House of Representatives Passes Steil’s Legislation to Support Jobs and Innovation

Washington, D.C. (March 8, 2024) - The House of Representatives today passed a package, the Expanding Access to Capital Act (H.R. 2799), containing two of Congressman Bryan Steil’s (WI-01) bills.  

The first is the Helping Startups Continue to Grow Act, which will help smaller companies raise money by allowing more early-stage companies to keep their Emerging Growth Company (EGC) status for longer. The prolonged EGC status ensures companies can focus on innovation and job creation, rather than complying with a regulatory regime designed for larger and more mature firms.

The Expanding Access to Capital Act also included Rep. Steil’s bill to expand the availability of Well-Known Seasoned Issuer (WKSI) status to more small public companies. This allows qualified companies to use the shelf registration process, saving them time and money when they go to the public markets to raise capital. 

“Employers need to be able to raise money efficiently so they can create jobs and invest in our economy,” said Steil. “This legislation modernizes the rules for our capital markets to help more small businesses and startups do just that. I’m glad we took a step forward today to ensure our country leads the world in innovation.”  

NOTE: The Expanding Access to Capital Act will now go to the Senate for consideration.  

CLICK HERE to read the bill.  

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