers for emerging fund managers and enhance capital availability in underserved markets? Investor Access & Participation · Accredited Investor Criteria – Should the definition of accredited investor be modernized beyond wealth/income measures to consider education, geography, or other factors? · Retail Access to Private Markets – Should policymakers facilitate responsible avenues for retail investors to access private markets, and if so, how? · Retirement Investment Options – Should 401(k)s and other retirement vehicles have greater access to private markets, and what safeguards would be necessary? Public Markets & Company Lifecycle · Going Public: Barriers & Solutions – What are the biggest barriers preventing companies from going public in the United States? How can policy reforms ease this transition from a private company to publicly traded? · Challenges for Small Public Companies – What regulatory or market structure challenges do small public companies face? How can they be addressed through policy reforms? · Evolving Private/Public Company Dynamics – How should policymakers approach the changing landscape where companies stay private longer or seek non-IPO exits? Are there ways to improve liquidity in private markets and ease pathways to public markets? Technology & AI in Capital Markets · Technology in Investment & Operations – How are funds using technology (AI, blockchain, automation) in capital raising, deal sourcing, diligence, or reporting? · Expanding Market Access Through Technology – How can AI and blockchain be leveraged to expand access and opportunity in private markets? During the hearing, the Committee examined the following bills: · H.R.__, the Fair Investment Opportunities for Professional Experts Act, sponsored by Chairman French Hill (AR-02) · H.R.__, the Accredited Investor Definition Review Act, sponsored by Rep. Bill Huizenga (MI-04) · H.R.__, the Improving Access to Small Business Information Act, sponsored by Rep. Young Kim (CA-40) · H.R.__, the Small Entity Update Act, sponsored by Rep. Ann Wagner (MO-02) · H.R.__, the Equal Opportunity for All Investors Act of 2025, sponsored by Rep. Mike Flood (NE-01) · H.R.__, the Encouraging Public Offerings Act of 2025, sponsored by Rep. Wagner · H.R.__, a bill to amend the Securities Exchange Act of 1934 to specify certain registration statement contents for emerging growth companies, to permit issuers to file draft registration statements with the Securities and Exchange Commission for confidential review, and for other purposes, sponsored by Rep. Zach Nunn (IA-03) · H.R.__, the Enhancing Multi-Class Share Disclosures Act, sponsored by Rep. Gregory Meeks (NY-05) · H.R.__, the Senior Security Act of 2025, sponsored by Rep. Josh Gottheimer (NJ-05) · H.R.__, the Middle Market IPO Underwriting Cost Act, sponsored by Rep. Jim Himes (CT-04) · H.R.__, the Promoting Opportunities for Non-Traditional Capital Formation Act, sponsored by Ranking Member Maxine Waters (CA-43) · H.R.__, the Improving Disclosures for Investors Act of 2025, sponsored by Rep. Huizenga · H.R.__, the Helping Angels Lead Our Startups (HALOS) Act of 2025, sponsored by Rep. Mike Lawler (NY-17) · H.R.__, the Increasing Investor Opportunities Act, sponsored by Rep. Wagner · H.R.__, the Retirement Fairness for Charities and Educational Institutions Act of 2025, sponsored by Rep. Frank Lucas (OK-03) · H.R.__, Remove Aberrations in the Market CAP Test for Target Company Financial Statements, sponsored by Rep. Maria Salazar (FL-27) · H.R.__, the Helping Startups Continue to Grow Act, sponsored by Rep. Bryan Steil (WI-01) · H.R.__, SEC and PCAOB Auditor Requirements for Newly Public Companies, sponsored by Rep. Lisa McClain (MI-09) · H.R.__, Expands Protections for Research Reports to Cover All Securities of All Issuers, sponsored by Rep. Roger Williams (TX-25) · H.R.__, a bill to exclude QIBs and IAIs From the Record Holder Count for Mandatory Registration, sponsored by Rep. Andrew Garbarino (NY-02) · H.R.__, a bill to expand WKSI Eligibility, sponsored by Rep. Steil · H.R.__, Unlocking Capital for Small Businesses Act of 2025, sponsored by Rep. Salazar · H.R.__, the Small Business Investor Capital Access Act, sponsored by Rep. Andy Barr (KY-06) · H.R.__, the Improving Capital Allocation for Newcomers (ICAN) Act of 2025, sponsored by Rep. William Timmons (SC-04) · H.R.__, the Small Entrepreneurs Empowerment and Development (SEED) Act of 2025, sponsored by Rep. Garbarino · H.R.__, Regulation A+ Improvement Act of 2025, sponsored by Rep. Marlin Stutzman (IN-03) · H.R.__, the Developing and Empowering our Aspiring Leaders (DEAL) Act, sponsored by Rep. Wagner · H.R.__, Improving Crowdfunding Opportunities Act · H.R.__, Amendment for Crowdfunding Capital Enhancement and Small-business Support (ACCESS) Act of 2025, sponsored by Rep. Dan Meuser (PA-09) · H.R.__, Restoring Secondary Trading Market Act, sponsored by Rep. Meuser · H.R.__, Risk Disclosure and Investor Attestation Act, sponsored by Rep. Warren Davidson (OH-08) · H.R.__, Investment Opportunity Expansion Act, sponsored by Rep. Stutzman · H.R.__, Accredited Investors Include Individuals Receiving Advice from Certain Professionals Act