HALOS Act of 2025

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Bill ID: 119/hr/3352
Last Updated: July 12, 2026

Sponsored by

Rep. Lawler, Michael [R-NY-17]

ID: L000599

Follow the money

The bill

HALOS Act of 2025

HR. 3352, 119th Congress — read as touching Private Equity & Hedge Funds.

The sponsor

Rep. Lawler, Michael [R-NY-17]

Every bill has someone who introduced it. That name is where the paper trail starts.

The money

$86,668 raised

21 itemised contributions to this sponsor, pulled from FEC filings.

The alignment

95% match to Project 2025

This bill's text tracks the "Trade" section, p. 863-865 of the Mandate for Leadership.

Bill's Journey to Becoming a Law

Track this bill's progress through the legislative process

Latest Action

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

June 23, 2025

Introduced

Committee Review

Floor Action

Passed House

Senate Review

📍 Current Status

Next: Both chambers must agree on the same version of the bill.

🎉

Passed Congress

🖊️

Presidential Action

⚖️

Became Law

📚 How does a bill become a law?

1. Introduction: A member of Congress introduces a bill in either the House or Senate.

2. Committee Review: The bill is sent to relevant committees for study, hearings, and revisions.

3. Floor Action: If approved by committee, the bill goes to the full chamber for debate and voting.

4. Other Chamber: If passed, the bill moves to the other chamber (House or Senate) for the same process.

5. Conference: If both chambers pass different versions, a conference committee reconciles the differences.

6. Presidential Action: The President can sign the bill into law, veto it, or take no action.

7. Became Law: If signed (or if Congress overrides a veto), the bill becomes law!

Bill Summary

Another masterpiece of legislative theater, brought to you by the same geniuses who thought it was a good idea to put warning labels on coffee cups. The HALOS Act of 2025: because what America really needs is more angel investors and fewer regulations.

Let's dissect this mess. The bill claims to "clarify" general solicitation rules for startups, but in reality, it's just a thinly veiled attempt to create loopholes for wealthy investors and their pet projects. The SEC will have to revise Regulation D within six months, because God forbid we actually take the time to think things through.

The new regulations will allow issuers to present at events sponsored by various groups, including angel investor groups, incubators, and trade associations. Because what could possibly go wrong with allowing unregistered investment advice and unsupervised deal-making? The bill's authors must have been high-fiving each other over this stroke of genius.

Affected industries include startups, venture capital firms, and angel investors – all of whom will now have more opportunities to game the system. Compliance requirements are laughably vague, with sponsors required only to provide a one-page disclosure statement that might as well be written in invisible ink.

Enforcement mechanisms? Ha! The SEC will be tasked with policing this Wild West of unregistered investment advice and unsupervised deal-making. Penalties for non-compliance? Oh boy, you'll get a slap on the wrist – or maybe a strongly worded letter.

The economic impact will be negligible, except for the wealthy investors who'll make out like bandits. Operational impacts? Startups will now have to navigate an even more Byzantine regulatory landscape, while angel investors will have more opportunities to throw their money at questionable ventures.

In short, this bill is a disease – a symptom of the corrupting influence of money and power in politics. It's a cynical attempt to create loopholes for the wealthy, wrapped in a veneer of "helping startups." Don't be fooled: this is just another case of regulatory capture, where the interests of the powerful are prioritized over those of the public.

Diagnosis: Terminal stupidity, with a side of greed and corruption. Prognosis: More of the same – until we wake up and realize that our politicians are not working for us, but for their wealthy donors and corporate overlords.

Related Topics

Small Business & Entrepreneurship
Generated using Llama 3.1 70B (Dr. Haus personality)

💰 Campaign Finance Network

Rep. Lawler, Michael [R-NY-17]

Congress 119 • 2024 Election Cycle

Total Contributions
$86,668
18 donors
PACs
$0
Organizations
$1,000
Committees
$0
Individuals
$85,668

No PAC contributions found

1
MURTAGH, COSSU, VENDITTI & CASTRO-BLANCO, LLP
1 transaction
$1,000

No committee contributions found

1
BATMASIAN, JAMES
2 transactions
$13,200
2
SILVERMAN, JEFFREY
2 transactions
$13,068
3
DEUTSCH, SHMULEY
2 transactions
$7,800
4
AUSTIN, ROBERT
1 transaction
$6,600
5
SCALA, MARY ELLEN
1 transaction
$5,300
6
PERLMUTTER, RAFUEL
1 transaction
$3,400
7
BANKE, BARBARA
1 transaction
$3,300
8
BERTUSSI, THOMAS P. MR.
1 transaction
$3,300
9
BOONE, DAN
1 transaction
$3,300
10
CHRISTIE, CHRIS
1 transaction
$3,300
11
CLAUGUS, THOMAS
1 transaction
$3,300
12
DUBITSKY, ALEX
1 transaction
$3,300
13
FORCHHEIMER, JODY
1 transaction
$3,300
14
GINSBURG, MARTIN
1 transaction
$3,300
15
GROSSMAN, JAY
1 transaction
$3,300
16
HARRIS, JOSH
1 transaction
$3,300
17
HUGIN, KATHLEEN
1 transaction
$3,300

Cosponsors & Their Campaign Finance

This bill has 2 cosponsors. Below are their top campaign contributors.

Rep. Gottheimer, Josh [D-NJ-5]

ID: G000583

Top Contributors

10

1
AMERICAN EXPRESS
OrganizationNEWARK, NJ
$22,941
Apr 12, 2024
2
AMERICAN EXPRESS
OrganizationNEWARK, NJ
$10,621
May 10, 2024
3
PAYROLL DATA PROCESSING
OrganizationTAMPA, FL
$6,337
May 15, 2024
4
PAYROLL DATA PROCESSING
OrganizationTAMPA, FL
$6,337
Apr 15, 2024
5
PAYROLL DATA PROCESSING
OrganizationTAMPA, FL
$6,337
Apr 30, 2024
6
PAYROLL DATA PROCESSING
OrganizationTAMPA, FL
$5,751
Apr 1, 2024
7
EASTERN BAND OF CHEROKEE INDIANS
OrganizationCHEROKEE, NC
$3,300
Oct 22, 2024
8
SEKAS LAW GROUP LLC
OrganizationENGLEWOOD CLIFFS, NJ
$1,500
Apr 12, 2024
9
SANDOR F. GENET & ASSOCIATES, P.A.
OrganizationNORTH MIAMI BEACH, FL
$250
Apr 12, 2024
10
FIRESTONE MILKEN, SARAH
NOT EMPLOYED • NOT EMPLOYED
IndividualPACIFIC PALISADES, CA
$13,200
Jul 2, 2024

Rep. Salazar, Maria Elvira [R-FL-27]

ID: S000168

Top Contributors

10

1
POARCH BANK OF CREEK INDIANS
OrganizationATMORE, AL
$3,300
May 26, 2023
2
POARCH BANK OF CREEK INDIANS
OrganizationATMORE, AL
$3,300
Jun 7, 2024
3
MICCOSUKEE TRIBE
OrganizationMIAMI, FL
$1,000
Dec 19, 2023
4
DIAZ-OLIVER, REMEDIOS MRS.
RETIRED • RETIRED
IndividualMIAMI, FL
$6,600
Dec 29, 2023
5
FALIC, JANA
HOMEMAKER • HOMEMAKER
IndividualBAL HARBOUR, FL
$6,600
Dec 31, 2023
6
MENDOZA GOMEZ, ROSSY A.
ROSE CAFE • OWNER
IndividualCORAL GABLES, FL
$6,600
Dec 29, 2023
7
SILVERMAN, JEFFREY
RETIRED • RETIRED
IndividualSURFSIDE, FL
$6,600
Oct 17, 2023
8
WEEKLEY, RICHARD
SELF-EMPLOYED • REAL ESTATE DEVELOPER
IndividualHOUSTON, TX
$6,600
Nov 7, 2023
9
BARQUET, ROY
FOLEY & LARDNER LLP • ATTORNEY
IndividualMIAMI, FL
$6,600
Dec 6, 2023
10
PETERFFY, THOMAS
INTERACTIVE BROKERS GROUP • CHAIRMAN
IndividualPALM BEACH, FL
$6,600
Dec 27, 2023

Donor Network - Rep. Lawler, Michael [R-NY-17]

PACs
Organizations
Individuals
Politicians

Hub layout: Politicians in center, donors arranged by type in rings around them.

Loading...

Showing 54 nodes and 27 connections (51 secondary connections hidden)

Total contributions: $134,167

Top Donors - Rep. Lawler, Michael [R-NY-17]

Showing top 18 donors by contribution amount

1 Org17 Individuals

Industry Impact

Which industries are materially affected by specific provisions in this bill. 2 helped.

  • Section 2(b) allows presentations by issuers at events sponsored by angel investor groups, incubators, accelerators, venture forums, venture capital associations, or trade associations, facilitating capital raising for early-stage companies, which benefits private equity and hedge funds that invest in such ventures.

  • Section 2(b) permits general solicitation at events sponsored by various entities (including venture capital associations and trade associations), making it easier for issuers to communicate offerings, which could increase deal flow for investment banks involved in private placements and capital raising.

Who funds the sponsor on these industries

For each industry this bill affects, here's what the sponsor (Rep. Lawler, Michael [R-NY-17])received from donors associated with that industry during the 2022–present cycles. Donations are not proof of intent — they are a record of who funds the people writing the law.

Industries this bill HELPS

  • from 11 contributions
    • KRONE, DAVID BRETT$6,600
    • ROWAN, MARC J$6,600
    • SINGER, PAUL$6,600
    • KLEINMAN, SCOTT$3,300
    • SHUMWAY, CLAYTON$2,300
  • from 12 contributions
    • AKINLA, DALE II$1,350
    • O'CONNOR, PETER$1,000
    • MADDALENA, TONY$1,000
    • GOLDFARB, ALEXANDER$900
    • SCHNEIROV, JOSH$500

Project 2025 Policy Matches

This bill shows semantic similarity to the following sections of the Project 2025 policy document.AI-enhanced analysis provides detailed alignment ratings.

Trade

Very Strong
Vector: 61%
Pages: 863-865AI Enhanced

AI Analysis:

"The HALOS Act directly implements the Project 2025 recommendation that the SEC use its general exemptive authority more often to reduce regulatory burdens on smaller entrepreneurs by exempting certain event presentations from Regulation D's general solicitation prohibition, thereby facilitating startup fundraising and capital formation."

Key themes:regulatory burden reductionentrepreneurial capital formationSEC exemptive authorityRegulation D reformdisclosure requirements

— 830 — Mandate for Leadership: The Conservative Promise l Three basic categories of firm: private firms, an intermediate category of smaller firms,4 and public firms; l Reasonable, scaled disclosure requirements; and l Specified secondary markets for the securities of these firms.5 The SEC needs to be reformed to achieve its important core functions more effectively, to improve transparency and due process, and to reduce unnecessary regulatory impediments to capital formation.6 Under current law, the SEC Chair- man has the authority to make almost all of the necessary changes.7 Unfortunately, financial regulators, particularly the SEC and the Financial Industry Regulatory Authority (FINRA), are poorly managed and organized. With regulatory authority delegated by the government, both the Public Company Accounting Oversight Board (PCAOB) and FINRA have proved to be ineffective, costly, opaque, and largely impervious to reform. To reduce costs and improve transparency, due process, congressional oversight, and responsiveness, PCAOB and FINRA should be abolished, and their regulatory functions should be merged into the SEC. Furthermore, Congress should establish an indepen- dent board or commission and charge it with producing a detailed report within 18 months that examines the degree to which the regulatory functions of the var- ious other so-called self-regulatory organizations (SROs), which are no longer self-regulatory in any meaningful sense, should be moved to the SEC.8 Discrimination based on immutable characteristics has no place in financial regulation. Offices at financial regulators that promote racist policies (usually in the name of “diversity, equity, and inclusion”) should be abolished, and regulations that require appointments on the basis of race, ethnicity, sex, or sexual orientation should be eliminated. Equal protection of the law, equal opportunity, and individ- ual merit should govern regulatory decisions.9 Congress has given the SEC broad “general exemptive authority,”10 but the SEC has used this authority only rarely. It should use this authority significantly more often to reduce the regulatory burden on issuers, particularly smaller entrepreneurs. ENTREPRENEURIAL CAPITAL FORMATION Financial regulators should remove regulatory impediments to entrepreneur- ial capital formation.11 In the absence of the fundamental reform outlined above, the SEC should: l Simplify and streamline Regulation A (the small issues exemption)12 and Regulation CF (crowdfunding)13 and preempt blue sky registration and quali- fication requirements for all primary and secondary Regulation A offerings.14 — 831 — Financial Regulatory Agencies l Either democratize access to private offerings by broadening the definition of accredited investor for purposes of Regulation D or eliminate the accredited investor restriction altogether.15 l Allow traditional self-certification of accredited investor status for all Regulation D Rule 506 offerings. l Exempt small micro-offerings from registration requirements.16 l Exempt small and intermittent finders from broker–dealer registration requirements and provide a simplified registration process for private placement brokers.17 l Exempt peer-to-peer lending from federal and state securities laws and reduce the regulatory burden on Regulation CF debt securities. l Make the Title I Emerging Growth Company (EGC) exemptions permanent for all EGCs. l Reduce the regulatory burden on small broker–dealers and exempt privately held, non-custodial broker–dealers from the requirements to use a PCAOB- registered firm for their audits. Congress should: l Amend the Internal Revenue Code to disregard crowdfunding and Regulation A shareholders for purposes of the 100-shareholder limit for Subchapter S corporations.18 BETTER CAPITAL MARKETS To improve capital markets, the SEC should: l Preempt blue sky registration, qualification, and continuing reporting requirements for securities traded on established securities markets (including a national securities exchange or an alternative trading system).19 l Terminate the Consolidated Audit Trail (CAT) program.20 l Abolish Rule 144 and other regulations that restrict securities resales and instead require a company that has sold securities to provide sufficient current informa- tion to the market to permit reasonable investment decisions and secondary sales.

Trade

Strong
Vector: 63%
Pages: 863-865AI Enhanced

AI Analysis:

"The HALOS Act aligns with Project 2025's goal of democratizing access to private capital by modifying Regulation D to exempt certain events from general solicitation prohibitions, thereby facilitating startup fundraising and reducing regulatory barriers for early-stage companies seeking investment."

Key themes:Regulation D reformaccredited investor accessstartup fundraisingsecurities deregulationprivate placement exemptions

— 831 — Financial Regulatory Agencies l Either democratize access to private offerings by broadening the definition of accredited investor for purposes of Regulation D or eliminate the accredited investor restriction altogether.15 l Allow traditional self-certification of accredited investor status for all Regulation D Rule 506 offerings. l Exempt small micro-offerings from registration requirements.16 l Exempt small and intermittent finders from broker–dealer registration requirements and provide a simplified registration process for private placement brokers.17 l Exempt peer-to-peer lending from federal and state securities laws and reduce the regulatory burden on Regulation CF debt securities. l Make the Title I Emerging Growth Company (EGC) exemptions permanent for all EGCs. l Reduce the regulatory burden on small broker–dealers and exempt privately held, non-custodial broker–dealers from the requirements to use a PCAOB- registered firm for their audits. Congress should: l Amend the Internal Revenue Code to disregard crowdfunding and Regulation A shareholders for purposes of the 100-shareholder limit for Subchapter S corporations.18 BETTER CAPITAL MARKETS To improve capital markets, the SEC should: l Preempt blue sky registration, qualification, and continuing reporting requirements for securities traded on established securities markets (including a national securities exchange or an alternative trading system).19 l Terminate the Consolidated Audit Trail (CAT) program.20 l Abolish Rule 144 and other regulations that restrict securities resales and instead require a company that has sold securities to provide sufficient current informa- tion to the market to permit reasonable investment decisions and secondary sales. — 832 — Mandate for Leadership: The Conservative Promise Congress should: l Prohibit the SEC from requiring issuer disclosure of social, ideological, political, or “human capital” information that is not material to investors’ financial, economic, or pecuniary risks or returns. The proposed SEC climate change rule, which would quadruple the costs of being a public company, is particularly problematic.21 l Repeal the Dodd–Frank mandated disclosures relating to conflict minerals, mine safety, resource extraction, and CEO pay ratios.22 l Oppose efforts to redefine the purpose of business in the name of social justice; corporate social responsibility (CSR); stakeholder theory; environmental, social, and governance (ESG) criteria; socially responsible investing (SRI); sustainability; diversity; business ethics; or common- good capitalism. l Prohibit securities regulators, including SROs, from promulgating rules or taking other actions that discriminate, either favorably or unfavorably, on the basis of the race, color, religion, sex, or national origin of such individual or group. SEC ADMINISTRATION To enable it to achieve its core mission more effectively, the SEC should:23 l Publish better data on securities offerings, securities markets, and securities law enforcement and publish an annual data book of time series data on these matters. Specifically, the SEC Division of Economic and Risk Analysis (DERA) needs to do a much better job of collecting and reporting fundamental data regarding offerings, regulatory costs, violations, enforcement, investors, state regulator taxes, fees and activities, and other matters. l Ensure that SEC resources flow toward its core functions and away from ancillary and support functions or from missions that do not fall within the SEC’s statutory charge. l Ensure that any three SEC Commissioners are empowered to place an item on the agenda and to receive adequate staff support to do so even without the Chairman’s support.

Financial Regulatory Agencies

Strong
Vector: 63%
Pages: 872-874AI Enhanced

AI Analysis:

"The HALOS Act aligns with Project 2025's goal of reducing regulatory barriers to capital formation by modifying SEC rules to facilitate startup fundraising through exemptions for general solicitation at designated events, reflecting a shared emphasis on entrepreneurial access to capital and regulatory streamlining."

Key themes:SEC regulatory reformcapital formationstartup fundraisinggeneral solicitation exemptioninvestor access

— 840 — Mandate for Leadership: The Conservative Promise ENDNOTES 1. H.R. 5480, Securities Act of 1933, Public Law No. 73-22, 73rd Congress, May 27, 1933, https://govtrackus. s3.amazonaws.com/legislink/pdf/stat/48/STATUTE-48-Pg74.pdf (accessed February 20, 2023). 2. H.R. 9323, Securities Exchange Act of 1934, Public Law No. 73-291, 73rd Congress, June 6, 1934, https:// govtrackus.s3.amazonaws.com/legislink/pdf/stat/48/STATUTE-48-Pg881a.pdf (accessed February 20, 2023). 3. Mark T. Uyeda, Commissioner, U.S. Securities and Exchange Commission, “Remarks at the 2022 Cato Summit on Financial Regulation,” November 17, 2022, https://www.sec.gov/news/speech/uyeda-remarks- cato-summit-financial-regulation-111722 (accessed February 20, 2023); Hester M. Peirce, Commissioner, U.S. Securities and Exchange Commission, “It’s Not Just Scope 3: Remarks at the American Enterprise Institute,” December 7, 2022, https://www.sec.gov/news/speech/peirce-remarks-american-enterprise-institute-120722 (accessed February 20, 2023); comment letter from David R. Burton to Vanessa A. Countryman, Secretary, Securities and Exchange Commission, “Re: The Enhancement and Standardization of Climate-Related Disclosures for Investors [File No. S7-10-2; Release No. 33-11042; RIN 3235-AM87],” June 17, 2022, https://www. sec.gov/comments/s7-10-22/s71022-20131980-302443.pdf (accessed February 20, 2023). 4. Size would probably be measured best by public float or the number of beneficial owners. 5. See David R. Burton, “Securities Disclosure Reform,” Heritage Foundation Backgrounder No. 3178, February 13, 2017, https://www.heritage.org/sites/default/files/2017-02/BG3178.pdf; David R. Burton, “Offering and Disclosure Reform,” Chapter 11 in Reframing Financial Regulation: Enhancing Stability and Protecting Consumers, ed. Hester Peirce and Benjamin Klutsey (Arlington, VA: Mercatus Center at George Mason University, 2016), pp. 277–315, https://www.mercatus.org/research/books/reframing-financial-regulation (accessed February 20, 2023); Andrew N. Vollmer, “Investor-Friendly Securities Reform to Increase Economic Growth,” Securities Regulation & Law Report, Bloomberg BNA, Vol. 49, June 5, 2017. 6. See, for example, David R. Burton, “Reforming the Securities and Exchange Commission,” Heritage Foundation Backgrounder No. 3378, January 30, 2019, https://www.heritage.org/sites/default/files/2019-01/ BG3378.pdf; Andrew N. Vollmer, “Testimony on Workforce Management Disclosures and Other SEC Issues,” submitted to the Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets, Committee on Financial Services, U.S. House of Representatives, December 6, 2022, https://www.congress.gov/117/ meeting/house/115227/witnesses/HHRG-117-BA16-Wstate-VollmerA-20221208.pdf (accessed February 20, 2023); David R. Burton, “Reforming FINRA,” Heritage Foundation Backgrounder No. 3181, February 1, 2017, https://www.heritage.org/sites/default/files/2017-02/BG3181.pdf; Hester Peirce, “The Financial Industry Regulatory Authority: Not Self-Regulation After All,” Mercatus Center at George Mason University Working Paper, January 2015, https://www.mercatus.org/research/working-papers/financial-industry-regulatory- authority-not-self-regulation-after-all (accessed February 20, 2023); Thaya Brook Knight, “Transparency and Accountability at the SEC and at FINRA,” Chapter 11 in Prosperity Unleashed: Smarter Financial Regulation, ed. Norbert J. Michel, (Washington: The Heritage Foundation, 2017) https://www.heritage.org/sites/default/ files/2017-02/11_ProsperityUnleashed_Chapter11.pdf. 7. Reorganization Plan No. 10 of 1950, U.S. Code Title 5—Appendix, Reorganization Plans, http://uscode.house. gov/view.xhtml?req=granuleid:USC-prelim-title5a-node84-leaf114&num=0&edition=prelim (accessed February 20, 2023). 8. The board or commission should evaluate the regulatory functions of the National Securities Exchanges, Registered Securities Future Product Exchanges, Registered Clearing Agencies (such as the Depository Trust Company (DTC), the National Securities Clearing Corporation (NSCC) and the Options Clearing Corporation (OCC)), the Municipal Securities Rulemaking Board (MSRB) and the National Futures Association (NFA). This board or commission should have a broad composition and permit minority reports. 9. Boyden Gray & Associates, Comments Submitted on Behalf of Alliance for Fair Board Recruitment Concerning the Nasdaq Stock Market LLC; Notice of Filing of Proposed Rule Change to Adopt Listing Rules Related to Board Diversity, Amendment No. 1, File No. SR-NASDAQ-2020-081, April 6, 2021 https://www.sec.gov/ comments/sr-nasdaq-2020-081/srnasdaq2020081-8639478-230941.pdf (accessed February 20, 2023); David R. Burton, “Nasdaq’s Proposed Board-Diversity Rule Is Immoral and Has No Basis in Economics,” Heritage Foundation Backgrounder No. 3591, March 9, 2021, https://www.heritage.org/sites/default/ files/2021-03/BG3591_0.pdf. The SEC is contemplating at least two rules that can be expected to require differential treatment based on race, sex, ethnicity, and so on. See Executive Office of the President, Office — 841 — Financial Regulatory Agencies of Management and Budget, Office of Information and Regulatory Affairs, “Fall 2022 Unified Agenda of Regulatory and Deregulatory Actions: Active Regulatory Actions Listed by Agency,” https://www.reginfo.gov/ public/do/eAgendaMain (accessed February 20, 2023); “Human Capital Management Disclosure,” RIN: 3235- AM88, https://www.reginfo.gov/public/do/eAgendaViewRule?pubId=202204&RIN=3235-AM88 (accessed February 20, 2023); “Corporate Board Diversity,” RIN: 3235-AL91, https://www.reginfo.gov/public/do/ eAgendaViewRule?pubId=202204&RIN=3235-AL91 (accessed February 20, 2023). 10. 15 U.S. Code § 77z–3, https://www.law.cornell.edu/uscode/text/15/77z-3 (accessed February 20, 2023); 15 U.S. Code § 78mm, https://www.law.cornell.edu/uscode/text/15/78mm (accessed February 20, 2023). 11. S. ___, Jumpstart Our Business Startups Act of 2022, discussion draft, 117th Congress, 2nd Session, https:// www.banking.senate.gov/imo/media/doc/the_jobs_act_4.0discussiondraft.pdf (accessed February 20, 2023); David R. Burton, “Entrepreneurial Capital Formation,” Testimony before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate, April 5, 2022, https://www.heritage.org/testimony/entrepreneurial- capital-formation; “Removing Barriers to Small Business Capital Formation and Expanding Investor Opportunities,” Section 6 in Nicholas Anthony, Norbert J. Michel, Jennifer J. Schulp, George Selgin, and Jack Solowey, “Sound Financial Policy: Principled Recommendations for the 118th Congress,” ed. Norbert J. Michel and Ann Rulon, Cato Institute, 2022, pp. 22–27, https://www.cato.org/sites/cato.org/files/2022-10/sound- financial-policy-118th-congress.pdf (accessed February 20, 2023); David R. Burton and Norbert J. Michel, Proposals to Foster Economic Growth and Capital Formation, Submission to Committee on Banking, Housing, and Urban Affairs, U.S. Senate, March 18, 2021, https://www.banking.senate.gov/imo/media/doc/David%20 Burton%20and%20Norbert%20Michel%20-%202021-3-18.pdf (accessed February 20, 2023); David R. Burton, “Improving Entrepreneurs’ Access to Capital: Vital for Economic Growth,” Heritage Foundation Backgrounder No. 3182, February 14, 2017, https://www.heritage.org/sites/default/files/2017-02/BG3182.pdf. 12. The small issues exemptive authority has been in the Securities Act since its initial enactment. 13. The crowdfunding exemption was created by Title III of the 2012 JOBS Act. See H.R. 3606, Jumpstart Our Business Startups Act, Public Law No. 112-106, 112th Congress, April 5, 2021, Title III, § 302, https://www. govinfo.gov/content/pkg/PLAW-112publ106/pdf/PLAW-112publ106.pdf (accessed February 20, 2023). 14. Burton, “Improving Entrepreneurs’ Access to Capital: Vital for Economic Growth”; Rutheford B. Campbell Jr., “The Case for Federal Pre-Emption of State Blue Sky Laws,” Chapter 6 in Prosperity Unleashed: Smarter Financial Regulation, https://www.heritage.org/sites/default/files/2017-02/06_ProsperityUnleashed_ Chapter06.pdf. 15. Andrew N. Vollmer, “Abandon the Concept of Accredited Investors in Private Securities Offerings,” Securities Regulation Law Journal, Vol. 49, No. 5 (Spring 2021), https://papers.ssrn.com/sol3/papers.cfm?abstract_ id=3719280 (accessed February 20, 2023); Thaya Brook Knight, “Your Money’s No Good Here: How Restrictions on Private Securities Offerings Harm Investors,” Cato Institute Policy Analysis No. 833, February 9, 2018, https:// www.cato.org/sites/cato.org/files/pubs/pdf/pa833.pdf (accessed February 20, 2023); David R. Burton, “Congress Should Increase Access to Private Securities Offerings,” Heritage Foundation Issue Brief No. 4899, August 29, 2018, https://www.heritage.org/sites/default/files/2018-08/IB4899.pdf; Andrew N. Vollmer, “Evidence on the Use of Disclosure Documents in Private Securities Offerings to Accredited Investors,” Mercatus Center at George Mason University Working Paper, October 22, 2020, https://www.mercatus.org/publications/financial-regulation/ evidence-use-disclosure-documents-private-securities-offerings-0 (accessed February 20, 2023). 16. For a detailed discussion, see “Micro-Offerings,” Section IId in Burton and Michel, Proposals to Foster Economic Growth and Capital Formation, pp. 15–17. 17. David R. Burton, “Let Entrepreneurs Raise Capital Using Finders and Private Placement Brokers,” Heritage Foundation Backgrounder No. 3328, July 10, 2018, https://www.heritage.org/sites/default/files/2018-07/ BG3328.pdf; Andrew N. Vollmer, “Make It Easy for Startups to Sell Stock,” Mercatus Center at George Mason University Discourse, September 21, 2020, https://www.mercatus.org/bridge/commentary/make-it-easy- startups-sell-stock (accessed February 20, 2023). 18. See H.R. 531, S-Corp Access to Crowdfunding Act, 115th Congress, introduced January 13, 2017, https://www. govinfo.gov/content/pkg/BILLS-115hr531ih/pdf/BILLS-115hr531ih.pdf (accessed February 20, 2023); David Burton, “The Tax Law Makes It Almost Impossible for ‘S Corporations’ to Use Equity Crowdfunding,” The Daily Signal, April 19, 2016, https://www.dailysignal.com/2016/04/19/the-tax-law-makes-it-almost-impossible-for- s-corporations-to-use-equity-crowdfunding/.

Showing 3 of 5 policy matches

About These Correlations

Policy matches are calculated using a hybrid approach: initial candidates are found using semantic similarity between bill summaries and Project 2025 policy text, then an AI model (Llama 3.1 70B) provides detailed alignment ratings and analysis. Ratings range from 1 (minimal alignment) to 5 (very strong alignment). This analysis does not imply direct causation or intent.

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