Congressman Ben Quayle (R-AZ) released the following statement Thursday after the House passedHR 2930 and HR 2940, two bills sponsored by Rep. Patrick McHenry (R-NC) and Majority Whip Kevin McCarthy (R-CA) that make it easier for small businesses to expand and hire. The House unanimously accepted an amendment offered by Rep. Quayle to HR 2930 which indexed to inflation the amount an individual can invest in a startup company or small business. HR 2930 allows individuals to invest up to $10,000 in a small business through "crowdfunding" with a total investment cap of $2 million. Crowdfunding is a pro-growth proposal that promotes business formation and expansion through relatively small contributions from a large number of people.
(Watch Rep. Quayle offer his amendment HERE)
From Rep. Patrick McHenry (R-NC), author of HR 2930, the Entrepreneur Access to Capital Act:
"I'm grateful to Congressman Quayle for offering an amendment that improves the overall bill. HR 2930 makes it easier for small businesses to raise capital and therefore expand and hire new workers. Congressman Quayle's amendment ensures that a small business' ability to raise funds is not limited by inflationary pressures."
From Rep. Quayle:
"The House tonight made further progress in our efforts to promote an economic environment favorable to job creation, investment and expansion. Both bills make it easier for small businesses to raise capital-- a critical step for any new or emerging company. I commend Congressman McHenry for his leadership on HR. 2930, and I am proud to have worked with him on this important legislation. Now it's time for the Senate to follow the House's example and take up the 22 jobs bills that have passed the House."