Davidson Applauds Passage of the Supporting America's Innovators Act
Media Contact: Alexei Woltornist (202)225-6205
WASHINGTON, D.C. - The Supporting America's Innovators Act (H.R. 1219) passed today with bipartisan support garnering 417 votes. Earlier this morning, Rep. Davidson (R-OH) offered the following comments on the floor of the House of Representatives encouraging the bill's passage:
"It is nice to come here and see something that is truly collaborative and under way to help business. Prior to coming to congress last year, I spent the past 16 years growing manufacturing companies in Ohio. I know firsthand how difficult it is to acquire capital to start and operate and grow small businesses. Businesses that overcome these challenges are faced with numerous regulatory roadblocks that further hinder their growth. Many of those have come at the hands of regulatory frameworks like Dodd-Frank. But this bi-partisan measure that we are talking about today has the opportunity to help the challenges with capital acquisition that government has created and continuous to create.
"Currently, the Investment Company Act of 1940 requires any 'qualified venture fund' of over 100 to register with the Securities and Exchange Commission. The real burden of these regulations hits small companies in Middle America like Ohio’s 8th District, where unlike major cities, particularly on the coast, we do not have as many options for raising capital. Not every company seeks to become the next billion dollar blockbuster, but some of them do. All these companies offer great jobs and give many people the dignity of work, but they can also provide great returns. So we are trotting out investment opportunities and trotting out job opportunities.
"This is why I am pleased to support H.R. 1219, the Supporting America’s Innovators Act of 2017, which simply increases the cap to allow up to 250 investors to be exempt from registration for 'qualified venture capital funds.' Allowing America’s small businesses the flexibility to operate and grow their companies, hire employees, and innovate.
"Last year this Congress passed legislation similar to H.R. 1219 on a bipartisan vote of 388-9. I urge my colleagues to vote yes on H.R. 1219 and perhaps increase its margins of victory"
You can view a video of the speech here.