WASHINGTON, DC – Two pieces of legislation introduced by Congressman Bryan Steil (WI-01) to create jobs and help startups grow passed the Financial Services Committee. The first piece of legislation, H.R. 2625, would make it easier for more small public companies to raise money in the public markets. The second bill, H.R. 2624, the Helping Startups Continue to Grow Act, would right-size burdensome reporting requirements for startups, allowing them to focus their scarce resources on job creation and innovation. Steil released a statement following passage.
“Right-sizing regulations for new entrepreneurs is a simple step Congress can take to spur economic growth,” said Steil. “My bills will increase investment in the United States and create jobs by helping more companies go public. I look forward to bringing these bills to the Floor.”
Background:
The House Financial Services Committee held a mark-up of Capital Formation and CFPB reform legislation. The Committee considered Steil’s two bills, H.R. 2625 and H.R. 2624 during the markup which were included in broader legislative package.
During the Subcommittee on Capital Markets Hearing focused on “Reforms to Encourage Capital Formation and Investment Opportunities for All Americans,” Steil asked Joel Trotter, a creator of the EGC construct, if he agreed that existing qualification thresholds for EGC status should be revised. Trotter responded: “Absolutely. Your bill would be a game-changer. I highly recommend it.”
To watch a live stream of the mark-up, click here.
Original source can be found here.
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