Key Votes
HR 2930 - Authorizes Crowdfunding for Small Businesses - Key Vote
National Key Votes
Bill Owens voted Yea (Passage) on this legislation.
Read recent statements Bill Owens made in this general time period.
Stages
Family
- HR 2930 - Authorizes Crowdfunding for Small Businesses
- H Amdt 853 - Requires Crowdfunding Intermediaries to Disclose Methods of Compensation to Investors
Issues
Stage Details
Legislation - Bill Passed (House) (407-17) - Nov. 3, 2011 (Key vote)
Title: Authorizes Crowdfunding for Small Businesses
Vote Smart's Synopsis:
Vote to pass a bill that authorizes crowdfunding for small businesses.
Highlights:
- Establishes crowdfunding exemptions for the following instances (Sec. 2):
- Transactions involving the issuance of securities that aggregate $1 million or less annually;
- If the issuer provides potential investors with audited financial statements of $2 million or less; or
- When individual investments in the securities are less than $10,000 per year or 10 percent of the investor's annual income, whichever amount is smaller.
- Establishes crowdfunding exemption requirements for intermediaries and for security issuers who do not use intermediaries (Sec. 2).
- Specifies that a securities issuer or intermediary may rely on certifications provided by an investor to verify the investor's income (Sec. 2).
- Prohibits investors from selling securities for a 1-year period beginning on the date of purchase, unless the securities are sold to (Sec. 2):
- The issuer of such securities; or
- An accredited investor.
- Specifies that intermediaries are not required to register as a broker (Sec. 2).
Legislation - Introduced (House) - Sept. 14, 2011
Title: Authorizes Crowdfunding for Small Businesses
Sponsors
Co-sponsors
- Kevin P. Brady (TX - R)
- Robert Dold (IL - R) (Out Of Office)
- Sean Duffy (WI - R)
- Jean Schmidt (OH - R) (Out Of Office)
- David Schweikert (AZ - R)
