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Congressman Brad Schneider

Representing the 10th District of Illinois

Schneider, Chabot Introduce Bipartisan Bill to Help Entrepreneurs Access Early Capital

March 28, 2019
Press Release

Today, U.S. Representatives Brad Schneider (D-IL) and Steve Chabot (R-OH) reintroduced H.R. 1909, the Helping Angels Lead Our Startups (HALOS) Act, bipartisan legislation to increase investment in America’s startups. Specifically, this bill clarifies the definition of angel investor groups and exempts “demo days” from the Securities Exchange Commission’s General Solicitation rules. 

“When startups succeed, they create jobs and grow our economy,” said Schneider. “Access to capital is critical and often a challenge for new businesses, and unfortunately some regulations have had the unintended effect of placing additional burdensome restrictions on events where entrepreneurs can introduce their business ideas to potential investors. I am proud to again introduce the bipartisan HALOS Act with Ranking Member Chabot to help remove this roadblock, ensuring entrepreneurs and investors can connect more easily, while still maintaining important investor protections.”  

“Access to capital remains a top challenge for many aspiring entrepreneurs, and as a result, expanding opportunities for investment has been a key focus for the Small Business Committee,” said Chabot.  “The HALOS Act would eliminate yet another unnecessary regulatory burden, allowing small businesses to connect with angel investors through “demo days” to showcase their products and innovations.  Congress must expand new avenues for entrepreneurs to access necessary capital so that small businesses can continue to drive the American economy to record highs.”

Schneider is a member of the House Committee on Small Business, and Chabot is the Committee’s Ranking Member.

More information about the bill is available online.