ASA Urges House Rules Committee to Make INVEST Act Amendment in Order

WASHINGTON – The American Securities Association (ASA) today sent a letter to House Rules Committee Chairwoman Virginia Foxx and Ranking Member Jim McGovern urging the Committee to make Amendment No. 971 to H.R. 8800 in order for House consideration. The amendment incorporates the full text of the Incentivizing New Ventures and Economic Strength Through Capital Formation Act (INVEST Act), which previously passed the House with broad bipartisan support and tailors regulation for small public companies, expands investment opportunities in both public and private markets, and saves investors millions of dollars annually by permitting electronic delivery of client communications.

"The INVEST Act is a commonsense, bipartisan package that modernizes our capital markets, expands market access for everyday Americans, and removes outdated barriers that have kept small businesses and Main Street investors on the sidelines for far too long. ASA urges the Rules Committee to make Amendment No. 971 in order so the full House can act on these long-overdue reforms," said ASA President and CEO Chris Iacovella.

ASA's letter highlights the INVEST Act's e-delivery provision (Section 205), expansion of the accredited investor definition beyond wealth thresholds (Title II), and expansion of the IPO on-ramp (Title III) — including extending "test the waters" and confidential filing accommodations to all issuers and reducing the required audited financial statement period for emerging growth companies from three years to two.

To read ASA's full letter, click here.

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The American Securities Association (ASA) represents the retail and institutional capital markets interests of regional financial services firms who provide Main Street businesses with access to capital and advise hardworking Americans how to create and preserve wealth. ASA’s mission is to promote trust and confidence among investors, facilitate capital formation, and support efficient and competitively balanced capital markets. This mission advances financial independence, stimulates job creation, and increases prosperity. The ASA has a geographically diverse membership of almost one hundred members that spans the Heartland, Southwest, Southeast, Atlantic, and Pacific Northwest regions of the United States.