Saturday, March 5, 2016

LEGISLATIVE UPDATE: Financial Services Committee Approves Robert Hurt Bill

Thursday, March 3, 2016


WASHINGTON, D.C. – Congressman Robert Hurt (R-Virginia) today released the below statement following votes by the full Financial Services Committee approving his bill, H.R. 4498, the Helping Angels Lead our Startups (HALOS) Act, which ensures that startup companies can connect with angel investors without inadvertently violating SEC rules.  This bill, which Hurt introduced along with Congressman Steve Chabot (R-Ohio) and Congresswoman Kyrsten Sinema (D-Arizona), was favorably reported from the Financial Services Committee with a bipartisan vote of 44-13 and now awaits consideration by the full House of Representatives.  After the Committee vote, Congressman Hurt released the following statement:

"In our first legislative markup of the year, the House Financial Services Committee approved 10 bills to continue to reduce regulatory burdens on our Main Street businesses, allowing them to grow and create jobs.  At a time when Virginia's Fifth District continues to face unacceptably high unemployment rates, we remain committed to removing overregulation of small businesses as a barrier to job creation.  The HALOS Act would alleviate the burden placed on startups with regard to privacy and compliance concerns, which often require entrepreneurs and startups to take on burdens that they do not have the means to handle.  In doing so, it allows them to focus on innovating and expanding, creating the jobs we so desperately need.  I was pleased to see the Financial Services Committee approve all of these bills with strong bipartisan support, and I look forward to their consideration by the full House of Representatives.  I remain committed to removing unnecessary, bureaucratic red tape to make it easier for small businesses to strengthen our economy."