Patrick McHenry wants you to believe he cares about small business, but his actions speak louder than words. He wants his constituents to think he’s listening to them and acting in their best interests especially when it comes to supporting small business. The story he wants you to believe IS NOT true.

H.R.1839 — 114th Congress

Reforming Access for Investments in Startup Enterprises Act of 2015 or the RAISE Act of 2015

(Sec. 2) The Securities Act of 1933 is amended to exempt from security registration requirements, and related prohibitions against using interstate commerce and the mails for the sale or delivery of securities after sale, any transaction where:

  • each purchaser is an accredited investor;

  • neither the seller, nor any person acting on the seller's behalf, offers or sells securities by general solicitation or advertising;

  • the seller and prospective purchaser obtain from an issuer meeting certain criteria reasonably current specified information;

  • the transaction is not for the sale of a security whose seller is neither an issuer nor a subsidiary of the issuer;

  • neither the seller, nor any person receiving remuneration for participating in the offer or sale of the securities, is subject to certain legal disqualification (bad actor);

  • the issuer is engaged in business, is not in the organizational stage or in bankruptcy or receivership, and is not a blank check, blind pool, or shell company with no specific business plan or purpose or has indicated that the issuer's primary business plan is to engage in a merger or combination of the business with, or an acquisition of, an unidentified person;

  • the transaction does not involve a security that constitutes the whole or part of an unsold allotment to, or a subscription or participation by, a broker or dealer as an underwriter of the security or a redistribution; and

  • the transaction does involve a security of a class authorized and outstanding for at least 90 days before the transaction.

Securities acquired in such exempt transactions shall be deemed to: (1) have been acquired in a transaction not involving any public offering, (2) not be a distribution involving an underwriter, and (2) be restricted securities not subject to certain transaction requirements. All transactions under this Act shall be exempt from state regulation of securities offerings.

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Patrick McHenry wants you to believe he cares about small business, but his actions speak louder than words. He wants his constituents to think he’s listening to them and acting in their best interests especially when it comes to supporting small business. The story he wants you to believe IS NOT true.

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McHenry wants recognition for his proposed H.R.1839 - Reforming Access for Investments in Startup Enterprises Act (RAISE) -- a bill he introduced in April of 2015 – THREE years ago – which provides for easier investment in start-up enterprises. Read the fine print. The language in the bill which has been stalled in committee since October 2015 refers to securities, accredited investors, and broker-dealer transactions. I don’t know about you, but when I read this kind of language, I know it’s not talking about Main Street, or Mom and Pop, small family-owned businesses like many people are trying to run in our small towns and communities. It’s talking about regulatory breaks for publicly traded companies on Wall Street. Many small businesses never reach the size to become publicly traded companies, so this kind of legislation will never help them.

Keep reading further on McHenry’s same small business page.  Listed at the bottom are links to press releases for a series of small business workshops he organized in District 10 -- IN 2012 and 2013! More than five years ago! There may have been a time when my opponent thought about what might help his constituents on Main Street. But those days are long gone. It’s time for a new face in Washington, someone who’s in touch with what’s going on right here in our own communities. Send me to Washington where I will work to help our small businesses grow by focusing on the things that matter to them the most -- healthcare, social security, and lower taxes for business owners.  

On May 8th, or if you can vote earlier, it’s time to look past the smoke and mirrors of a career politician. Yes, let’s help drain the swamp in Washington by sending Patrick McHenry home.


 

Gina ColliasComment