The Leader Board

169 House Dems Joined Republicans In Voting For The Entrepreneur Access To Capital Act That Will 'Help Small Businesses'

Waiting For A Senate Vote

"U.S. Senator Scott Brown (R-MA) has introduced the Democratizing Access to Capital Act [S. 1791], a bipartisan jobs bill that will allow small businesses, entrepreneurs and start-ups to use the internet to raise capital from a wide range of ordinary investors—a concept commonly referred to as 'crowdfunding.'  H.R. 2930, a measure similar to Senator Brown's, passed the House on November 3, 2011, with 407 votes." (Sen. Brown, Press Release, 11/9/11)


House Voted 407-17 In Favor

HOUSE OF REPRESENTATIVES: 407 Congressmen, Including 169 Democrats Voted for H.R.2930, the Entrepreneur Access To Capital Act. (H.R.2930, Roll Call Vote #825, Bill Passed 407-17: R 238-0; D 169-17, 11/3/11)

  • REP. CAROLYN MALONEY (D-NY): "By passing this bill, we will make it easier to provide different avenues for startups and smaller businesses to access the capital they need to move our economy forward, and it will not only help small businesses raise capital, but thanks to the changes and amendments we agreed upon in committee, it contains much stronger investor protections as well." (Rep. Maloney, Congressional Record, H.7299)
  • REP. SHEILA JACKSON LEE (D-TX): "It is a measure fledgling small businesses benefit from. Also it should limit fraud and promote the jobs America needs." (Rep. Jackson Lee, Congressional Record, H.7300)
  • REP. ED PERLMUTTER (D-CO): "…this is a bill that really allows money to be raised, investments to be made by people without a lot of money. They are investors who are going to make smaller investments but in a large volume." (Rep. Perlmutter, Congressional Record, H.7296)
  • REP. AL GREEN (D-TX): "We will have small businesses in a position such that they can use this thing called crowdfunding to fund their efforts." (Rep. Green, Congressional Record, H.7299)


President Obama Supports The Bill

"The Administration supports House passage of H.R. 2930. … This bill will make it easier for entrepreneurs to raise capital and create jobs." (Executive Office Of The President, "Statement Of Administration Policy: H.R. 2930 – Entrepreneur Access To Capital Act," 11/2/11)

  • "As part of the President's Startup America initiative, the Administration will work to unlock this capital through smart regulatory changes that are consistent with investor protection.  This means … responsibly allowing startups to raise money through 'crowdfunding' – gathering many small-dollar investments that add up to as much as $1 million.  Right now, entrepreneurs like these bakers and these gadget-makers are already using crowdfunding platforms to raise hundreds of thousands of dollars in pure donations – imagine the possibilities if these small-dollar donors became investors with a stake in the venture." ("The American Jobs Act," The White House, 9/09/11)

175 House Dems Joined Republicans To 'Help Businesses In Our Country Raise Money They Need To Create Jobs'


Waiting For A Senate Vote

"Senator John Thune today introduced the Access to Capital for Job Creators Act (S.1831) to reduce regulatory burdens facing small businesses by updating Securities and Exchange Commission (SEC) regulations, making it easier for businesses to raise capital. The House of Representatives passed this legislation on November 3rd with a broad bipartisan vote of 413-11." (Sen. Thune, Press Release, 11/9/1)


House Voted 413-11 In Favor

HOUSE OF REPRESENTATIVES: 413 Congressmen, Including 175 Democrats Voted for H.R.2940, the Access To Capital For Jobs Creators Act. (H.R.2940, Roll Call Vote #828, Bill Passed 413-11: R 238-0; D 175-11, 11/3/11)

  • REP. DAVID SCOTT (D-GA): "This week, the House passed several positive small business bills to allow more flexibility in raising capital and to reduce regulatory burdens… As a member of the House Committee on Financial Services, I was able to review and help to craft these bills before they were called up for a vote on the floor. All of the bills are now pending action in the Senate." (Rep. Scott, "House Passes Bi-partisan Small Business Bills," Blog, 11/4/11)
  • REP. CHRIS VAN HOLLEN (D-MD): "…I rise in support of today's legislation, which will modernize our securities laws to support capital formation at our nation's start-ups and small businesses… the Access to Capital for Job Creators Act (H.R. 2940) will allow small companies to raise capital more easily by removing restrictions..." (Rep. Van Hollen, Congressional Record, H.2003, 11/3/11)
  • REP. CAROLYN MALONEY (D-NY): "I rise in strong support of the Access to Capital for Job Creators Act because I believe that it will help businesses in our country raise money they need to create jobs and help our economy recover… Entrepreneurs come there from across the country, and this bill will help them raise money and grow the American Dream…" (Rep. Maloney, Congressional Record, H.7289, 11/3/11)
  • REP. SHEILA JACKSON LEE (D-TX): "It fairly balances the need to ease capital formation to spur job creation, with a provision to better protect investors by putting greater responsibility on the issuer." (Rep. Jackson Lee, Congressional Record,  H.7289, 11/3/11)


Bills 'Will Help Pave The Path Towards More IPOs And Ultimately More U.S. Jobs'

  • U.S. CHAMBER OF COMMERCE: "[H.R. 2930] would open up opportunities for small investors to make investments in small businesses. … [H.R.2940] would give flexibility to companies to raise capital from accredited investors who do not need heightened protections from the Exchange Act's provisions." (Chamber Of Commerce, Letter To Reps. Waters & Garrett, 9/20/11)
  • SMALL BUSINESS & ENTREPRENEURSHIP COUNCIL: ON H.R.2930: "SBE Council strongly supports this important piece of legislation. … H.R. 2930 … provides smaller investors an opportunity to support startups and entrepreneurial firms, which is not allowable under current SEC rules. SBE Council believes there is great wisdom in the crowd." (Small Business & Entrepreneurship Council, Letter To Rep. McCarthy, 9/21/11)  ON H.R.2940: "…a long-overdue solution that will widen the pool of potential funders for entrepreneurs.  By lifting the antiquated and onerous 'solicitation prohibition' contained in Rule 506 of Regulation D of the Securities Act of 1933, promising enterprises can approach 'accredited' investors outside of their personal networks to seek and secure the capital they need to compete and grow… Our economy will improve once entrepreneurs are provided the tools, opportunities and incentives they need to hire and invest." (Small Business & Entrepreneurship Council, Letter To Rep. McCarthy, 9/21/11)
  • ROB NICHOLS, FINANCIAL SERVICES FORUM: "The bills referenced above will, in our view, meaningfully enhance the circumstances for new business formation and survival by reducing regulatory burden. With the aim of revitalizing America's entrepreneurial economy and its job creating capacity, we respectful urge you to support pending bills H.R.2930, H.R. 2940..." (Robert, Nichols, Letter To Rep. Bachus, 10/4/11)
  • MARK HEESEN, NATIONAL VENTURE CAPITAL ASSOCIATION: "Allowing smaller companies access to the public markets with some measure of relief from many of the regulatory burdens intended for larger entities, will help pave the path towards more IPOs and ultimately more U.S. jobs. The proposals under consideration today … [such as] H.R.2930, H.R. 2940 … support that principle." (Mark Heesen, Letter To Reps. Garrett & Waters, 10/4/11)