The U.S. House of Representatives on Monday passed bipartisan legislation proposed by U.S. Rep. Zach Nunn (R-IA) that would reduce bureaucratic red tape for small and mid-sized businesses seeking to raise capital investment through initial public offerings (IPOs).
The Encouraging Local Emerging Ventures and Economic Growth Act (ELEVATE) Act, H.R. 3301, received House approval as part of the larger, bipartisan New Ventures and Economic Strength Through Capital Formation (INVEST) Act of 2025, H.R. 3383, which now moves to the U.S. Senate for consideration.
“I’m proud to see this common-sense, pro-growth solution moving forward in a larger package that brings investment back to the heart of the heartland,” Rep. Nunn said.
The congressman on May 8 sponsored H.R. 3301 alongside lead original cosponsor U.S. Rep. Janelle Bynum (D-OR) to level the playing field for small and mid-sized businesses seeking to go public.
H.R. 3301 would ease excessive reporting requirements by allowing emerging growth companies to submit two years of audited financials — rather than three — when pursuing an IPO, according to a bill summary provided by Rep. Nunn’s office.
“When investment capital is trapped on the coasts, it’s Iowa entrepreneurs who pay the price,” said Rep. Nunn. “This bipartisan bill cuts through outdated SEC rules that sideline small businesses trying to grow.”
The standalone H.R. 3301 received House approval on June 23 before being included in H.R. 3383, a comprehensive bipartisan package introduced by U.S. Reps. Ann Wagner (R-MO) and Gregory Meeks (D-NY) that would modernize federal securities laws and unlock capital for entrepreneurs, particularly in rural and underserved communities.