Expanding Access to Capital Act of 2023

Summary

Expanding Access to Capital Act of 2023 This bill reduces various securities regulations applicable to certain companies, brokers, and advisors. The bill also allows more investors to invest in specified types of ventures. The bill reduces regulations, for example, by establishing an exemption to certain securities regulations for small offerings of securities. Specifically, under the bill, securities registration is not required for a sale of securities if the total amount of securities sold by the issuer during the preceding 12-month period does not exceed $250,000. The bill also allows certain issuers of securities regulated as emerging growth companies to continue operating under these regulations, including those related to reduced disclosures, for an additional period of time. It also raises the limit of total annual gross revenues under which issuers qualify as emerging growth companies to $1.5 billion. The bill allows more investment, for example, by raising the caps on the allowed capital and number of investors under which a fund may qualify as a venture capital fund. Venture capital funds are exempt from certain regulations applicable to other investment firms, including those related to filings, audits, and restricted communications with investors. The bill increases the caps from (1) $10 million to $150 million in capital contributions and commitments, and (2) 250 to 600 allowed investors. In addition, the bill expands who may be considered an accredited investor for purposes of participating in private offerings of securities. Certain unregistered securities may only be offered to accredited investors.

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Timeline

1. 24 April 2023

   Introduced

   Referred to the Committee on Financial Services, and in addition to the Committee on Education and the Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

   Source: IntroReferral

2. 24 April 2023

   Introduced

   Introduced in House

   Source: IntroReferral

3. 24 April 2023

   Introduced

   Introduced in House

   Source: IntroReferral

4. 26 April 2023

   Vote

   Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 28 - 21.

   Source: Committee

5. 26 April 2023

   Committee

   Committee Consideration and Mark-up Session Held.

   Source: Committee

6. 17 July 2023

   Calendars

   Placed on the Union Calendar, Calendar No. 112.

   Source: Calendars

7. 17 July 2023

   Discharge

   Committee on Education and the Workforce discharged.

   Source: Discharge

8. 17 July 2023

   Committee

   Committee on Education and the Workforce discharged.

   Source: Committee

9. 17 July 2023

   Reported

   Reported (Amended) by the Committee on Financial Services. H. Rept. 118-143, Part I.

   Source: Committee

10. 17 July 2023

    Reported

    Reported (Amended) by the Committee on Financial Services. H. Rept. 118-143, Part I.

    Source: Committee

11. 5 March 2024

    Reported

    Rules Committee Resolution H. Res. 1052 Reported to House. Rule provides for consideration of H.R. 2799 and H.R. 7511. Resolution provides for consideration of H.R. 2799, under a structured rule with one hour of general debate and one motion to recommit. The resolution provides for consideration of H.R. 7511 under a closed rule with one hour of general debate and one motion to recommit.

    Source: Floor

12. 6 March 2024

    Floor

    Committee of the Whole House on the state of the Union rises leaving H.R. 2799 as unfinished business.

    Source: Floor

13. 6 March 2024

    Passed

    On motion that the committee rise Agreed to by voice vote.

    Source: Floor

14. 6 March 2024

    Floor

    Mrs. Wagner moved that the committee rise.

    Source: Floor

15. 6 March 2024

    Floor

    The Speaker designated the Honorable Brad R. Wenstrup to act as Chairman of the Committee.

    Source: Floor

16. 6 March 2024

    Floor

    House resolved itself into the Committee of the Whole House on the state of the Union pursuant to H. Res. 1052 and Rule XVIII.

    Source: Floor

17. 6 March 2024

    Floor

    Rule provides for consideration of H.R. 2799 and H.R. 7511. Resolution provides for consideration of H.R. 2799, under a structured rule with one hour of general debate and one motion to recommit. The resolution provides for consideration of H.R. 7511 under a closed rule with one hour of general debate and one motion to recommit.

    Source: Floor

18. 6 March 2024

    Floor

    Considered under the provisions of rule H. Res. 1052. (consideration: CR H972-988; text: CR H977-981)

    Source: Floor

19. 7 March 2024

    Floor

    Committee of the Whole House on the state of the Union rises leaving H.R. 2799 as unfinished business.

    Source: Floor

20. 7 March 2024

    Passed

    On motion that the committee rise Agreed to by voice vote.

    Source: Floor

21. 7 March 2024

    Floor

    Mrs. Wagner moved that the committee rise.

    Source: Floor

22. 7 March 2024

    Floor

    The House resolved into Committee of the Whole House on the state of the Union for further consideration.

    Source: Floor

23. 7 March 2024

    Floor

    Considered as unfinished business. (consideration: CR H1021-1025)

    Source: Floor

24. 8 March 2024

    Passed

    Motion to reconsider laid on the table Agreed to without objection.

    Source: Floor

25. 8 March 2024

    Vote

    On passage Passed by recorded vote: 212 - 205 (Roll no. 78).

    Source: Floor

26. 8 March 2024

    Vote

    Passed/agreed to in House: On passage Passed by recorded vote: 212 - 205 (Roll no. 78).

    Source: Floor

27. 8 March 2024

    Vote

    On motion to recommit Failed by the Yeas and Nays: 205 - 213 (Roll no. 77).

    Source: Floor

28. 8 March 2024

    Floor

    The previous question on the motion to recommit was ordered pursuant to clause 2(b) of rule XIX.

    Source: Floor

29. 8 March 2024

    Floor

    Ms. Houlahan moved to recommit to the Committee on Financial Services. (text: CR H1040, H1046)

    Source: Floor

30. 8 March 2024

    Passed

    The House adopted the amendments en gross as agreed to by the Committee of the Whole House on the state of the Union.

    Source: Floor

31. 8 March 2024

    Floor

    The previous question was ordered pursuant to the rule.

    Source: Floor

32. 8 March 2024

    Floor

    The House rose from the Committee of the Whole House on the state of the Union to report H.R. 2799.

    Source: Floor

33. 8 March 2024

    Floor

    DEBATE - Pursuant to the provisions of H. Res. 1052, the Committee of the Whole proceeded with 10 minutes of debate on the Houlahan amendment No. 6.

    Source: Floor

34. 8 March 2024

    Floor

    The House resolved into Committee of the Whole House on the state of the Union for further consideration.

    Source: Floor

35. 8 March 2024

    Floor

    Considered as unfinished business. (consideration: CR H1038-1048)

    Source: Floor

36. 11 March 2024

    Introduced

    Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

    Source: IntroReferral

Votes

Versions

• Referred in Senate · 11 March 2024 · Download file
• Engrossed in House · 8 March 2024 · Download file
• Reported in House · 17 July 2023 · Download file
• Introduced in House · 24 April 2023 · Download file

Documents

11 official files

• Referred in Senate (text)

  Referred in Senate · EN · 11 March 2024

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• Referred in Senate (PDF)

  Referred in Senate · EN · 11 March 2024

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• Engrossed in House (text)

  Engrossed in House · EN · 8 March 2024

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• Engrossed in House (PDF)

  Engrossed in House · EN · 8 March 2024

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• Passed House

  summary · EN · 8 March 2024

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• Reported in House (text)

  Reported in House · EN · 17 July 2023

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• Reported in House (PDF)

  Reported in House · EN · 17 July 2023

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• Reported to House, Part I

  summary · EN · 17 July 2023

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• Introduced in House (text)

  Introduced in House · EN · 24 April 2023

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• Introduced in House (PDF)

  Introduced in House · EN · 24 April 2023

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• Introduced in House

  summary · EN · 24 April 2023

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Sponsors

• Rep. McHenry, Patrick T. [R-NC-10] · R · Sponsor
• · ssbk00 · Standing
• · hsba00 · Standing
• · hsed00 · Standing

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• related to → To permit an issuer, when determining the market capitalization of the issuer for purposes of testing the significance of an acquisition or disposition, to include the value of all shares of the issuer.
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• related to ← Retirement Fairness for Charities and Educational Institutions Act of 2023
• related to ← Regulation A+ Improvement Act of 2024
• related to ← Investment Opportunity Expansion Act
• related to ← Improving Disclosure for Investors Act of 2024
• related to ← Providing for consideration of the bill (H.R. 2799) to make reforms to the capital markets of the United States, and for other purposes, and providing for consideration of the bill (H.R. 7511) to require the Secretary of Homeland Security to take into custody aliens who have been charged in the United States with theft, and for other purposes.
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• related to ← Retirement Fairness for Charities and Educational Institutions Act of 2024
• amends ← Amendment clarifies the definition of "general solicitation" and "angel investor" for purposes of the federal securities laws to ensure that startups can discuss their products and business plans at certain events, known as "demo days.".

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