Reforming Access for Investments in Startup Enterprises Act of 2015 or the RAISE Act of 2015
Latest action · Oct 7, 2015 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedApr 16, 2015
- Passed HouseOct 6, 2015
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Reforming Access for Investments in Startup Enterprises Act of 2015 or the RAISE Act of 2015
(Sec. 2) The Securities Act of 1933 is amended to exempt from security registration requirements, and related prohibitions against using interstate commerce and the mails for the sale or delivery of securities after sale, any transaction where:
- each purchaser is an accredited investor;
- neither the seller, nor any person acting on the seller's behalf, offers or sells securities by general solicitation or advertising;
- the seller and prospective purchaser obtain from an issuer meeting certain criteria reasonably current specified information;
- the transaction is not for the sale of a security whose seller is neither an issuer nor a subsidiary of the issuer;
- neither the seller, nor any person receiving remuneration for participating in the offer or sale of the securities, is subject to certain legal disqualification (bad actor);
- the issuer is engaged in business, is not in the organizational stage or in bankruptcy or receivership, and is not a blank check, blind pool, or shell company with no specific business plan or purpose or has indicated that the issuer's primary business plan is to engage in a merger or combination of the business with, or an acquisition of, an unidentified person;
- the transaction does not involve a security that constitutes the whole or part of an unsold allotment to, or a subscription or participation by, a broker or dealer as an underwriter of the security or a redistribution; and
- the transaction does involve a security of a class authorized and outstanding for at least 90 days before the transaction.
Securities acquired in such exempt transactions shall be deemed to: (1) have been acquired in a transaction not involving any public offering, (2) not be a distribution involving an underwriter, and (2) be restricted securities not subject to certain transaction requirements.
All transactions under this Act shall be exempt from state regulation of securities offerings.
Recorded votes 1
Newest first. Open one to see how every member voted.
| Roll call | Question | Result | Date |
|---|---|---|---|
| House 535 | On Motion to Suspend the Rules and Pass, as Amended | Passed404–0 | Oct 6, 2015 |
Cosponsors 1
Members who signed on, in the order they did. All signed on Jul 27, 2015.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-AZ | David Schweikert | Jul 27, 2015 |
Committees 2
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Financial Services Committee | Referred Apr 16, 2015Markup Jul 29, 2015Reported Oct 6, 2015 |
| Capital Markets Subcommittee | Hearings Apr 29, 2015 | |
| Senate | Banking, Housing, and Urban Affairs Committee | Referred Oct 7, 2015 |
Actions 16
Everything that happened, newest first.
- Oct 7, 2015Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- Oct 6, 2015Reported (Amended) by the Committee on Financial Services. H. Rept. 114-281.
- Oct 6, 2015Placed on the Union Calendar, Calendar No. 213.
- Oct 6, 2015Mr. Garrett moved to suspend the rules and pass the bill, as amended.
- Oct 6, 2015Considered under suspension of the rules. (consideration: CR H6805-6808)
- Oct 6, 2015DEBATE - The House proceeded with forty minutes of debate on H.R. 1839.
- Oct 6, 2015At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
- Oct 6, 2015Considered as unfinished business. (consideration: CR H6818-6819)
- Oct 6, 2015Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 404 - 0 (Roll no. 535). (text: CR H6806)
- Oct 6, 2015Motion to reconsider laid on the table Agreed to without objection.
- Jul 29, 2015Committee Consideration and Mark-up Session Held.
- Jul 29, 2015Ordered to be Reported (Amended) by the Yeas and Nays: 58 - 0.
- Jul 28, 2015Committee Consideration and Mark-up Session Held.
- Apr 29, 2015Hearings Held by the Subcommittee on Capital Markets and Government Sponsored Enterprises Prior to Referral.
- Apr 16, 2015Introduced in House
- Apr 16, 2015Referred to the House Committee on Financial Services.
In the Congressional Record 1
Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.
| Where | In the Record | Members | Date |
|---|---|---|---|
| House | Debate and remarks H6805–H6808Text printed H6806Recorded votes H6819enact | Carolyn B. Maloney D-NY, Patrick T. McHenry R-NC, Scott Garrett R-NJ | Oct 6, 2015 |
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Committee report
Congressional Budget Office cost estimate
- Aug 21, 2015H.R. 1839, Reforming Access for Investments in Startup Enterprises Act of 2015As ordered reported by the House Committee on Financial Services on July 29, 2015
Constitutional authority
The sponsor’s statement, as printed in the Congressional Record, vol. 161, no. 55, April 16, 2015, page H2308.
CRS reports 1
Congressional Research Service work that CRS links to this bill or the law it became, newest first.
Cite it 1
Products on other subjects that cite it, usually among other measures.
| Product | Title | Kind | Published |
|---|---|---|---|
| R44255 | Selected Securities Legislation in the 114th Congress Archived | Report | Sep 7, 2016 |
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 22 | FAST Act | Related bill | Dec 4, 2015 |
Titles 4
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To amend the Securities Act of 1933 to exempt certain transactions involving purchases by accredited investors, and for other purposes.
- Short Titles as Introduced
- RAISE Act of 2015
- Reforming Access for Investments in Startup Enterprises Act of 2015
- Short Titles as Passed House
- Reforming Access for Investments in Startup Enterprises Act of 2015 or the RAISE Act of 2015
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
Text 4
Each version as it was printed, newest first.
- Oct 7, 2015Referred in Senate
- Oct 6, 2015Engrossed in House
- Oct 6, 2015Reported in House
- Apr 16, 2015Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
