[Congressional Record Volume 157, Number 167 (Thursday, November 3, 2011)]
[Extensions of Remarks]
[Page E2003]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




 THE ENTREPRENEUR ACCESS TO CAPITAL ACT (H.R. 2930) AND THE ACCESS TO 
                CAPITAL FOR JOB CREATORS ACT (H.R. 2940)

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                         HON. CHRIS VAN HOLLEN

                              of maryland

                    in the house of representatives

                       Thursday, November 3, 2011

  Mr. VAN HOLLEN. Mr. Speaker, I rise in support of today's 
legislation, which will modernize our securities laws to support 
capital formation at our nation's start-ups and small businesses.
  Specifically, the Entrepreneur Access to Capital Act (H.R. 2930) will 
facilitate the technique of ``crowdfunding'', whereby internet-based 
platforms like social networks are used to raise small amounts of money 
from large numbers of people. Under this legislation, securities 
offerings are capped at a maximum of $2 million with investments 
limited to $10,000 or less. Additionally, this Administration priority 
contains important investor protections to keep bad actors from 
undermining the crowdfunding market.
  Similarly, the Access to Capital for Job Creators Act (H.R. 2940) 
will allow small companies to raise capital more easily by removing 
restrictions against general solicitation and advertising to potential 
investors. While maintaining the ``accredited investor'' requirement 
for participation in these private offerings, H.R. 2940 will make it 
easier for legitimate businesses to find qualified investors to launch 
and fund their operations.
  While I continue to believe this body should be taking up more 
comprehensive jobs legislation like the American Jobs Act, these 
initiatives both represent modest improvements to existing securities 
law and merit our support.

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