Helping Angels Lead Our Startups Act of 2025

Floor Speech

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Mr. LAWLER. Mr. Speaker, I thank Chair Wagner for yielding me time.

Mr. Speaker, I rise in support of my bill, H.R. 3352, the HALOS Act, a bill I reintroduced this Congress with my colleague, Congressman Josh Gottheimer of New Jersey.

America's small businesses have faced a tough road, weathering the impacts of COVID, high inflation, and burdensome regulations that have made it harder to grow and compete. Yet, they continue to serve as the backbone of our economy, driving innovation, creating jobs, and keeping the American Dream alive.

According to the Small Business Administration, firms with fewer than 500 employees account for 43.5 percent of our Nation's GDP. Since 2019, they have been responsible for over 70 percent of net new job creation. Just last year, we saw more than 430,000 new business applications each month, a 50 percent increase compared to 2019.

That kind of momentum deserves our full support. We should be doing everything we can to encourage investment, foster innovation, and make it easier, not harder, for entrepreneurs to succeed. That is why I introduced the Helping Angels Lead Our Startups Act, otherwise known as the HALOS Act.

This bipartisan bill, which I am proud to lead alongside Josh Gottheimer, is a straightforward way to give early-stage startups more opportunities to connect with potential investors. The HALOS Act clarifies the definition of ``general solicitation'' and allows startups to participate in demo day events without fear of running afoul of outdated securities regulations.

It also defines what it means to be an angel investor, helping entrepreneurs know who they can engage with as they work to get their ideas off the ground.

These changes are not about deregulation for its own sake. They are about opening doors. They make it easier for new businesses to get the early capital they need to hire, grow, and contribute to a dynamic, competitive economy, and we know that this model works.

Angel investors helped launch companies like Amazon, Google, Facebook, Costco, and Starbucks, names we all recognize today that started as small ideas in need of capital and support.

By reducing legal uncertainty, especially around demo day events, we are also giving more room for underrepresented entrepreneurs and overlooked communities to pitch their ideas and access funding. It is a chance to level the playing field and help more people take part in building America's next generation of businesses.

I am proud that during the committee process, we were able to make thoughtful revisions to address concerns raised by the ranking member.

I thank Chairman Hill for advancing this bill, as well as my colleague, the chairwoman of the Subcommittee on Capital Markets, and Congressman Gottheimer for his partnership.

The HALOS Act builds on the bipartisan success of the JOBS Act and is a commonsense step forward to modernize our rules and strengthen our economy.

Mr. Speaker, I urge my colleagues to support the bill.

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