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Obama Administration Backs GOP-authored Crowdfunding Bill

Obama Administration Backs GOP-authored Crowdfunding Bill

In a recent statement of administration policy, the Obama administration outlined its support for H.R. 2930, the ‘Entrepreneur Access to Capital Act’ authored by House Representative Patrick McHenry (R-NC).

“H.R. 2930 is broadly consistent with the President’s [jobs] proposal,” reads the statement. “This bill will make it easier for entrepreneurs to raise capital and create jobs.”
If passed, the bill would offer a crowdfunding exemption for start-ups, who would be allowed to receive investments of up to $10,000 via the internet without first approaching the Securities and Exchange Commission. It would also represent a rare moment of bipartisan cooperation in a staunchly divided political climate.
The bill largely mirrors the crowdfunding investment framework — outlined in this op-ed in support of H.R. 2930 — which is already legal in countries like France and the U.K.

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