Letter to President Obama
Letter
Following successful bipartisan cooperation on the STOCK Act, U.S. Senator Scott Brown (R-MA) wrote President Obama today asking for help in urging the Senate to act on crowdfunding legislation that would boost small businesses and start-ups. Specifically, Senator Brown's Democratizing Access to Capital Act (S. 1791) would allow small businesses, entrepreneurs and start-ups to use the internet to raise capital from a wide range of ordinary investors.
The letter is as follows:
February 3, 2012
President Barack Obama
The White House
1600 Pennsylvania Avenue NW
Washington, DC 20500
Dear Mr. President:
With last night's bipartisan Senate passage of the STOCK Act, I'm proud that together we took a step towards restoring trust in Washington. I believe that this type of cooperation can become a model for accomplishing the people's business. I would also like to raise another issue that we agree on and that you discussed in your State of the Union address: crowdfunding. By working together to pass crowdfunding legislation we can unleash the creativity of entrepreneurs and startup companies across the United States. At the same time, we can demonstrate to the American people that both parties can come together to solve economic challenges.
During your speech, I enthusiastically agreed when you said, "After all, innovation is what America has always been about. Most new jobs are created in start-ups and small businesses. So let's pass an agenda that helps them succeed. Tear down regulations that prevent aspiring entrepreneurs from getting the financing to grow."
I was pleased to see that you followed up in your recent Startup America Legislative Agenda and called for a framework to allow for crowdfunding.
I am the lead sponsor in the Senate of the Democratizing Access to Capital Act (S. 1791), which legalizes crowdfunding by allowing small businesses, entrepreneurs and start-ups to use the Internet to raise capital from a wide range of ordinary investors. My bill is very similar to a House of Representatives crowdfunding bill that passed by an overwhelming vote of 407-17. In the same way you assisted with getting the STOCK Act on the Senate agenda, I ask that you encourage Majority Leader Reid to bring S. 1791 up for a vote.
We have been successful working together on repealing the 3 percent withholding tax, passing the Hire a Hero tax credit for businesses who hire unemployed veterans, and now the STOCK Act. I hope we can continue our successful streak of bipartisanship by passing crowdfunding legislation next.
I look forward to continuing to work together on these important issues.
Sincerely,
Scott Brown
United States Senator
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