You see, an economy built to last is one where we encourage the talent and ingenuity of every person in this country … . [W]e should support … . every risk-taker and entrepreneur who aspires to become the next Steve Jobs. 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.
BUT, while a bill which would allow relatively small amounts of money to be raised through crowdfunding, including through sites such as Kickstarter, was passed by the House of Representatives by a 413-11 vote in November 2011, the narrower Senate version of the bill is languishing in the Senate Banking Committee.
Scott Edward Walker at Forbes: “Crowdfunding Bill Stuck in the Senate”
Background on the House Entrepreneur Access to Capital Act – “The Entrepreneur Access to Capital Act and What It Could Mean for Startups” posted by the law firm of Sheppard Mullin at the Venture Law Blog.
Text of House Bill (passed): H.R. 2930: Entrepreneur Access to Capital Act.
Text of Senate Bill (in committee): S. 1791: Democratizing Access to Capital Act of 2011.
Senator Scott Brown, sponsor of the Democratizing Access to Capital Act, testifying in front of the Senate Banking Committee in support of the bill.
See also – Senator John Thune, sponsor of the Senate’s Access to Capital for Job Creators Act, calls on the Senate Banking Committee to move forward on his bill which would eliminate the prohibition on general solicitation and general advertising from Regulation D, Rule 506 offerings, provided all purchasers are accredited investors.