RELEASE: REP. HILL’S BILLS TO EXPAND CAPITAL FORMATION PASS OUT OF HOUSE FINANCIAL SERVICES COMMITTEE

WASHINGTON, D.C., April 27, 2023
WASHINGTON, D.C. – Rep. French Hill (AR-02), Vice-Chairman of the House Financial Services Committee and Chairman of the Financial Services Subcommittee on Digital Assets, Financial Technology, and Inclusion, yesterday had two bills marked up by the House Financial Services Committee that would expand capital formation.
 
“I am pleased to see my two bills that make commonsense changes to the definition of an accredited investor and clarify the true value of a company’s market capitalization reported out of committee yesterday. Small businesses are the backbone of America and must have fair access to capital to flourish. These bills will expand capital formation and are one step closer to reaching the House Floor.”
 
Further Background:
 
  • Fair Investment Opportunities for Professional Experts Act: This bill expands the definition of an accredited investor to include individuals who have demonstrated an understanding of the subject matter related to the offering, provides additional investment opportunities for more Americans, and enhances the ability of small businesses to raise capital and grow.
  • Remove Aberrations in the Market CAP Test for Target Company Financial Statements Act: This legislation would clarify that a company’s market capitalization may include the value of all the acquirer’s outstanding classes of stock, including preferred stock and non-traded common shares that are convertible into or exchangeable for traded common shares (based on trading value, conversion value or exchange value, as applicable).

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