WASHINGTON, D.C. — The U.S. House of Representatives passed Representative Zach Nunn’s (IA-03) bipartisan Encouraging Local Emerging Ventures and Economic Growth (ELEVATE) Act, legislation that would reduce bureaucratic red tape for small and mid-sized businesses seeking to raise capital investment through Initial Public Offerings (IPOs).
Rep. Nunn spoke on the House floor in favor of the ELEVATE Act. Watch the remarks here or by clicking below:
“When investment capital is trapped on the coasts, it’s Iowa entrepreneurs who pay the price,” said Rep. Nunn. “This bipartisan bill cuts through outdated SEC rules that sideline small businesses trying to grow. I’m proud to see this commonsense, pro-growth solution moving forward in a larger package that brings investment back to the heart of the heartland.”
The ELEVATE Act levels the playing field for small and mid-sized businesses seeking to go public by easing excessive reporting requirements. Specifically, the bill allows Emerging Growth Companies (EGCs) to submit two years of audited financials—rather than three—when pursuing an Initial Public Offering (IPO).
The standalone ELEVATE Act passed the House unanimously on June 23, 2025. This measure is now included in the Incentivizing New Ventures and Economic Strength Through Capital Formation (INVEST) Act, a comprehensive bipartisan package that modernizes federal securities laws and unlocks capital for entrepreneurs, particularly in rural and underserved communities.
The INVEST Act will now move to the Senate for consideration. A full summary of the INVEST Act is available here.
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