Wagner Bill Helping Startups Go Public Passes House, Heads to the Senate

Washington, D.C. - Congresswoman Ann Wagner (R-MO), Chair of the Financial Services Subcommittee on Capital Markets, released the following statement after her Encouraging Public Offerings Act passed the House of Representatives, along with seven other bipartisan bills from her Subcommittee, that would expand investor opportunities and help Americans save for their futures:

“My Encouraging Public Offerings Act gives growing businesses the confidence to enter the public markets and helps them reach new investors, expand operations, and create jobs across the country.  This a straightforward and commonsense bill that took months of work on a bipartisan basis to get over the finish line in the House. My bill will modernize our capital markets and support a growing economy in our communities, helping families and Main Street investors save for their retirement. 

“I was pleased to lead today’s package of seven Capital Markets bills through my subcommittee and onto the House Floor. Our Capital Markets are the best in the world, and, as Chair of the Capital Markets subcommittee, I will continue to work with my colleagues on both sides of the aisle to craft important legislation like this that will advance robust capital formation and pro-growth policies that support Missouri families.”

Background

This bipartisan bill codifies Rule 163B under the Securities Act by allowing an issuer to communicate with potential investors to determine interest in a securities offering, either before or after the filing of a registration statement (i.e. test the waters).