Congressman Patrick McHenry Talks About His Crowdfunding Bill
On 23rd January 2012 Soho Loft sponsored a special crowdfunding conference in New York City.
The keynote address was given by Congressman Patrick McHenry, the U.S. Representative for North Carolina’s 10th congressional district and author of the Crowdfunding Bill H.R. 2930, otherwise known as The Entrepreneurial Access to Capital Act, HR 2930.
The video below was filmed by Soho Loft and covers Rep. McHenry’s full speech as well as a description of the bill. It also includes a Q&A session with the audience, and an explanation of how the bill will benefit entrepreneurs.
During its passage through the House the bill enjoyed overwhelming bi-partisan support. It passed by 407-17 and is potentially a game-changer for small businesses; it will allow entrepreneurs to raise up to $2million online from non-credited investors in all 50 U.S. states.
However, it still requires Senate action before it can become law, and there’s no clear sign of when that might be. The bill is currently being held up by lobbying from the NASAA (North American Securities Administrators Association) because of its concerns about the potential for fraud.
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