The Entrepreneur Access to Capital Act (H.R. 2930) and the Access to Capital for Job Creators Act (H.R. 2940)

Floor Speech

* Mr. VAN HOLLEN. Mr. Speaker, 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.

* Specifically, the Entrepreneur Access to Capital Act (H.R. 2930) will facilitate the technique of ``crowdfunding'', whereby internet-based platforms like social networks are used to raise small amounts of money from large numbers of people. Under this legislation, securities offerings are capped at a maximum of $2 million with investments limited to $10,000 or less. Additionally, this Administration priority contains important investor protections to keep bad actors from undermining the crowdfunding market.

* Similarly, the Access to Capital for Job Creators Act (H.R. 2940) will allow small companies to raise capital more easily by removing restrictions against general solicitation and advertising to potential investors. While maintaining the ``accredited investor'' requirement for participation in these private offerings, H.R. 2940 will make it easier for legitimate businesses to find qualified investors to launch and fund their operations.

* While I continue to believe this body should be taking up more comprehensive jobs legislation like the American Jobs Act, these initiatives both represent modest improvements to existing securities law and merit our support.

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