Chief Deputy Whip, Patrick McHenry, who is also Vice Chairman of the House Financial Services Committee, welcomed the passage of HR 6427 today or the Creating Financial Prosperity for Businesses & Investors Act. The last minute legislative push by the House saw a bundling of six bills, that passed the House earlier this year, pass the House in a repackaged form during an evening vote.
Two of the original bills were introduced by Congressman McHenry including HR 4854 and HR 4855 – also known as the Fix Crowdfunding Act.
“Small businesses and entrepreneurs play a vitally important role in the American economy, especially in communities like those I represent in western North Carolina,” said Congressman McHenry. “Yet today, the combination of a sluggish economy and misguided Washington regulations have led to these communities losing more jobs than they create. This evening, the House voted on a bipartisan legislative package that can begin to change that. The Creating Financial Prosperity for Businesses and Investors Act includes two bills I authored that will make it easier for small businesses and entrepreneurs to utilize innovative forms of capital formation to grow their ideas. While there is more work to be done to improve the small business climate in America, today’s vote is a step in the right direction.”
The bill, sponsored by Rep. Scott Garrett, was designed to level the playing field for small business and investors alike. House Financial Services Committee Chair Jeb Hensarling stated;
House Financial Services Committee Chair Jeb Hensarling stated;
“The Creating Financial Prosperity for Businesses and Investors Act can make a positive difference in people’s lives and help build a healthier economy with more opportunities for all. I am proud to see another important piece of bipartisan Financial Services Committee legislation pass the House.”
The legislation will now migrate over to the Senate where it will be determined whether or not HR 6427 makes it to the President’s desk before the end of the year.