198:
29:
513:
especially given the $ 1 million cap. This title was also criticized for not including a means by which investors could form crowdfunding funds, thereby diversifying their investments. While Title IV included some loosening of restrictions on the use of
Regulation A, it did not grant full federal preemption. That is, for certain offerings companies still must register the offering with each state. State-by-state registration was one of the chief reasons the Government Accountability Office found for the remarkably low interest in Regulation A offerings pre-JOBS Act.
330:. While there are already many types of exemptions, most exempt offerings, especially those conducted using the internet, are offered only to accredited investors, or limit the number of non-accredited investors who are allowed to participate, due to the legal restrictions placed on private placements of securities. Additionally, the Bill mandates reviews of financial statements for offerings between $ 100,000 and $ 500,000, and audits of financial statements for offerings greater than $ 500,000 (noting maximum offering of $ 1,000,000).
555:, "reliev businesses that are preparing to go public from some of the most important auditing regulations that Congress passed after the Enron debacle", and "a terrible package of bills that would undo essential investor protections, reduce market transparency and distort the efficient allocation of capital". The bill also removed certain disclosure requirements, such as the disclosure of executive compensation, which were not in the spirit of the bill.
326:
extremely limited by current law. One of the conditions of this exemption is a yearly aggregate limit on the amount each person may invest in offerings of this type, tiered by the person's net worth or yearly income. The limits are $ 2,000 or 5% (whichever is greater) for people earning (or worth) up to $ 100,000, and $ 10,000 or 10% (whichever is less) for people earning (or worth) $ 100,000 or more. This exemption is intended to allow a form of
283:(D-LA). The new bill was based on S.1970 but incorporated elements from S.1791, upping the investment caps. It also expanded the liability section to explicitly authorize investors to sue issuers for the amount invested or for damages. On March 19, during the JOBS Act's debate in the Senate, Merkley, Bennet, and Brown amended the legislation by swapping out the language from H.R.2930 and substituting in S.2190.
1449:
week, the House of
Representatives passed the Jumpstart Our Business Startups (JOBS) Act with nearly full bipartisan support. The JOBS Act makes it easier for startups to raise capital. The crowdfunding provisions drafted by Congressman Patrick McHenry and Majority Leader Eric Cantor are particularly exciting and we applaud the House for its focus on helping to promote innovation and economic growth.
528:, and others. Among the complaints were that the loosening of investment protections would expose small and inexperienced investors to fraud. The Consumer Federation of America characterized an earlier version of the legislation as "the dangerous and discredited notion that the way to create jobs is to weaken regulatory protections". Criminologist
1328:
issuer that...(3) is an investment company, as defined in section 3 of the
Investment Company Act of 1940, or is excluded from the definition of investment company by section 3(b) or section 3(c) of that Act; or (4) the Commission, by rule or regulation, determines appropriate. In short, you can't crowdfund a fund.
427:), and many other investors and entrepreneurs. It is also supported by the National Venture Capital Association, which described the bill as modernizing regulations that were put in place almost 100 years before, by among other things facilitating use of online services to make investments in small companies. The "
1327:
The new crowdfunding rules specifically prohibit investment companies, including those that are exempt from investment company registration under
Section 3(c) or 3(b), from crowdfunding: (f) Applicability.-Section 4(6) shall not apply to transactions involving the offer or sale of securities by any
1274:
Six discrete bills, all tied up with a bow. Together, they would have the following impacts: Raises the number of shareholders a company can have before it is forced to go public. You could call this part The
Facebook Act. Facebook, among others, was growing rapidly as a private company but quickly
572:
companies will be permitted to offer and sell up to $ 50 million of securities to the general public subject to certain eligibility, disclosure and reporting requirements. While some offerings will be exempt from state registration requirements, in exchange for more extensive reporting requirements,
214:
considered a number of solutions to help spur economic growth. In
November 2011, the House passed several bills aimed at economic revitalization, including Small Company Capital Formation (H.R. 1070), Entrepreneur Access to Capital (H.R. 2930), and Access to Capital for Job Creators (H.R. 2940). The
580:
On
October 30, 2015, the Securities and Exchange Commission "adopted final rules to permit companies to offer and sell securities through crowdfunding. The Commission also voted to propose amendments to existing Securities Act rules to facilitate intrastate and regional securities offerings."
563:
Titles I, V, and VI of the JOBS Act became effective immediately upon enactment. The SEC approved the lifting of the general solicitation ban on July 10, 2013, paving the way for the adoption of Title II. As of
October 2014, Titles III, and IV are awaiting more detailed rulemaking by the SEC, which
358:
The first six sections, or "Titles", of the JOBS Act are named after the original bills that each was based on, and the last section, Title VII, tells the SEC to conduct outreach regarding the new legislation to SMEs and businesses owned by women, veterans, and minorities. Title III of the Act, the
512:
The final Act faced criticism on several fronts. Some proponents of crowdfunding were disappointed that the final version of Title III, the crowdfunding exemption, capped investment at $ 1 million and required a number of disclosures that could make the exemption unworkable for smaller start-ups,
298:
The JOBS Act substantially changed a number of laws and regulations making it easier for companies to both go public and to raise capital privately and stay private longer. Changes include exemptions for crowdfunding, a more useful version of
Regulation A, generally solicited Regulation D Rule 506
269:
It ended up being a giant dog's breakfast of different bills combined together, and then some genius, probably some congressional staffer, said "How are we gonna get this thing to pass? Oh-- let's say it has something to do with jobs. Jumpstarting Our
Business Startups! JOBS, JOBS!" And then, what
1448:
As we highlighted in a recent post on Google's Policy by the Numbers blog, entrepreneurs need access to capital to make grow their ideas into successful companies. We are excited to see members of Congress working to promote entrepreneurs' efforts to build new companies and create new jobs. Last
321:
a company may have before being required to register its common stock with the SEC and become a publicly reporting company. These requirements are now generally triggered when a company's assets reach $ 10 million and it has 500 shareholders of record. The House bill would alter this so that the
325:
Provide a new exemption from the requirement to register public offerings with the SEC, for certain types of small offerings, subject to several conditions. This exemption would allow use of the internet "funding portals" registered with the government, the use of which in private placements is
256:
introduced and placed on the House legislative calendar a new version of H.R.3606, renamed Jumpstart Our Business Startups (The JOBS Act). The revised bill included the original H.R. 3606; the already-passed H.R. 1070, H.R. 2930, H.R. 2940; and two other bills that were still before the House:
337:
Sarbanes-Oxley Act and related rules and regulations. New public companies now have a two-year phase-in, so this bill would extend that by an additional three years. Smaller public companies are also already entitled to special relief from these requirements, and the bill does not change that.
584:
On November 2, 2020, the SEC made large changes to expand on the scope of the act. In Regulation Crowdfunding, the maximum offering amount increased from $ 1.07 million to $ 5 million. In Regulation D, the same limit increased from $ 5 million to $ 10 million. In Regulation A, the same limit
564:
did not meet its original deadlines. Some have attributed the delay to former SEC chair Mary Schapiro's concerns over her legacy. Title III rules were proposed for adoption by the SEC on October 23, 2013. On May 16, 2016, Title III Regulation Crowdfunding rules enacted by the SEC went live.
336:
Relieve emerging growth companies from certain regulatory and disclosure requirements in the registration statement they originally file when they go public, and for a period of five years after that. The most significant relief provided is from obligations imposed by Section 404 of the
340:
Lift the ban on "general solicitation" and advertising in specific kinds of private placements of securities. This allows broader marketing of placements, as long as companies only sell to accredited investors (based on income, net worth or written confirmation from a specified third
181:, has drawn the most public attention because it creates a way for companies to use crowdfunding to issue securities, something that was not previously permitted. Title II went into effect on September 23, 2013. On October 30, 2015, the SEC adopted final rules allowing Title III
274:
After some debate and revision, the new JOBS Act passed the House on March 8. On March 13, the same day that the Act was placed on the Senate legislative calendar, Sen. Jeff Merkley introduced a revised version of his CROWDFUND bill, S.2190, cosponsored by
2318:
JOBS Act Implementation Update: Hearing before the Subcommittee on Investigations, Oversight, and Regulations of the Committee on Small Business, United States House of Representatives, One Hundred Thirteenth Congress, First Session, April 11,
567:
In an open meeting March 25, 2015, the Securities and Exchange Commission (SEC) elected to approve and release the long-awaited final rules for Title IV of the JOBS Act (commonly referred to as Regulation A+). Per the final rules, under
435:
online model for funding artists and designers. Academic research shows that the Act lead to public firms making more acquisitions, doing so more quickly after listing, and also increase other forms of investment.
1366:
201:
President Barack Obama and First Lady Michelle Obama talk with four veterans during a stop for lunch at Anna's Pizza and Italian Kitchen in Hampton, Va., Oct. 19, 2011 during Obama's American Jobs Act Bus
573:
others will not be and will still have to register with every state in which the securities are offered. For offerings made over the internet, this arguably means registering in all 50 states. The final
1241:
1561:
245:(R-TN) introduced into the House the Reopening American Capital Markets to Emerging Growth Companies Act (H.R. 3606), to relieve companies with annual revenue of less than $ 1 billion from some
2140:
1872:
Statement of Professor John C. Coffee, Jr., Adolf A. Berle Professor of Law, Columbia University Law School, at Hearings Before the Senate Committee on Banking, Housing and Urban Affairs,
1820:
344:
Raise the limit for securities offerings exempted under Regulation A from $ 5 million to $ 50 million, thereby allowing for larger fundraising efforts under this simplified regulation.
1275:
bumped up against the 500-shareholder limit, reducing its ability to compensate employees in one of the main coins of the Silicon Valley realm: stock. The new limit would be 1,000. ~.
467:-style platform that allows individual web users to transact directly with computer-literate borrowers in developing countries, does allow lenders to earn interest, but complies with
832:
463:
managed by intermediaries in developing countries, complies with SEC regulations by making it impossible for lenders to earn a positive financial return. Zidisha, which operates an
1310:
230:
The passage of H.R. 2930 inspired the introduction of two Senate bills similarly focused on the new crowdfunding exemption: the Democratizing Access to Capital Act (S.1791,
1920:
516:
The Act was also criticized by some consumer groups. For example, the bill was opposed by some securities regulators and consumer and investor advocates, including the
2092:
1265:
322:
threshold is reached only if the company has 500 "unaccredited" shareholders, or 2,000 total shareholders, including both accredited and unaccredited shareholders.
1840:
1125:
1986:
663:
490:, "identif changes to stock market structure that gave rise to a decline in the IPO market", and thus "gave rise to the JOBS Act", according to Devin Thorpe of
286:
The resulting revision passed the Senate on March 22, and after some debate passed the House on March 27. The JOBS Act was signed into law at a ceremony in the
1373:
632:
2353:
1167:
593:
A number of US organizations have been founded to provide education and advocacy related to equity crowdfunding as enabled by the JOBS Act. They include:
1873:
1575:
2059:
862:
2343:
2324:
Final rules adopted by the SEC "Eliminating the Prohibition Against General Solicitation and General Advertising in Rule 506 and Rule 144A Offerings"
820:"STATEMENT OF ADMINISTRATION POLICY : H.R. 2930 – Entrepreneur Access to Capital Act : (Rep. McHenry, R-North Carolina, and 5 cosponsors)"
1543:
2114:
431:" provisions, also known as "securities crowdfunding", which allow companies to sell securities through open platforms, were often likened to the
197:
1817:
1680:
1092:
483:
1626:
1732:
958:
819:
585:
increased from $ 50 million to $ 75 million. Other marketing, advertising, or so-called "testing the water" constraints are also loosened.
2222:
1653:
1398:
238:, D-OR). All three crowdfunding proposals were referred to the Senate Banking Committee, which took no action on them until March 2012.
1008:
166:
932:
333:
Define "emerging growth companies" as those with less than $ 1 billion total annual gross revenues in their most recent fiscal year.
1705:
906:
880:
754:"H.R.1070 - 112th Congress (2011-2012): Small Company Capital Formation Act of 2011 | Congress.gov | Library of Congress"
1237:
551:
Criticisms were levied against the House version of the bill as "gutting regulations designed to safeguard investors", legalizing
227:
and endorsed by the White House, it was the first U.S. bill designed to create a regulatory exemption for crowdfunded securities.
1340:
1292:
468:
1056:
1009:"Bill Summary & Status - 112th Congress (2011 - 2012) - H.R.3606 - All Congressional Actions - THOMAS (Library of Congress)"
407:
The JOBS Act had bipartisan support in Congress. It was supported by many in the technology and startup communities, including
1928:
798:"H.R.2940 - 112th Congress (2011-2012): Access to Capital for Job Creators Act | Congress.gov | Library of Congress"
1432:
1902:
776:"H.R.2930 - 112th Congress (2011-2012): Entrepreneur Access to Capital Act | Congress.gov | Library of Congress"
2163:"Facilitating Capital Formation and Expanding Investment Opportunities by Improving Access to Capital in Private Markets"
1034:
2036:
1417:
2141:"Federal Register | Amendments for Small and Additional Issues Exemptions Under the Securities Act (Regulation A)"
1964:
1837:
1141:
532:
had said the bill would lead to a "regulatory race to the bottom" and said it was lobbied by Wall Street to weaken the
525:
501:
1794:"Organizations and Individuals Critical of Anti-investor Provisions in the House JOBS Act and Companion Senate Bills"
640:
234:, R-MA), and the CROWDFUND (Capital Raising Online While Deterring Fraud and Unethical Non-Disclosure) Act (S.1970,
709:
359:
crowdfunding provision, has been called one of the most momentous securities exemptions enacted since the original
1886:
827:
496:
magazine. This has led some to refer to Weild as the "father" of the JOBS Act. The first company to complete an
299:
offerings, and an easier path to registration of an initial public offering (IPO) for emerging growth companies.
224:
92:
84:
1171:
545:
521:
482:, former vice-chairman of NASDAQ, who also testified before Congress. Studies written by Weild, co-authored by
459:
brokers due to high legal compliance costs. Kiva, an organization that allows individual web users to support
1857:
1196:
475:
testified in Congress June 26, 2012 in support of the JOBS Act and its intent to offer equity crowdfunding.
306:
have to begin compliance with certain requirements, including certain requirements that originated with the
2011:
77:
1566:
2208:
1540:
577:
rules were published in the Federal Register on April 20, 2015, and became effective on June 19, 2015.
65:
1775:
933:"Bill Summary & Status - 112th Congress (2011 - 2012) - H.R.3606 - THOMAS (Library of Congress)"
732:"House Panel Approves Startup Bills, Paving Way For Floor Votes | Congressman Patrick McHenry"
231:
2162:
907:"Bill Summary & Status - 112th Congress (2011 - 2012) - S.1970 - THOMAS (Library of Congress)"
881:"Bill Summary & Status - 112th Congress (2011 - 2012) - S.1791 - THOMAS (Library of Congress)"
74:
2329:
Regulation Crowdfunding under the Securities Act of 1933 and the Securities Exchange Act of 1934.
497:
287:
2312:
2297:
2292:
189:. Other titles of the Act had previously become effective in the years since the Act's passage.
2307:
2302:
2287:
2282:
2277:
2272:
2226:
552:
533:
360:
307:
211:
104:
2348:
1762:
207:
2093:"ENTER THE MINI-IPO – SEC Approves Final Rules for Title IV of the JOBS Act (Regulation A+)"
1483:
1012:
28:
1942:
1602:
797:
775:
753:
249:
compliance requirements. The bill was referred to the House Financial Services Committee.
8:
1571:
936:
448:
428:
327:
242:
182:
1562:"Microfinance without the MFI? Zidisha tests the boundaries of microlending methodology"
910:
884:
1836:
William Samuel, American Federation of Labor and Congress of Industrial Organizations,
1462:
1081:
257:
Private Company Flexibility and Growth (H.R. 2167), and Capital Expansion (H.R. 4088).
246:
2248:
684:
302:
The legislation, among many other things, extends the amount of time that certain new
2195:
2067:
1133:
1060:
613:
439:
The JOBS Act is also a welcome development for nonprofit organizations which operate
1484:"Breaking Down The JOBS Act: Inside The Bill That Would Transform American Business"
185:. These rules went into effect on May 16, 2016; this section of the law is known as
2328:
2323:
2115:"A Walk Through the JOBS Act of 2012: Deregulation in the Wake of Financial Crisis"
1516:
1433:"Bipartisanship, new businesses and new jobs, with a little help from your friends"
529:
162:
1844:
1824:
1755:"Securities Regulation: Factors That May Affect Trends in Regulation A Offerings"
1547:
270:
congressperson can vote against something called the JOBS Act? It was a miracle.
220:
216:
1657:
1520:
1097:
731:
487:
479:
424:
348:
303:
276:
262:
1597:
983:
664:"The Crowdfunder's Guide To General Solicitation And Title II Of The JOBS Act"
2337:
2071:
1808:, Consumer Federation of America open letter to Sen. Johnson and Rep. Shelby.
1504:
1137:
440:
280:
186:
1987:"Anniversary Of JOBS Act Finds Investment Crowdfunders Champing At The Bit"
1220:
574:
569:
444:
235:
174:
137:
1874:"Spurring Job Growth Through Capital Formation While Protecting Investors"
1035:"Crowdfunding compromise passed by US Senate, heads to House for approval"
1754:
1467:
432:
420:
375:
TITLE I - REOPENING AMERICAN CAPITAL MARKETS TO EMERGING GROWTH COMPANIES
318:
253:
1733:"The JOBS Act and Middle-Income Investors: Why It Doesn't Go Far Enough"
96:
1806:"Public Interest Groups Oppose Anti-Investor 'Capital Formation' Bills"
1681:"Natural Grocers by Vitamin Cottage filed a successful public offering"
1057:"Bill Text - 112th Congress (2011-2012) - THOMAS (Library of Congress)"
460:
456:
412:
170:
1805:
1793:
984:"PandoMonthly: Fireside Chat With AngelList Co-Founder Naval Ravikant"
2317:
863:"A Proposal to Allow Small Private Companies to Get Investors Online"
472:
258:
1965:"SEC Approves JOBS Act Requirement to Lift General Solicitation Ban"
206:
Following a decrease in small business activity in the wake of the
1093:"The JOBS Act: Encouraging Startups, Supporting Small Businesses"
537:
452:
158:
36:
1631:
1488:
1367:"Crowdfunding: Maximizing the Promise and Minimizing the Peril"
541:
492:
408:
265:, who spent six months lobbying for JOBS Act reforms, recalls:
1503:
Balogh, Attila; Creedy, Usha; Wright, Danika (May 3, 2022).
1311:"You Cannot 'Crowdfund' a Fund (in Case You Were Wondering)"
1266:"What does the JOBS Act actually do? Six questions answered"
2060:"New Crowdfunding Rules Let the Small Fry Swim With Sharks"
1110:
847:
517:
464:
313:
The primary provisions of the House bill as amended would:
1505:"Time to acquire: Regulatory burden and M&A activity"
416:
393:
TITLE VII - OUTREACH ON CHANGES TO THE LAW OR COMMISSION
1627:"Live Interview With Crowdfunding Leader David Weild IV"
354:
The bill prohibits the crowdfunding of investment funds.
2223:"National Crowdfunding Association Partners with SCORE"
1753:
Office, U.S. Government Accountability (July 3, 2012).
959:"Cantor says JOBS bill set for House passage next week"
1921:"A Year Later, the Missed Opportunity of the JOBS Act"
1302:
1221:"Section 12(g) of the Securities Exchange Act of 1934"
455:. These organizations have not obtained licenses as
215:
Entrepreneur Access to Capital Act was introduced by
165:
in the United States by easing many of the country's
2249:"Event at CU to offer crowdfunding primer - BizWest"
1706:"Must Read: How to Fix Title III Crowdfunding Rules"
1293:"The JOBS Act: Crowdfunding and Emerging Businesses"
536:. It is also opposed by labor unions, including the
1550:, Sarah Anderson and Joel Ramirez, December 6, 2007
1399:"Small Biz Jobs Act Is a Bipartisan Bridge Too Far"
2187:
1502:
1418:"House to pass bipartisan bill aimed at start-ups"
935:. Thomas.loc.gov. December 8, 2011. Archived from
883:. Thomas.loc.gov. November 2, 2011. Archived from
66:
1341:"Black Businesses to Have More Access to Capital"
1003:
1001:
2335:
1059:. Thomas.loc.gov. March 13, 2012. Archived from
633:"The CROWDFUND Act: everything you need to know"
387:TITLE V - PRIVATE COMPANY FLEXIBILITY AND GROWTH
1943:"Testimony on "JOBS Act Implementation Update""
177:on April 5, 2012. Title III, also known as the
1308:
1287:
1285:
1283:
998:
347:Raise the number of permitted shareholders in
173:support, and was signed into law by President
2012:"SEC Chief Delayed Rule Over Legacy Concerns"
1430:
1126:"Audit Considerations for JOBS Act Offerings"
378:TITLE II - ACCESS TO CAPITAL FOR JOB CREATORS
124:on March 22, 2012 (73-26) with amendment
2354:United States federal securities legislation
1654:"What the Jobs Act Means for the IPO Market"
1263:
1838:Open letter to Sen. Johnson and Rep. Shelby
1280:
978:
976:
603:CrowdFund Intermediary Regulatory Advocates
2095:. Crowdfundinglegalhub.Com. March 26, 2015
1858:"Financial regulations gutted in new bill"
1509:International Review of Financial Analysis
1460:
1161:
1159:
679:
677:
384:TITLE IV - SMALL COMPANY CAPITAL FORMATION
1191:
1189:
685:"SEC Adopts Rules to Permit Crowdfunding"
293:
219:(R-NC) and revised in collaboration with
2344:Acts of the 112th United States Congress
1918:
1876:(December 1, 2011) Washington, D.C., p.1
1463:"Obama Signs JOBS Act to Boost Startups"
973:
588:
500:using provisions under the Jobs Act was
252:On March 1, 2012, House Majority Leader
196:
2167:U.S. Securities and Exchange Commission
1553:
1415:
1156:
860:
674:
661:
2336:
2057:
1789:
1787:
1785:
1752:
1730:
1624:
1590:
1559:
1391:
1259:
1257:
1255:
1253:
1251:
1186:
662:Barnett, Chance (September 23, 2013).
192:
1919:Davidoff, Steven M. (June 11, 2013).
1678:
1481:
838:from the original on January 22, 2017
734:. Mchenry.house.gov. October 26, 2011
597:Crowdfunding Professional Association
1927:. The New York Times. Archived from
1424:
1123:
1782:
1461:Albanesius, Chloe (April 5, 2012).
1416:Liberto, Jennifer (March 8, 2012).
1409:
1248:
1165:
861:Cortese, Amy (September 25, 2011).
151:Jumpstart Our Business Startups Act
22:Jumpstart Our Business Startups Act
13:
1238:"SEC Rule 12g-1, 17 CFR 240.12g-1"
526:Council of Institutional Investors
502:Natural Grocers by Vitamin Cottage
471:by not guaranteeing cash payouts.
71:Tooltip Public Law (United States)
14:
2365:
2266:
2037:"SEC Proposes Crowdfunding Rules"
1796:, Consumer Federation of America.
1679:Zayed, Michelle (July 25, 2012).
1309:Bearman, Asher (April 24, 2012).
1168:"Summary of JOBS Bill and Update"
600:National Crowdfunding Association
558:
157:, is a law intended to encourage
1818:Jobs Act 2012 a Recipe for Fraud
1625:Thorpe, Devin (August 6, 2013).
1431:Chavez, Pablo (March 15, 2012).
1011:. Thomas.loc.gov. Archived from
909:. Thomas.loc.gov. Archived from
712:. Reginfo.gov. December 31, 2012
310:, from two years to five years.
279:(D-CO), Scott Brown (R-MA), and
128:House agreed to Senate amendment
27:
2241:
2215:
2180:
2155:
2133:
2107:
2085:
2051:
2029:
2004:
1979:
1957:
1935:
1912:
1903:"They Have Very Short Memories"
1896:
1879:
1866:
1850:
1830:
1811:
1799:
1746:
1724:
1698:
1672:
1646:
1618:
1534:
1496:
1475:
1454:
1359:
1333:
1230:
1213:
1197:"H.R. 3606, 112th Cong., ti. 1"
1117:
1085:
1075:
1049:
1027:
951:
925:
899:
873:
854:
828:Office of Management and Budget
800:. Hdl.loc.gov. November 8, 2011
756:. Hdl.loc.gov. November 7, 2011
478:The bill was also supported by
225:Crowdfunding exemption movement
130:on March 27, 2012 (380-41)
2058:Cowley, Stacy (May 14, 2016).
1560:Daniel, Rozas (July 5, 2011).
1264:Grant, David (March 8, 2012).
1037:. masslive.com. March 22, 2012
812:
790:
768:
746:
724:
702:
655:
625:
546:National Education Association
522:Consumer Federation of America
504:(NYSE:NGVC) on July 25, 2012.
118:on March 8, 2012 (390-23)
1:
1482:Colao, J.J. (April 5, 2012).
1272:. Christian Science Monitor.
619:
986:. YouTube. November 17, 2012
778:. Hdl.loc.gov. December 2011
507:
397:
390:TITLE VI - CAPITAL EXPANSION
371:The titles of the bill are:
7:
1567:Financial Access Initiative
1437:Google's Public Policy Blog
607:
10:
2370:
1521:10.1016/j.irfa.2022.102047
402:
2251:. Bcbr.com. July 25, 2012
1909:, March 10, 2012, p. SR10
1887:"The Senate Overachieves"
1598:"JOBS Act Implementation"
366:
111:
102:
83:
61:
56:
48:
35:
26:
16:United States federal law
1967:. SEC.gov. July 10, 2013
1893:, March 15, 2012, p. A35
961:. TheHill. March 1, 2012
381:TITLE III - CROWDFUNDING
223:(D-NY). Informed by the
1862:San Francisco Chronicle
1827:, The Real News Network
1823:March 31, 2014, at the
498:initial public offering
317:Increase the number of
288:White House Rose Garden
241:In December 2011, Rep.
1770:Cite journal requires
553:boiler room operations
361:Securities Act of 1933
294:Provisions of the bill
272:
203:
167:securities regulations
2143:. Federalregister.gov
1731:Williamson, James J.
1379:on September 25, 2013
589:Industry associations
267:
208:2008 financial crisis
200:
1660:. September 23, 2013
1603:C-SPAN Video Library
1130:Transaction Advisors
1015:on December 15, 2012
643:on December 20, 2016
2229:on November 9, 2012
2016:Wall Street Journal
1847:, February 29, 2012
1572:New York University
1063:on February 3, 2016
939:on January 15, 2013
887:on October 14, 2014
429:equity crowdfunding
328:equity crowdfunding
243:Stephen Lee Fincher
193:Legislative history
183:equity crowdfunding
105:Legislative history
23:
2064:The New York Times
1907:The New York Times
1891:The New York Times
1843:2012-05-05 at the
1712:. October 16, 2015
1546:2013-10-12 at the
1347:. November 4, 2015
1299:, October 23, 2013
1291:Marielle Segarra,
913:on October 9, 2014
867:The New York Times
534:Sarbanes–Oxley Act
351:from 500 to 2,000.
308:Sarbanes–Oxley Act
290:on April 5, 2012.
247:Sarbanes-Oxley Act
204:
21:
2203:Missing or empty
1931:on June 19, 2013.
1856:Kathleen Pender,
1710:Crowdfund Insider
1578:on March 28, 2014
1405:. March 18, 2012.
1244:on March 5, 2012.
1174:on March 24, 2012
1111:National Archives
848:National Archives
614:Capital formation
486:and published by
169:. It passed with
147:
146:
122:Passed the Senate
86:Statutes at Large
2361:
2261:
2260:
2258:
2256:
2245:
2239:
2238:
2236:
2234:
2225:. Archived from
2219:
2213:
2212:
2206:
2201:
2199:
2191:
2184:
2178:
2177:
2175:
2173:
2159:
2153:
2152:
2150:
2148:
2137:
2131:
2130:
2128:
2126:
2111:
2105:
2104:
2102:
2100:
2089:
2083:
2082:
2080:
2078:
2055:
2049:
2048:
2046:
2044:
2033:
2027:
2026:
2024:
2022:
2008:
2002:
2001:
1999:
1997:
1983:
1977:
1976:
1974:
1972:
1961:
1955:
1954:
1952:
1950:
1939:
1933:
1932:
1916:
1910:
1900:
1894:
1883:
1877:
1870:
1864:
1854:
1848:
1834:
1828:
1815:
1809:
1803:
1797:
1791:
1780:
1779:
1773:
1768:
1766:
1758:
1750:
1744:
1743:
1741:
1739:
1728:
1722:
1721:
1719:
1717:
1702:
1696:
1695:
1693:
1691:
1676:
1670:
1669:
1667:
1665:
1650:
1644:
1643:
1641:
1639:
1622:
1616:
1615:
1613:
1611:
1594:
1588:
1587:
1585:
1583:
1574:. Archived from
1557:
1551:
1538:
1532:
1531:
1529:
1527:
1500:
1494:
1493:
1479:
1473:
1472:
1458:
1452:
1451:
1445:
1443:
1428:
1422:
1421:
1413:
1407:
1406:
1395:
1389:
1388:
1386:
1384:
1378:
1372:. Archived from
1371:
1363:
1357:
1356:
1354:
1352:
1345:Black Enterprise
1337:
1331:
1330:
1324:
1322:
1306:
1300:
1289:
1278:
1277:
1261:
1246:
1245:
1240:. Archived from
1234:
1228:
1227:
1225:
1217:
1211:
1210:
1208:
1206:
1201:
1193:
1184:
1183:
1181:
1179:
1170:. Archived from
1166:Feldman, David.
1163:
1154:
1153:
1151:
1149:
1144:on July 23, 2015
1140:. Archived from
1124:Coughlan, Anne.
1121:
1115:
1114:
1108:
1106:
1089:
1083:
1079:
1073:
1072:
1070:
1068:
1053:
1047:
1046:
1044:
1042:
1031:
1025:
1024:
1022:
1020:
1005:
996:
995:
993:
991:
980:
971:
970:
968:
966:
955:
949:
948:
946:
944:
929:
923:
922:
920:
918:
903:
897:
896:
894:
892:
877:
871:
870:
858:
852:
851:
845:
843:
837:
824:
816:
810:
809:
807:
805:
794:
788:
787:
785:
783:
772:
766:
765:
763:
761:
750:
744:
743:
741:
739:
728:
722:
721:
719:
717:
706:
700:
699:
697:
695:
681:
672:
671:
659:
653:
652:
650:
648:
639:. Archived from
629:
530:William K. Black
304:public companies
163:small businesses
140:on April 5, 2012
116:Passed the House
107:
87:
72:
68:
41:
31:
24:
20:
2369:
2368:
2364:
2363:
2362:
2360:
2359:
2358:
2334:
2333:
2269:
2264:
2254:
2252:
2247:
2246:
2242:
2232:
2230:
2221:
2220:
2216:
2204:
2202:
2193:
2192:
2188:http://cfpa.org
2186:
2185:
2181:
2171:
2169:
2161:
2160:
2156:
2146:
2144:
2139:
2138:
2134:
2124:
2122:
2113:
2112:
2108:
2098:
2096:
2091:
2090:
2086:
2076:
2074:
2056:
2052:
2042:
2040:
2035:
2034:
2030:
2020:
2018:
2010:
2009:
2005:
1995:
1993:
1985:
1984:
1980:
1970:
1968:
1963:
1962:
1958:
1948:
1946:
1941:
1940:
1936:
1917:
1913:
1901:
1897:
1884:
1880:
1871:
1867:
1855:
1851:
1845:Wayback Machine
1835:
1831:
1825:Wayback Machine
1816:
1812:
1804:
1800:
1792:
1783:
1771:
1769:
1760:
1759:
1751:
1747:
1737:
1735:
1729:
1725:
1715:
1713:
1704:
1703:
1699:
1689:
1687:
1677:
1673:
1663:
1661:
1652:
1651:
1647:
1637:
1635:
1623:
1619:
1609:
1607:
1606:. June 26, 2012
1596:
1595:
1591:
1581:
1579:
1558:
1554:
1548:Wayback Machine
1541:Kiva Case Study
1539:
1535:
1525:
1523:
1501:
1497:
1480:
1476:
1459:
1455:
1441:
1439:
1429:
1425:
1414:
1410:
1397:
1396:
1392:
1382:
1380:
1376:
1369:
1365:
1364:
1360:
1350:
1348:
1339:
1338:
1334:
1320:
1318:
1307:
1303:
1290:
1281:
1262:
1249:
1236:
1235:
1231:
1223:
1219:
1218:
1214:
1204:
1202:
1199:
1195:
1194:
1187:
1177:
1175:
1164:
1157:
1147:
1145:
1122:
1118:
1104:
1102:
1101:. April 5, 2012
1091:
1090:
1086:
1080:
1076:
1066:
1064:
1055:
1054:
1050:
1040:
1038:
1033:
1032:
1028:
1018:
1016:
1007:
1006:
999:
989:
987:
982:
981:
974:
964:
962:
957:
956:
952:
942:
940:
931:
930:
926:
916:
914:
905:
904:
900:
890:
888:
879:
878:
874:
859:
855:
841:
839:
835:
822:
818:
817:
813:
803:
801:
796:
795:
791:
781:
779:
774:
773:
769:
759:
757:
752:
751:
747:
737:
735:
730:
729:
725:
715:
713:
708:
707:
703:
693:
691:
683:
682:
675:
660:
656:
646:
644:
631:
630:
626:
622:
610:
591:
561:
510:
469:SEC regulations
447:loans, such as
405:
400:
369:
349:community banks
296:
221:Carolyn Maloney
217:Patrick McHenry
195:
143:
134:Signed into law
103:
85:
70:
39:
17:
12:
11:
5:
2367:
2357:
2356:
2351:
2346:
2332:
2331:
2326:
2321:
2315:
2310:
2308:H.R. 4088
2305:
2303:H.R. 2167
2300:
2295:
2290:
2288:H.R. 2940
2285:
2283:H.R. 1070
2280:
2278:H.R. 3606
2275:
2273:H.R. 2930
2268:
2267:External links
2265:
2263:
2262:
2240:
2214:
2179:
2154:
2132:
2119:Cato Institute
2106:
2084:
2050:
2028:
2003:
1978:
1956:
1934:
1911:
1895:
1885:Gail Collins,
1878:
1865:
1849:
1829:
1810:
1798:
1781:
1772:|journal=
1745:
1723:
1697:
1671:
1658:Bloomberg News
1645:
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1155:
1116:
1098:whitehouse.gov
1084:
1074:
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997:
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898:
872:
853:
811:
789:
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654:
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617:
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609:
606:
605:
604:
601:
598:
590:
587:
560:
559:Current status
557:
509:
506:
488:Grant Thornton
480:David Weild IV
443:platforms for
404:
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277:Michael Bennet
263:Naval Ravikant
194:
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125:
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100:
99:
89:
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75:112–106 (text)
63:
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54:
53:
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46:
45:
42:
33:
32:
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6:
4:
3:
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2136:
2121:. May 3, 2016
2120:
2116:
2110:
2094:
2088:
2073:
2069:
2065:
2061:
2054:
2038:
2032:
2017:
2013:
2007:
1992:
1988:
1982:
1966:
1960:
1944:
1938:
1930:
1926:
1922:
1915:
1908:
1905:(editorial),
1904:
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1764:
1757:(GAO-12-839).
1756:
1749:
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1270:csmonitor.com
1267:
1260:
1258:
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1252:
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1014:
1010:
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1002:
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886:
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868:
864:
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612:
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531:
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519:
514:
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499:
495:
494:
489:
485:
484:Edward H. Kim
481:
476:
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470:
466:
462:
458:
454:
450:
446:
442:
441:crowd funding
437:
434:
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291:
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281:Mary Landrieu
278:
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199:
190:
188:
187:Regulation CF
184:
180:
179:CROWDFUND Act
176:
172:
168:
164:
160:
156:
152:
139:
136:by President
135:
132:
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126:
123:
120:
117:
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88:
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76:
69:
64:
60:
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30:
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2349:Crowdfunding
2313:S. 2190
2298:S. 1970
2293:S. 1791
2255:November 21,
2253:. Retrieved
2243:
2231:. Retrieved
2227:the original
2217:
2205:|title=
2182:
2172:November 12,
2170:. Retrieved
2166:
2157:
2147:November 21,
2145:. Retrieved
2135:
2125:December 13,
2123:. Retrieved
2118:
2109:
2099:November 21,
2097:. Retrieved
2087:
2075:. Retrieved
2063:
2053:
2041:. Retrieved
2031:
2021:December 16,
2019:. Retrieved
2015:
2006:
1996:November 21,
1994:. Retrieved
1990:
1981:
1971:November 21,
1969:. Retrieved
1959:
1949:November 21,
1947:. Retrieved
1937:
1929:the original
1924:
1914:
1906:
1898:
1890:
1881:
1868:
1861:
1852:
1832:
1813:
1801:
1763:cite journal
1748:
1738:December 13,
1736:. Retrieved
1726:
1716:December 13,
1714:. Retrieved
1709:
1700:
1688:. Retrieved
1684:
1674:
1662:. Retrieved
1648:
1636:. Retrieved
1630:
1620:
1608:. Retrieved
1601:
1592:
1580:. Retrieved
1576:the original
1565:
1555:
1536:
1524:. Retrieved
1512:
1508:
1498:
1487:
1477:
1466:
1456:
1447:
1442:February 19,
1440:. Retrieved
1436:
1426:
1411:
1402:
1393:
1381:. Retrieved
1374:the original
1361:
1351:November 20,
1349:. Retrieved
1344:
1335:
1326:
1321:February 19,
1319:. Retrieved
1317:. LexisNexis
1314:
1304:
1296:
1273:
1269:
1242:the original
1232:
1215:
1203:. Retrieved
1176:. Retrieved
1172:the original
1146:. Retrieved
1142:the original
1129:
1119:
1109:– via
1105:November 21,
1103:. Retrieved
1096:
1087:
1077:
1067:November 21,
1065:. Retrieved
1061:the original
1051:
1041:November 21,
1039:. Retrieved
1029:
1019:November 21,
1017:. Retrieved
1013:the original
990:November 21,
988:. Retrieved
965:November 21,
963:. Retrieved
953:
943:November 21,
941:. Retrieved
937:the original
927:
917:November 21,
915:. Retrieved
911:the original
901:
891:November 21,
889:. Retrieved
885:the original
875:
866:
856:
846:– via
842:November 21,
840:. Retrieved
826:
814:
804:November 21,
802:. Retrieved
792:
782:November 21,
780:. Retrieved
770:
760:November 21,
758:. Retrieved
748:
738:November 21,
736:. Retrieved
726:
716:November 21,
714:. Retrieved
704:
694:November 20,
692:. Retrieved
688:
667:
657:
647:December 13,
645:. Retrieved
641:the original
637:Econsultancy
636:
627:
592:
583:
579:
575:Regulation A
570:Regulation A
566:
562:
550:
515:
511:
491:
477:
445:microfinance
438:
423:(founder of
415:(founder of
406:
370:
357:
319:shareholders
312:
301:
297:
285:
273:
268:
251:
240:
236:Jeff Merkley
229:
205:
178:
175:Barack Obama
154:
150:
148:
138:Barack Obama
133:
127:
121:
115:
40:(colloquial)
18:
2043:October 24,
1690:January 23,
1685:Denver Post
1664:October 11,
1638:October 11,
1468:PC Magazine
1315:Communities
710:"View Rule"
689:www.sec.gov
433:Kickstarter
421:Mitch Kapor
261:co-founder
254:Eric Cantor
232:Scott Brown
2338:Categories
2077:October 5,
1991:Forbes.com
1515:(102047).
620:References
544:, and the
461:microloans
457:securities
413:Steve Case
171:bipartisan
62:Public law
2233:August 4,
2072:0362-4331
2039:. CFO.com
1945:. SEC.gov
1403:Bloomberg
1383:April 29,
1205:March 19,
1178:March 19,
1138:2329-9134
508:Criticism
473:RocketHub
398:Reception
259:AngelList
91:126
57:Citations
49:Nicknames
2196:cite web
1925:Dealbook
1841:Archived
1821:Archived
1610:July 27,
1582:July 27,
1544:Archived
1148:July 23,
833:Archived
608:See also
212:Congress
155:JOBS Act
52:JOBS Act
44:JOBS Act
37:Acronyms
1297:CFO.com
538:AFL-CIO
453:Zidisha
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