WASHINGTON, DC – Congressman Scott Fitzgerald (WI-05) issued the following statement after voting to pass H.R. 3383, the Incentivizing New Ventures and Economic Strength Through Capital Formation (INVEST) Act.
“America’s capital markets are the backbone of our economy. As a member of the House Financial Services Committee, I’ve seen firsthand how urgently we need to modernize the rules that govern them,” said Congressman Fitzgerald. “The INVEST Act gives more Americans access to early-stage investment opportunities, opens up financing for small businesses, and protects seniors from scams. By expanding opportunities for everyday investors, this bipartisan, commonsense legislation opens the door for more Americans to invest in the businesses of tomorrow.”
Background: Most venture funding flows to a handful of coastal cities, leaving entrepreneurs in the Midwest, South, and rural America in a weaker position when trying to raise capital. Outdated private market rules, which rely on wealth over financial knowledge, prevent millions of Americans from investing in early-stage companies. Meanwhile, the number of U.S. public companies has fallen by more than half since 1997, limiting job growth and retirement investment opportunities.
