The Scoop
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.”