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H.R. 1219: Supporting America’s Innovators Act of 2017

This was a vote to pass H.R. 1219 in the House.

Access to financial capital is vital for entrepreneurs seeking to start up, operate or expand businesses. At the same time, according to the Committee on Financial Services “gaining access to capital has remained a significant challenge for many small businesses.” The passage of the Dodd-Frank Act as well as the increased volume and complexity of financial regulations has made the situation worse as capital became increasingly hard to access from banks and various capital market players. “And while conditions have improved somewhat in recent years, many entrepreneurs continue to struggle with accessing the capital they need to compete and grow.”

The JOBS Act of 2012 was intended to encourage funding of United States small businesses by easing various securities regulations, raising the cap on investors in a privately-held company from 500 to 2,000 investors before requiring SEC registration. However, the limit on the number of investors acting as a coordinated group to invest in a company remained at 100, where it has been since 1940.

According to the Committee on Financial Services, “With online fundraising and general solicitation becoming more common because of the JOBS Act, companies are bumping up against the limit more frequently.” H.R. 1219 is a companion bill to the bipartisan JOBS Act. As the JOBS Act permitted up to 2,000 individuals to invest in private companies, H.R. 1219 allows qualifying venture capital funds to obtain the backing of up to 250 individuals without having to register under the Investment Company Act, in an attempt to promote capital formation at the earliest stages in a private company’s life cycle.

Source: Republican Policy Committee


Congress
115th Congress
Date
Apr 6, 2017
Chamber
House
Number
#221
Question:
On Passage of the Bill in the House
Result:
Passed

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Key: R Yea D Yea R Nay D Nay
Seat position based on our ideology score.
This is a cartogram. Each hexagon represents one congressional district.
Totals     Republican     Democrat
  Yea 417
 
 
97%
232 185
  Nay 3
 
 
1%
1 2
Not Voting 9
 
 
2%
3 6
Required: Simple Majority source: house.gov

Vote Details

Notes: The Speaker’s Vote? “Aye” or “Yea”?
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