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How The ‘Crowdfunding’ Bill Was Passed

President Obama is scheduled to sign into law a new piece of legislation on Thursday afternoon that would allow the general public to invest in startup companies over the Internet, a practice known as “crowdfunding,” which until now has been prohibited by government regulations restricting early investments in private companies to qualified institutions (investment banks) and wealthy individuals.
According to Sen. Michael Bennet (D-CO), however, one of the JOBS Act’s backers and arguably its savior, the concerns have been addressed in the latest version of the legislation. Bennet introduced an eleventh-hour amendement, along with Sen. Jeff Merkley (D-OR) and Sen. Scott Brown (R-MA), tightening the regulations of new crowdfunding websites and business, which as a result are now required to register and undergo checks by the Securities and Exchange Commission.

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