WASHINGTON, D.C. — The U.S. House of Representatives today passed Representative Zach Nunn’s (IA-03) bipartisan Encouraging Local Emerging Ventures and Economic Growth (ELEVATE) Act, legislation aimed at reducing regulatory barriers for small and mid-sized businesses seeking to raise capital through Initial Public Offerings (IPOs). The bill passed the House unanimously.
Rep. Nunn spoke on the House floor in favor of the ELEVATE Act. Watch the remarks here or by clicking below:
“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 entrepreneurs looking to grow. It ensures that Main Street businesses are no longer sidelined by outdated rules written for Wall Street giants.”
The bill modernizes the Securities Exchange Act of 1934 by allowing Emerging Growth Companies (EGCs) to submit just two years of audited financials instead of three, aligning requirements and reducing burdens on startups and small firms. This simple fix makes it easier for local innovators to access the capital they need to grow and compete.
The ELEVATE Act will now move to the Senate for consideration.
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