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Congressman C.A. Dutch Ruppersberger

Representing the 2nd District of Maryland

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Ruppersberger Supports Bill to Help Start-Ups, Entreprenuers

May 9, 2016
Floor Statement
Congressman issues the following statement on HALOS Act

Over the course of our country’s economic recovery, I have met with countless business owners in our district who tell me the same thing: access to capital continues to be the most persistent and significant obstacle to job creation. This is especially true when it comes to start-up firms, which often rely on angel investors to provide seed capital.

Startups often connect with wealthy backers – or “angels” – at public events called “demo days.” These are conferences typically hosted by universities, local governments and other groups where entrepreneurs can showcase their ideas. Unfortunately, current rules require these entrepreneurs to verify that investors are accredited and meet minimum net worth or income thresholds, forcing angels to disclose personal financial details.

Last week, I voted for legislation to remove these barriers and exempt demo days from current rules that can deter angels from supporting start-ups that desperately need financial backing to grow and hire. I am pleased to report that the Helping Angels Lead Our Startups (HALOS) Act passed in the U.S. House of Representatives with overwhelming bipartisan support and now heads to the U.S. Senate for consideration.

If signed into law, I believe the process for angel investors to pump capital into startups will be substantially easier.  I believe we will start to see more young businesses flourish and more Americans with paychecks to support their families.