Today, Capital Markets Subcommittee Chairman Bill Huizenga (MI-02) spoke on the House floor on H.R. 79, the Helping Angels Lead Our Startups Act. This important jobs legislation aims to remove regulatory barriers that prevent angel investors from supplying capital to innovative small business startups in West Michigan and across the nation. The HALOS Act passed the House this evening with strong bipartisan support by a vote of 344 to 73.
"Small businesses helped create more than 60 percent of the nation’s net new jobs over the past two decades. So if our nation is going to have an economy that provides opportunities for every American, then we must promote and encourage the success and growth of our small businesses and startups."
"In order to succeed, these companies need capital and credit - the life-blood for growth, expansion, and job creation. Yet, the government continues to construct arbitrary walls that cut them off from essential financing as smaller companies are caught in red tape …"
"I believe that it is important to note that companies such as Amazon, Costco, Facebook, Google, and Starbucks were all initially funded by angel investors. Without angel investors, these very successful companies would never have gotten off the ground. Yet, the Securities and Exchange Commission – whose neglect of its statutory mission to facilitate capital formation necessitated that Congress pass the JOBS Act – has further restricted startups from interacting with angel investors at 'Demo Days' and similar pitch events."
"The HALOS Act is a simple, bipartisan, bicameral, and might I add, short bill that will provide small, innovative companies and startups the ability to interact with angels and other investors who can provide the capital they need to succeed, grow, and create jobs."
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