H.R. 2799 – Expanding Access to Capital Act of 2023

Agreed to by Recorded Vote

Lawler #1 – Clarifies the definition of "general solicitation" and "angel investor" for purposes of the federal securities laws to ensure that startups can discuss their products and business plans at certain events, known as "demo days" AGREED TO 278-146
Huizenga #2 – Directs the Securities and Exchange Commission to promulgate rules with respect to the electronic delivery of certain required disclosures to investors AGREED TO 269-153
Lucas #3 – Amends Federal securities laws to allow 403(b) plans to invest in collective investment trusts (CITs) and insurance contracts that currently may be invested in by comparable retirement plans, such as 401(k)s AGREED TO 301-125
Wagner #4 – Allows a closed-end investment company, an entity that invests in securities using money raised in its initial public offering, to invest its assets in securities issued by private funds AGREED TO 270-154

Failed by Recorded Vote

Sherman #5 – Allows an individual to invest not more than 5 percent of the net worth of the individual excluding the individual's primary residence in any one private offering. Limits the aggregate investment of the individual in private offerings to 25 percent of the net worth of the individual excluding the individual's primary residence FAILED 203-223
Houlahan #6 – Requires the Advocate for Small Business Capital Formation to include in its report to Congress and the SEC [Sec. 2603(b)] the effects of the failure of Silicon Valley Bank on community banks and small business lending FAILED 200-203
Tlaib #7 – Ensures exemptions or benefits provided by HR 2799 may only apply to companies that do not impose junk fees on customers FAILED 204-212
Lynch #8 – Provides that the Act will take effect only when the SEC, in consultation with State securities regulators, certifies to Congress that nothing in the Act will increase fraud FAILED 208-211
Waters #9 – Requires any investment adviser, private fund, or an investment company that is subject to the bill to annually and publicly disclose their investments into women-owned, minority-owned, veteran-owned, rural-domiciled, and other businesses FAILED 206-217