{"database": "press", "table": "releases", "rows": [["https://www.moran.senate.gov/public/index.cfm/news-releases?ID=C5E52400-92D9-4E3A-9B12-6EFBF7A1A117", "Sens. Moran, Warner, Scott Introduce Bipartisan Legislation to Expand American Entrepreneurship", "2023-11-17", "2023", "2023-11", "Republican", "Senate", "KS", "Jerry Moran", "M000934", "www.moran.senate.gov", "moran", "https://www.moran.senate.gov/public/index.cfm/news-releases", "scraper", "WASHINGTON - U.S. Senators Jerry Moran (R-Kan.), Mark Warner (D-Va.) and Tim Scott (R-S.C.) today introduced the Expanding American Entrepreneurship Act. This legislation would expand the permitted size of angel funds to allow for a higher number of investors in start-up companies.\n\nBy growing the number of individual investors per angel fund and raising the cap on the fund, more investors will be able to invest at a lower rate. This will allow new investors who have less access to capital to invest in start-ups, diversifying the funding base for new companies.\n\n\u201cInvesting in start-ups shouldn\u2019t be a privilege reserved for only a select group of individuals,\u201d said Sen. Moran. \u201cBy increasing the allowed number of investors for angel fund and the max these funds are able to receive, Main Street will have more access to investing. This will also expand opportunities for entrepreneurs to secure investments for their start-ups. Entrepreneurship is the bedrock of the American economy. Allowing a larger pool of Main Street investors the ability to raise capital for American small businesses is crucial to more companies choosing to go public.\n\n\u201cI was in business world for decades, long before I entered politics, so I know that investing in start-ups is an excellent way to get in on the ground floor of a new business and help provide it with the capital to operate and grow,\u201d said Sen. Warner. \u201cThis bipartisan legislation will allow entrepreneurs to raise more funds with more contributors, enable start-ups to gain access to a new pool of investors, and give individuals with less access to capital more opportunities to invest at lower rates.\u201d\n\n\u201cOur capital markets are the global gold standard, but too often it\u2019s Wall Street, not Main Street, that has access to them,\u201d said Sen. Scott, ranking member of the Senate Banking Committee. \u201cThat has to change. As the top Republican on the Senate Banking Committee, I\u2019m glad to join this effort to allow more investors to participate in funds that help provide small businesses with the resources necessary to grow their operations and create good-paying jobs.\u201d\n\nThis legislation expands on the Economic Growth, Regulatory Relief and Consumer Protection Act, which was signed into law in 2018 and included provisions by Sen. Moran to increase investment opportunities.\n\nThe Expanding American Entrepreneurship Act would:\n\nIncrease the max number of permitted angel investors from 250 to 500.\n\nRaise the cap on angel funds from $10 million to $50 million.\n\n\u201cEntrepreneurship is the driving force of economic growth and job creation in America, and capital is a critical resource entrepreneurs need to turn their innovative ideas into thriving businesses,\u201d said John Dearie, president of the Center for American Entrepreneurship. \u201cMany new businesses \u2013 particularly those that have the potential to grow very quickly \u2013 rely on investors who provide early-stage capital in exchange for an equity stake in the company. The bipartisan Expanding American Entrepreneurship Act addresses this problem by expanding parameters of section 3(c)(1) of the Investment Company Act to permit emerging fund managers to raise larger funds with a higher number of permitted investors. We look forward to working with them and their Senate and House colleagues to see the bill swiftly enacted into law.\u201d\n\n\"As the voice of over 16,000 accredited angel investors, we applaud Senators Mark Warner (D-VA), Jerry Moran (R-KS), and Tim Scott (R-SC) for introducing the Expanding American Entrepreneurship Act,\" said Pat Gouhin, CEO of the Angel Capital Association. \"There is a critical need for more early-stage capital to help fund the diverse American startups that angel investors support. By allowing funds to raise money from a larger pool of accredited investor prospects, the bill will help early-stage startups throughout the country raise the capital they need to create the next generation of innovative high-growth companies.\"\n\n\"Venture capital is the economic engine of innovation\u2014driving capital to the entrepreneurs who are building the future,\u201d said Anthony Cimino, Head of Public Policy at Carta. \u201cThe Expanding American Entrepreneurship Act enables emerging managers to raise more capital from more investors, fostering the development of localized networks and providing greater access to capital for founders across the country.\u201d\n\n# # #", 1, "2026-03-30T01:40:41Z", "2026-04-06T18:49:58Z"]], "columns": ["url", "title", "date", "year", "month", "party", "chamber", "state", "member_name", "bioguide_id", "domain", "scraper", "source", "date_source", "text", "has_text", "collected_at", "updated_at"], "primary_keys": ["url"], "primary_key_values": ["https://www.moran.senate.gov/public/index.cfm/news-releases?ID=C5E52400-92D9-4E3A-9B12-6EFBF7A1A117"], "units": {}, "query_ms": 0.6573721766471863, "source": "dwillis/congress-press", "source_url": "https://github.com/dwillis/congress-press", "license": "MIT", "license_url": "https://github.com/dwillis/congress-press/blob/main/LICENSE"}