H.R. 2799 - 118th Congress (2023-2024) - Expanding Access to Capital Act of 2023

This bill reduces various securities regulations applicable to certain companies, brokers, and advisors. The bill also allows more investors to invest in specified types of ventures.

The bill reduces regulations, for example, by establishing an exemption to certain securities regulations for small offerings of securities. Specifically, under the bill, securities registration is not required for a sale of securities if the total amount of securities sold by the issuer during the preceding 12-month period does not exceed $250,000. The bill also allows certain issuers of securities regulated as emerging growth companies to continue operating under these regulations, including those related to reduced disclosures, for an additional period of time. It also raises the limit of total annual gross revenues under which issuers qualify as emerging growth companies to $1.5 billion.

The bill allows more investment, for example, by raising the caps on the allowed capital and number of investors under which a fund may qualify as a venture capital fund. Venture capital funds are exempt from certain regulations applicable to other investment firms, including those related to filings, audits, and restricted communications with investors. The bill increases the caps from (1) $10 million to $150 million in capital contributions and commitments, and (2) 250 to 600 allowed investors.

In addition, the bill expands who may be considered an accredited investor for purposes of participating in private offerings of securities. Certain unregistered securities may only be offered to accredited investors.

Text (4)

March 11, 2024

March 8, 2024

July 17, 2023

April 24, 2023

Amendments (9)

Mar 08, 2024

Offered in House

Sponsorship

House Amendment 859

Amendment sought to require any investment adviser, private fund, or investment company that is subject to the bill to annually and publicly disclose their investments into women-owned, minority-owned, veteran-owned, rural-domiciled, and other businesses.

Submitted

Mar 08, 2024

Offered in House

Sponsorship

House Amendment 858

Amendment sought to provide that the bill may take effect only when the Securities and Exchange Commission, in consultation with State securities regulators, certifies to Congress that nothing in the bill will increase fraud.

Submitted

Mar 08, 2024

Offered in House

Sponsorship

House Amendment 857

Amendment sought to limit exemptions or benefits provided by the bill that do not impose junk fees.

Submitted

Mar 08, 2024

Offered in House

Sponsorship

House Amendment 856

Amendment sought to require the Advocate for Small Business Capital Formation to include in its report the effects of the failure of Silicon Valley Bank on community banks and small business lending.

Submitted

Mar 06, 2024

Offered in House

Sponsorship

House Amendment 855

Amendment sought to allow an individual to invest not more than 5 percent of the net worth of the individual, excluding the individual's primary residence, in any one private offering. Also, the amendment sought to limit the aggregate investment of the individual in private offerings to 25 percent of the net worth of the individual excluding the individual's primary residence.

Submitted

Mar 07, 2024

Agreed to in House

Sponsorship

House Amendment 854

Amendment allows a closed-end investment company, an entity that invests in securities using money raised in its initial public offering, to invest its assets in securities issued by private funds.

Agreed To

Mar 07, 2024

Agreed to in House

Sponsorship

House Amendment 853

Amendment modifies Federal securities laws to allow 403(b) plans to invest in collective investment trusts (CITs) and insurance contracts that currently may be invested in by comparable retirement plans, such as 401(k)s.

Agreed To

Mar 07, 2024

Agreed to in House

Sponsorship

House Amendment 852

Amendment directs the Securities and Exchange Commission to promulgate rules with respect to the electronic delivery of certain required disclosures to investors.

Agreed To

Mar 07, 2024

Agreed to in House

Sponsorship

House Amendment 851

Amendment clarifies the definition of "general solicitation" and "angel investor" for purposes of the federal securities laws to ensure that startups can discuss their products and business plans at certain events, known as "demo days.".

Agreed To

Actions (51)

Show Only Major Actions

03/11/2024

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

03/08/2024

Motion to reconsider laid on the table Agreed to without objection.

03/08/2024

On passage Passed by recorded vote: 212 - 205 (Roll no. 78).

03/08/2024

Passed/agreed to in House: On passage Passed by recorded vote: 212 - 205 (Roll no. 78).

03/08/2024

On motion to recommit Failed by the Yeas and Nays: 205 - 213 (Roll no. 77).

03/08/2024

The previous question on the motion to recommit was ordered pursuant to clause 2(b) of rule XIX.

03/08/2024

Ms. Houlahan moved to recommit to the Committee on Financial Services. (text: CR H1040, H1046)

03/08/2024

The House adopted the amendments en gross as agreed to by the Committee of the Whole House on the state of the Union.

03/08/2024

The previous question was ordered pursuant to the rule.

03/08/2024

The House rose from the Committee of the Whole House on the state of the Union to report H.R. 2799.

03/08/2024

POSTPONED PROCEEDINGS - At the conclusion of debate on the Waters amendment No. 9, the Chair put the question on agreeing to the amendment and by voice vote, announced that the noes had prevailed. Ms. Waters demanded a recorded vote and the Chair postponed further proceedings until a time to be announced.

03/08/2024

DEBATE - Pursuant to the provisions of H. Res. 1052, the Committee of the Whole proceeded with 10 minutes of debate on the Waters amendment No. 9.

03/08/2024

POSTPONED PROCEEDINGS - At the conclusion of debate on the Lynch amendment No. 8, the Chair put the question on agreeing to the amendment and by voice vote, announced the noes had prevailed. Mr. Lynch demanded a recorded vote, and the Chair postponed further proceedings until a time to be announced.

03/08/2024

DEBATE - Pursuant to the provisions of H. Res. 1052, the Committee of the Whole proceeded with 10 minutes of debate on the Lynch amendment No. 8.

03/08/2024

POSTPONED PROCEEDINGS - At the conclusion of debate on the Tlaib amendment No. 7, the Chair put the question on agreeing to the amendment and by voice vote, announced the noes had prevailed. Ms. Tlaib demanded a recorded vote, and the Chair postponed further proceedings until a time to be announced.

03/08/2024

DEBATE - Pursuant to the provisions of H. Res. 1052, the Committee of the Whole proceeded with 10 minutes of debate on the Tlaib amendment No. 7.

03/08/2024

POSTPONED PROCEEDINGS - At the conclusion of debate on the Houlahan amendment No. 6, the Chair put the question on agreeing to the amendment and by voice vote, announced the noes had prevailed. Ms. Houlahan demanded a recorded vote, and the Chair postponed further proceedings until a time to be announced.

03/08/2024

DEBATE - Pursuant to the provisions of H. Res. 1052, the Committee of the Whole proceeded with 10 minutes of debate on the Houlahan amendment No. 6.

03/08/2024

The House resolved into Committee of the Whole House on the state of the Union for further consideration.

03/08/2024

Considered as unfinished business. (consideration: CR H1038-1048)

03/07/2024

Committee of the Whole House on the state of the Union rises leaving H.R. 2799 as unfinished business.

03/07/2024

On motion that the committee rise Agreed to by voice vote.

03/07/2024

Mrs. Wagner moved that the committee rise.

03/07/2024

The House resolved into Committee of the Whole House on the state of the Union for further consideration.

03/07/2024

Considered as unfinished business. (consideration: CR H1021-1025)

03/06/2024

Committee of the Whole House on the state of the Union rises leaving H.R. 2799 as unfinished business.

03/06/2024

On motion that the committee rise Agreed to by voice vote.

03/06/2024

Mrs. Wagner moved that the committee rise.

03/06/2024

POSTPONED PROCEEDINGS - At the conclusion of debate on the Sherman amendment No. 5, the Chair put the question on agreeing to the amendment and by voice vote, announced that the noes had prevailed. Mrs. Wagner demanded a recorded vote and the Chair postponed further proceedings until a time to be announced.

03/06/2024

DEBATE - Pursuant to the provisions of H. Res. 1052, the Committee of the Whole proceeded with 10 minutes of debate on the Sherman amendment No. 5.

03/06/2024

POSTPONED PROCEEDINGS - At the conclusion of debate on the Wagner amendment No. 4, the Chair put the question on agreeing to the amendment and by voice vote, announced that the ayes had prevailed. Ms. Waters demanded a recorded vote and the Chair postponed further proceedings until a time to be announced.

03/06/2024

DEBATE - Pursuant to the provisions of H. Res. 1052, the Committee of the Whole proceeded with 10 minutes of debate on the Wagner amendment No. 4.

03/06/2024

POSTPONED PROCEEDINGS - At the conclusion of debate on the Lucas amendment No. 3, the Chair put the question on agreeing to the amendment and by voice vote, announced that the ayes had prevailed. Ms. Waters demanded a recorded vote and the Chair postponed further proceedings until a time to be announced.

03/06/2024

DEBATE - Pursuant to the provisions of H. Res. 1052, the Committee of the Whole proceeded with 10 minutes of debate on the Lucas amendment No. 3.

03/06/2024

POSTPONED PROCEEDINGS - At the conclusion of debate on the Huizenga amendment No. 2, the Chair put the question on agreeing to the amendment and by voice vote, announced that the ayes had prevailed. Mr. Huizenga demanded a recorded vote and the Chair postponed further proceedings until a time to be announced.

03/06/2024

DEBATE - Pursuant to the provisions of H. Res. 1052, the Committee of the Whole proceeded with 10 minutes of debate on the Huizenga amendment No. 2.

03/06/2024

POSTPONED PROCEEDINGS - At the conclusion of debate on the Lawler amendment No. 1, the Chair put the question on agreeing to the amendment and by voice vote, announced that the ayes had prevailed. Ms. Waters demanded a recorded vote and the Chair postponed further proceedings until a time to be announced.

03/06/2024

DEBATE - Pursuant to the provisions of H. Res. 1052, the Committee of the Whole proceeded with 10 minutes of debate on the Lawler amendment No. 1.

03/06/2024

GENERAL DEBATE - The Committee of the Whole proceeded with one hour of general debate on H.R. 2799.

03/06/2024

The Speaker designated the Honorable Brad R. Wenstrup to act as Chairman of the Committee.

03/06/2024

House resolved itself into the Committee of the Whole House on the state of the Union pursuant to H. Res. 1052 and Rule XVIII.

03/06/2024

Rule provides for consideration of H.R. 2799 and H.R. 7511. Resolution provides for consideration of H.R. 2799, under a structured rule with one hour of general debate and one motion to recommit. The resolution provides for consideration of H.R. 7511 under a closed rule with one hour of general debate and one motion to recommit.

03/06/2024

Considered under the provisions of rule H. Res. 1052. (consideration: CR H972-988; text: CR H977-981)

03/05/2024

Rules Committee Resolution H. Res. 1052 Reported to House. Rule provides for consideration of H.R. 2799 and H.R. 7511. Resolution provides for consideration of H.R. 2799, under a structured rule with one hour of general debate and one motion to recommit. The resolution provides for consideration of H.R. 7511 under a closed rule with one hour of general debate and one motion to recommit.

07/17/2023

Placed on the Union Calendar, Calendar No. 112.

07/17/2023

Committee on Education and the Workforce discharged.

07/17/2023

Reported (Amended) by the Committee on Financial Services. H. Rept. 118-143, Part I.

04/26/2023

Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 28 - 21.

04/26/2023

Committee Consideration and Mark-up Session Held.

04/24/2023

Referred to the Committee on Financial Services, and in addition to the Committee on Education and the Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

04/24/2023

Introduced in House

Public Record

Record Updated

Nov 8, 2024 6:57:35 PM