The House on Tuesday voted 394-4 to pass a measure aimed at reworking regulations for crowdfunding. The bill, H.R. 4855, (Fix Crowdfunding Act) attracted bipartisan support and easily cruised through the House by a vote of 394 – 4. It now heads to the Senate.
The Fix Crowdfunding Act raises the amount that a company can crowdfund, from $1 million to $5 million. A 2012 law opened up the rules for crowdfunded investments. It also would make changes to the 2012 JOBS Act, which required the Securities and Exchange Commission to write rules on capital formation, disclosure and registration requirements.
The Supporting America’s Innovators Act (HR 4854) also passed on a vote of 389-9. HR 4854, and raised the investor limitation from 100 to 250 persons for qualifying venture capital funds. The legislation passed 388-9. The two bills are part of a House GOP initiative focused on passing bills related to the tech industry and innovation in the months before November’s elections.
