The fight is being triggered by three bills that House Financial Services Chair Patrick McHenry is driving to boost capital raising for startups.
“House Financial Services passed legislation to reduce the number of people who will be covered by basic consumer protection laws,” Warren said in an interview. “That’s not good for investors, and ultimately, not good for markets.”
The SEC’s current threshold to qualify as an accredited investor hinges in part on an individual’s economic status. They can meet it if they have a net worth of over $1 million or a $200,000 annual income. Investment professionals and corporate insiders can also qualify.enshrine the SEC’s current wealth-based cut-off
“Getting capital to the businesses that need it shouldn’t be a partisan issue,” said Evan Williams, the executive director of the Chamber’s Center for Capital Markets Competitiveness.investor advocates including the Consumer Federation of America and AARP have pushed for tightening restrictions to help shield Americans from the next great startup disaster, like FTX or Theranos.
Some House Democrats who ended up voting for the legislation voiced concerns when it was first brought up in committee. Rep., who voted against the bill that would set up an accredited investor test, said the proposal appeared to be designed “in a manner that predetermines the certification outcome.”
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