Political Quotes

“I rise for my bill, H.R. 4431, the Improving Capital Allocation for Newcomers Act, also known as the ICAN Act. I am proud to partner with my colleague Representative Brittany Pettersen on this bipartisan legislation that expands access to venture capital far beyond our Nation's traditional financial hubs. H.R. 4431 updates the qualifying venture capital fund exemption by raising the capital cap from $10 million to $50 million and by increasing the allowable number of investors from 250 to 500. These updates allow venture funds to raise more capital from more individuals. This will support the growth of startups located outside of Silicon Valley and other major financial centers. Today, nearly half of the United States' venture funding goes into companies in California alone, and more than 70 percent is concentrated in only four States. Meanwhile, many entrepreneurs in other regions struggle to secure critical Series A funding, which limits their ability to grow and attract later-stage investments. This bill democratizes venture capital by enabling more Americans to invest in their own communities, drive innovation, and create good-paying jobs.”