ACCESS Act of 2023

Bill: 118-hr-6825
Sponsor: full_name: Rep. Meuser, Daniel [R-PA-9]
Introduced: 2023-12-14
Policy area: Finance and Financial Sector
Latest action: action_date: 2023-12-14
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2023-12-14
action_desc: Introduced in House
text: <p><strong>Amendment for Crowdfunding Capital Enhancement and Small-business Support Act of 2023 or the ACCESS Act of 2023 </strong></p><p>This bill expands the exemption from certain disclosures applicable to crowdfunding issuers with specified target offering amounts. Crowdfunding is used to raise capital through a large number of individuals investing potentially small amounts of money. Under current law, crowdfunding issuers that have target offering amounts of $100,000 or less are not required to make available financial statements reviewed by an independent public accountant. The bill increases that amount to $250,000.&nbsp;</p>

tv_txt: I 118th CONGRESS 1st Session H. R. 6825 IN THE HOUSE OF REPRESENTATIVES December 14, 2023 Mr. Meuser (for himself, Mr. Huizenga , Mr. Sessions , and Mr. Nunn of Iowa ) introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the Securities Act of 1933 to raise the offering amount threshold for when issuers using the crowdfunding exemption are required to file financial statements reviewed by a public accountant who is independent of the issuer, and for other purposes.

1. Short title This Act may be cited as the Amendment for Crowdfunding Capital Enhancement and Small-business Support Act of 2023 or the ACCESS Act of 2023 . 2. Offering threshold for reviews by public accountant (a) In general Section 4A(b)(1)(D) of the Securities Act of 1933 ( 15 U.S.C. 77d–1(b)(1)(D) ) is amended by striking $100,000 each place such term appears and inserting $250,000 . (b) Technical correction Section 4A of the Securities Act of 1933 ( 15 U.S.C. 77d–1 ) is amended— (1) by striking section 4(6) each place such term appears and inserting section 4(a)(6) ; and (2) by striking section 4(6)(B) each place such term appears and inserting section 4(a)(6)(B) .