HR 2930 - Authorizes Crowdfunding for Small Businesses - Key Vote

Kevin McCarthy voted Yea (Passage) on this legislation.

Title: Authorizes Crowdfunding for Small Businesses

Vote Smart's Synopsis:

Vote to pass a bill that authorizes crowdfunding for small businesses.

Highlights:

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):

Specifies that intermediaries are not required to register as a broker (Sec. 2).

See The Voting Record
Full Bill Text

Title: Authorizes Crowdfunding for Small Businesses

Full Bill Text

Key Votes