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WASHINGTON, D.C. — The House Financial Services Committee today passed Representative Zach Nunn’s (IA-03) bipartisan Encouraging Local Emerging Ventures and Economic Growth (ELEVATE) Act. The bill would reduce bureaucratic red tape for small and mid-sized businesses seeking to raise capital investment through Initial Public Offerings (IPOs).
“When investment capital gets trapped on the coasts by large firms and D.C. regulators, it’s Iowa’s small businesses that suffer,” said Rep. Nunn. “The ELEVATE Act is a commonsense fix that would level the playing field for Iowa businesses which look to outside investment to grow their business. I’m proud of the bipartisan work we did today to advance this bill to let Main Street play by the same rules as Wall Street.”
The ELEVATE Act makes a commonsense update to the Securities Exchange Act of 1934 to align the financial disclosure requirements for all Emerging Growth Companies (EGCs). Specifically, it allows EGCs to submit two years of audited financials instead of three, letting businesses compete on an even playing field, whether launching an IPO or spinning off part of a parent company.
Rep. Nunn cosponsored four additional bipartisan bills that also passed through the Financial Services Committee markup:
- H.R. 1013, the Retirement Fairness for Charities and Educational Institutions Act, would ensure charity and educational workers with 403(b) plans are treated the same as those in 401(k), 457, or federal retirement plans.
- H.R. 1190, the Expanding Access to Capital for Rural Job Creators Act, would direct the Securities and Exchange Commission (SEC) to better identify and report barriers facing rural small businesses in securing capital, which is critical for entrepreneurs across Iowa’s 3rd District.
- H.R. 1469, the Senior Security Act of 2025, would establish an SEC task force to address scams targeting senior investors, helping protect seniors from financial fraud and abuse.
- H.R. 2225, the Access to Small Business Investor Capital Act, would make a narrow technical fix to remove misleading cost disclosures for Business Development Companies (BDCs), enabling these firms to more effectively serve small businesses needing growth capital.
The Committee advanced all five bills to the full House of Representatives for consideration.
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