Arizona's financial sector plays a critical role in growing the economy and bringing jobs to our state. Entrepreneurs know that Arizona is one of the best places in the country to start a business, and as a Co-Chair of the Congressional Entrepreneurship Caucus, it is one of my highest priorities to help foster a hyper-efficient economy in our state.
For too long, the elites in Washington have forced a top down bureaucratic regulatory regime onto the backs of American entrepreneurs, which has led to a corrupted system that protects favored incumbents and props up easier to control institutions. However, with the advent of modern peer-to-peer technology, we have an opportunity to return to America’s entrepreneurial roots.
I have authored a bill that has been introduced the past three session of Congress to change how the government defines Accredited Investors. The current definition only takes wealth into account, allowing those with enough money to participate in special investment opportunities nationwide. The Fair Investment Opportunities for Professional Experts Act would change the definition to also include professional sophistication as an alternative metric to attain Accredited Investor status. This legislation passed the House of Representatives the past two sessions of Congress with overwhelming broad bipartisan support.
The financial services sector also has the unique opportunity to embrace technological advancements to make the industry more efficient. As Co-Chair of the Congressional Blockchain Caucus, I believe that blockchain will revolutionize how modern financial ownership is proven, and I am committeed to efforts that will help educate the industry on the importance of fintech to economic growth.
More on Financial Services
WASHINGTON, D.C. - Congressman David Schweikert (AZ-06) released the following statement after passage of the JOBS and Investor Confidence Act of 2018.
"After years of work, my bipartisan Accredited Investor Bill successfully passed the House of Representatives, yet again. This legislation will give millions of Americans the equal opportunity to participate in early state growth opportunities. I urge my Senate colleagues to act quickly in passing a companion legislative effort, and not let this important bill languish."
Yesterday my legislation HR 1585 Fair Investment Opportunities for Professional Experts Act passed unanimously through the House of Representatives. My legislation would expand the definition of “accredited investor” to include professional experts, bringing in a larger number of sophisticated investors into the marketplace. This legislation with a spread of original bipartisan co-sponsors shows that even in today’s political climate, we can get good legislation passed.
Congressman Schweikert sent a letter to the Office of the Comptroller of the Currency (OCC) regarding digital currencies and their underlying technologies. The Congressman has been an avid supporter of blockchain technology, the technology behind many cryptocurrencies and distributed ledgers, as sees this as the future of financial services. In the letter, the Congressman asks for clarification from the OCC on how it plans to regulate the future of this space.
More on Financial Services
WASHINGTON, DC – Today, Congressman David Schweikert (AZ-06) re-introduced H.R. 5083, the Debt Ceiling Alternative Act, which would help responsibly manage the debt once the federal government reaches its borrowing limit. Once enacted, this bill would require the Treasury Secretary to issue bonds linked to U.S. Gross Domestic Product, called ‘trills’, to pay the principal and interest on the public debt.
In order to get their product or service off the ground, most small companies turn to startup funds in the private sector, where they can sell securities to “accredited investors.”
To obtain accreditation, a person or business entity must meet a certain threshold of income, net worth or asset size. Consequently, the number of Americans who are able to invest privately is severely limited.
Legislation that would allow more investors to purchase unregistered securities faces some of the same legislative obstacles that stymied last year's measure.
WASHINGTON, DC – Today, Congressman David Schweikert (AZ-06) and Congressman French Hill (AR-02) introduced H.R. 4762, the Fair Investment Opportunities for Professional Experts Act. Specifically, this bill expands the definition of an accredited investor, allowing Americans who have relevant education, professional expertise, or other similar credentials to invest in private offerings.
WASHINGTON, D.C. -- This week, Members of Congress launched the bipartisan House Entrepreneurship Caucus which will serve as a forum for policy discussions and collaboration to address the most pressing issues facing entrepreneurs throughout the country. The caucus will seek to analyze new business formation trends and form a wide-ranging strategy to boost entrepreneurship growth, ensuring new business ventures continue to create jobs and drive innovation.