Fix Crowdfunding Act
Sponsor: Patrick McHenry (R-NC)
(Sec. 2) This bill amends the Securities Act of 1933 to allow a crowdfunding issuer to sell shares through a crowdfunding vehicle. (Crowdfunding is a method of capital formation in which groups of people pool money, typically composed of small individual contributions, and often via Internet platforms, either to invest in a company or to support an effort by others to accomplish a specific goal.) A "crowdfunding vehicle" is a company that: has purposes limited to acquiring, holding, and disposing securities issued by a single company in one or more transactions and made pursuant to crowdfunding exemption transaction requirements; issues only one class of securities; receives no compensation for such acquisition, holding, or disposition of securities; is a co-issuer with the company whose securities it holds; and meets specified requirements related to disclosure obligations and the use of investment advisers. (Sec. 3) The bill amends the Securities Exchange Act of 1934 to revise the conditions upon which the Securities and Exchange Commission (SEC) shall exempt securities issued in crowdfunding transactions from SEC registration requirements.
Finance and Financial Sector Topic assigned by the Congressional Research Service.
Who won, and how much of the country was behind them
The dotted gap is 8.7% of U.S. adults whose member did not vote, voted “present,” or whose seat was vacant.
| Side | Outcome | Votes | Share of U.S. adults |
|---|---|---|---|
| Yea | Won | 394 | 90.4% |
| Nay | Lost | 4 | 0.9% |
| Not represented on this question | No position taken | 0 | 8.7% |