Rep. Williams Supports ‘Angel Investors Bill’
WASHINGTON, DC – Congressman Roger Williams (R – Austin) on Tuesday voted for the HALOS Act (Helping Angels Lead Our Startups Act) which will amend the Securities Act of 1933 to make it easier for early investors to provide capital to a startup.
According to the Financial Services Committee, which Williams is a member, in 2014, angel investors invested approximately $24 billion in more than 73,000 startups. Companies such as Amazon, Costco and Google were all initially funded by angel investors.
A transcript of Williams’ remarks is below:
“Mr. Speaker, I rise today not only in strong support of the HALOS Act, but for entrepreneurs everywhere in this country.
“The facts are simple. Angel investors provide vital, often necessary capital for startup companies. Unfortunately, after passage of the JOBS Act, the SEC made this more difficult – placing unnecessary burdens on companies who are just starting out.
“Mr. Speaker, the positive impact these start-ups often have on a community are staggering. In the city of Austin, which I am proud to represent, start-up companies provide more than just new technologies: they provide jobs, generate taxes and they give back to their local community.
“In 2015 alone, tech companies in Austin were able to raise almost a billion dollars in new capital. With our economy still on the mend from the financial collapse, it is time to give businesses, both large and small, the resources they need to compete in an often competitive environment.
“H.R.79 rightly amends the SEC Act of 1933 to formally define an angel investor group and exempt them from having to comply with burdensome, third-party verification rules.
“The HALOS Act provides essential protection for trade associations that often facilitate such meetings between investors and fund managers, continuing to cultivate small business capital formation relationships. This change may be small, but the impact will be great.
“Mr. Speaker, I will end my remarks by saying this. If the 115th Congress is serious about jobs, serious about turning our economy around and serious about real change – passing bills like the HALOS Act will be paramount to our success.”