HR 2930 · 112th Congress · Finance and Financial Sector
Entrepreneur Access to Capital Act
Bill Progress
1
Introduced✓
Committee✓
House Vote4
Senate5
EnactedLatest: Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 112-444.(2011-12-01)
Recorded Votes
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Plain Language Summary
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Entrepreneur Access to Capital Act - Amends the Securities Act of 1933 to exempt from the prohibitions against use of interstate commerce and the mails for sale or delivery after sale of unregistered securities, including unregistered security-based swaps, any transactions involving the issuance of (crowdfunded) securities for which: (1) the aggregate annual amount raised through such issue is $5 million or less; and (2) individual investments in the securities are limited to an aggregate annual amount equal to the lesser of $10,000, and 10% of the investor's annual income. (Crowdfunding is a method of capital formation where groups of people pool money, typically composed of very small individual contributions, and often via internet platforms, to invest in a company or otherwise support an effort by others to accomplish a specific goal.) Authorizes an issuer to rely upon certifications provided by investors to verify an investor's income. Amends the Securities Exchange Act of 1934 to exclude persons holding crowdfunded securities under this Act from application of the 500-to-750 shareholder "held of record" criterion for a class of equity security subject to mandatory r…
Summarized by Claude AI · Non-partisan · For informational purposes only
CBO Cost Estimate
Congressional Budget OfficeH.R. 2930, Entrepreneur Access to Capital Act
Oct 31, 2011Cost estimate for the bill as ordered reported by the House Committee on Financial Services on October 26, 2011
Full CBO report ↗Official non-partisan budget analysis by the Congressional Budget Office
Cosponsors (5)
5 Republicans