House approves Emmer, Wagner legislative initiatives

The House of Representatives approved legislation on Thursday led by U.S. Reps. Tom Emmer (R-MN) and Ann Wagner (R-MO) as part of a package of pro-growth, pro-business reforms.

Emmer’s Micro Offering Safe Harbor Act was included in Wagner’s Accelerating Access to Capital Act, H.R. 2357, which would amend the Securities and Exchange (SEC) registration process for additional capital and reduce regulatory burdens for small businesses.

“I am thrilled we are continuing to reduce unnecessary regulatory burdens on American companies,” Wagner said. “This legislation will allow small businesses to expand, create jobs, and better compete in the marketplace. I talk with small business owners across Missouri’s second district every day, and it is clear that big government regulations continue to suffocate our businesses and families. We must provide opportunities to restore access to capital that the Obama administration has spent years trying to block.”

The Micro Offering Safe Harbor Act would clarify the Securities Act of 1933 to make an explicit safe harbor for designated non-public offerings. The move would allow small businesses to avoid violating the law when engaged in non-public security offerings when certain criteria are met.

“Small businesses are responsible for nearly 70 percent of new jobs, and today’s small business is tomorrow’s big business,” Emmer said. “If this current lack of small business lending and entrepreneurial access to start-up capital continues, who knows what big business of tomorrow may never be realized. That is why I am proud to have a bill included in the Accelerating Access to Capital Act. By making it easier for entrepreneurs to access capital, Minnesotans will be able to launch their business ideas, and encourage the creation of jobs, wealth and opportunity for everyone. It’s time for us to make it easier for people to achieve the American Dream by getting government out of their way and empowering people to do what they do best – create, innovate and prosper.”

House Majority Leader Kevin McCarthy (R-CA) said that the package of bills would bring innovation into the government and allow innovation to thrive in the private sector.

“What this package of bills does is help innovators gain access to capital,” McCarthy said. “Because you can ask any business owner or dreamer out there. They know that ideas and work ethic are fundamental, but it takes capital to be able to make those ideas a reality — to make even more success stories in communities across our country like south Baltimore.”

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