Helping Angels Lead Our Startups Act of 2025

Floor Speech

Mr. Speaker, I rise in support of H.R. 3352, the Helping Angels Lead Our Startups Act, or HALOS Act of 2025, sponsored by the gentleman from New York (Mr. Lawler).

I want to comment on the terminology of the bill. Let's face it, this is not an effort to help charity or, perhaps, God or angels. We have halos. We have angels. These are private investors trying to get the best deal for themselves.

That being said, and perhaps not giving them full halo status, let me say that these angel investors do play an important role in our economy, even if they have named themselves after the angels of Heaven.

Let's break down two things with the bill. First, it allows startups to discuss their products and business plans at certain events known as demo days without such discussions counting as a general solicitation under our securities regulations and, therefore, as an investment offering necessitating SEC registration.

Second, it defines what an angel investor is for purposes of security laws. Angel investors are simply well-off individuals who invest their money into startups.

Again, I know that angels enter Heaven. Whether well-off individuals enter Heaven is a discussion for a more theological venue.

Unlike prior iterations of this bill, the current bill prohibits demo days from taking place at facilities owned by religious institutions. That is what is prohibited. It allows both Native American Tribes and startup incubators to host them.

I am aware of several instances where bad actors took advantage of the halo, if you will, of being in a church to get investments that were inappropriate. This has been an issue for Ranking Member Waters. She has negotiated changes in this bill at the committee level.

I am pleased that Mr. Lawler and Ranking Member Waters collectively agreed to remove churches and other religious institutions as sites for these demo days in the bill, which substantially eliminates the outstanding concerns of the Committee on Financial Services Democrats.

As such, I am pleased to recommend to my colleagues to vote ``yes'' on this bill.

Mr. Speaker, I urge all Members to support H.R. 3352, the Helping Angels Lead Our Startups Act, or HALOS Act, sponsored by Mr. Lawler.

This legislation will help startups have easier access to the funding they need to get off the ground while addressing the issues of certain bad actors taking advantage of susceptible investors.

This bill threads that needle and will continue to amplify our Nation's great tradition of being the best place for entrepreneurs and talented go-getters to start and grow their businesses.

Mr. Speaker, I ask my colleagues to vote ``yes'' on the bill, and I yield back the balance of my time.

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