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Exclusive / House weighs expanding access to private markets

Eleanor Mueller
Eleanor Mueller
Congress Reporter, Semafor
May 20, 2025, 5:26am EDT
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US Capitol
Nathan Howard/Reuters

The House Financial Services Committee will vote on a collection of bills on Tuesday and Wednesday that would allow more investors to buy stakes in privately traded businesses as part of a larger effort to make it easier for startups to raise money.

Lawmakers on both sides of the aisle made a similar push last Congress — but that effort died in the House amid headwinds from Senate progressives concerned over consumer protections.

At the center of the debate: proposals to make it easier to qualify as an accredited investor, including by taking a test.

Expect some, but not all, to garner Democratic support: A memo circulated privately among Democrats and shared with Semafor recommends a “no” vote on one proposal now because “the SEC is no longer sufficiently independent.” One circulated privately among Republicans directs members to counter by talking about “broadening access while maintaining protections.”

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