Rep. Schneider-Backed Bill to Support Startups Passes House

By Targeted News Service (Press Releases)

WASHINGTON, July 19 — Rep. Bradley Schneider, D-Illinois, issued the following news release:

This week, legislation supported by Congressman Brad Schneider (IL-10) to help startups access capital and grow passed the House of Representatives.

The Helping Angels Lead Our Startups (HALOS) Act removes burdensome and unnecessary rules that prevent startup entrepreneurs from connecting with potential investors at “pitch” or “demo” days.

“Startups are a tremendous source of dynamic growth and new jobs for our economy, but certain regulations have had the unintended effect of limiting their access to critical capital by placing burdensome restrictions on events where entrepreneurs can introduce their business ideas to potential investors,” said Schneider. “The HALOS Act helps remove this roadblock, ensuring entrepreneurs and investors can connect more easily, while still maintaining important investor protections.”

Schneider introduced the HALOS Act with Rep. Steve Chabot (R-OH) during the 113th Congress. In the intervening Congress, the bill was re-introduced by a bipartisan group of members including Reps. Chabot and Kyrsten Sinema (D-AZ). Schneider is a co-sponsor of the current legislation. This week, it passed the House as part of S. 488, the Jobs and Investor Confidence Act, by a vote of 406-4.

This article provided by NewsEdge.