McHenry on Passage of the Supporting America's Innovators Act
Congressman's bill, H.R. 1219, passes the House with bipartisan support
Chief Deputy Whip Patrick McHenry (NC-10), the Vice Chairman of the House Financial Services Committee, released the following statement after his bill, H.R. 1219, the Supporting America's Innovators Act passed the House of Representatives by a vote of 417 to 3:
"Almost five years to the day after the JOBS Act became law, it is fitting that the House is again coming together in a bipartisan fashion to pass a bill that will help small businesses and startups access much-needed capital.
"The Supporting America's Innovators Act is a common sense bill that will remove needless and outdated regulations replacing them with a regulatory framework that will encourage the growth of innovative forms of capital formation, which help businesses grow and create jobs."
You can see McHenry's floor speech in support of H.R. 1219 by clicking here, or on the image above. H.R. 1219 now moves to the Senate where it awaits further consideration. A Senate version of H.R. 1219, S. 444 authored by Senators Heidi Heitkamp (D-ND) and Dean Heller (R-NV), unanimously passed the Senate Committee on Banking, Housing, and Urban Affairs in early March.
H.R. 1219, the Supporting America's Innovators Act of 2017 amends an exemption under the Investment Company Act of 1940 by increasing the investor limitation from 100 to 250 people for qualifying venture capital funds. The bill would eliminate a significant barrier facing small businesses and startups, instead incentivizing venture capital funds to grow their investments in rural-state entrepreneurs, helping local economies grow and thrive.
Yesterday, McHenry joined with House Majority Leader Kevin McCarthy (CA-23) to host a round table discussion celebrating the 5th anniversary of the Jumpstart Our Business Startups (JOBS) Act. They were joined at the event by investor Steve Case, venture capitalist Kate Mitchell, and other Members of Congress to talk about the JOBS Act's success and how it can be improved. You can read more about yesterday's anniversary event here.