Congressman Robert Hurt (R-Virginia) today released a statement following a vote by the House of Representatives to approve H.R. 4498, the Helping Angels Lead our Startups (HALOS) Act, which ensures that startup companies can connect with angel investors without inadvertently violating SEC rules.
This bill, which Hurt introduced along with Congressman Steve Chabot (R-Ohio) and Congresswoman Kyrsten Sinema (D-Arizona), which was initially favorably reported from the Financial Services Committee with a bipartisan vote of 44-13, today was passed by the full House of Representatives on a bipartisan 325 to 89 vote. After the House vote, Congressman Hurt released the following statement:
“At a time when Virginia’s Fifth District continues to face unacceptably high unemployment rates, we remain committed to removing overregulation of small businesses as a barrier to job creation. The HALOS Act would alleviate the burden placed on startup companies with regard to privacy and compliance concerns, which often require entrepreneurs and startups to take on burdens that they do not have the means to handle. In doing so, it allows them to focus on innovating and expanding, creating the jobs we so desperately need. The HALOS Act is a simple, bipartisan, bicameral solution that will ensure that investors and companies can continue their interaction. I was pleased to see the House of Representatives approve all this bill, and urge the Senate to take up this legislation and work with us to allow our small businesses to prosper. I remain committed to removing unnecessary, bureaucratic red tape to make it easier for small businesses to strengthen our economy.”