Today, by a vote of 212-205, the House of Representatives passed H.R. 2799 - Expanding Access to Capital Act, the Financial Services Committee’s package to facilitate capital formation by strengthening our public markets, helping small businesses and entrepreneurs, and creating new opportunities for all investors. H.R. 2799 contains Congressman William Timmons’ (SC-04) bill, the Improving Capital Allocation for Newcomers (ICAN) Act, which expands venture capital fund participation thresholds to help get more capital to new companies.  

“Three-quarters of venture capital supports entrepreneurs in just three states: California, Massachusetts, and New York,” said Rep. William Timmons (SC-04). “An entrepreneur in the Upstate should have the same opportunities to grow their business as an entrepreneur in Silicon Valley. I am proud to say this legislation will allow more South Carolinians to invest in our local economy and provide capital outside of traditional Venture Capital hubs, bringing these funds to businesses right here in the Fourth District of South Carolina.”