Loudermilk Supports America’s Innovators and Entrepreneurs
Rep. Loudermilk (R-GA) released the following statement after voting in favor of legislation removing bureaucratic roadblocks to entrepreneurs and startups having access to crucial capital:
“Throughout modern history, America has been the leading innovator for the entire world. With freedom to pursue our dreams, combined with easy access to needed resources, Americans have turned their ideas into revolutionary products that have improved the lives of millions of people around the world. Unfortunately, America has recently fallen a bit behind as the world’s innovator, because Washington bureaucracy has effectively closed-off financial resources to those who need it the most – the entrepreneur. The world’s largest economy should be open to everyone, not just to those that can afford to navigate through the maze of Washington red-tape.
“This bill cuts through red-tape and unlocks the financial resources that have been closed-off to Main Street innovators. We need to sow the seeds of prosperity in our local communities so Main Street will once again be the prevalent economic engine of America.”
The America’s Innovators Act, H.R. 1219, increases the limit on the number of individuals, from 100 to 250, who can invest in a venture capital fund before the company would be required to register as an ‘investment company’ with the Securities and Exchange Commission.