Nydia M. Velazquez: “Let me take this opportunity to thank the ranking member for yielding me time. Mr. Speaker, I rise in support of H.R.…”

“Let me take this opportunity to thank the ranking member for yielding me time. Mr. Speaker, I rise in support of H.R. 1219, the Supporting America's Innovators Act of 2017, which I am proud to cosponsor with Mr. McHenry. Throughout my career here in Congress, I have always supported and encouraged legislation that creates jobs and fosters innovation for America's entrepreneurs and small businesses. The bill we are considering today will further that goal. Mr. Speaker, I always say access to capital is access to opportunity. That is exactly what this legislation does. The Investment Company Act of 1940 currently limits the number of accredited investors in a venture fund to no more than 100 individuals, but most funds try not to reach that limit in order to adjust for unforeseen circumstances. This artificially low limit restricts the number of individuals that can invest in small businesses and startups. That means less opportunity for entrepreneurs. Our bill will address this problem by allowing up to 250 accredited investors to participate in venture funds with up to $10 million in capital. {time} 0930 It is important to stress that these are accredited investors. They have at least $200,000 in minimum income or $1 million in net assets. These are sophisticated investors comfortable with the risks involved in the startup sector. Many of these investors pool their money together either in local or national groups.…”