Washington, D.C. – Today, Congressman Tom Emmer (MN-06) and Congresswoman Gwen Moore (WI-04), along with 13 other members of Congress, sent a bipartisan letter to the Securities and Exchange Commission (SEC) encouraging them to update intrastate crowdfunding regulations.

“While this issue tends to get rather technical, the bottom line is that dated regulations are thwarting the ability of entrepreneurs to raise capital,” said Emmer. “This means fewer jobs and opportunities for Minnesotans. However, as a member of the House Financial Service Committee, I can help fix this by working with the SEC to modernize these obsolete regulations.”

The bipartisan letter calls for specific changes to intrastate crowdfunding rules that would allow more flexible use of the internet to find investors. Additionally, this reform will enable states to play a greater role in establishing maximum amounts entrepreneurs can raise via crowdfunding.  

Cosigners: Carney (D-MA), Ellison (D-MN), Emmer (R-MN), Fincher (R-TN), Garrett (R-NJ), Heck (D-WA), Hurt (R-VA), King (R-NY), McHenry (R-NC), Messer (R-IN), Moore (D-WI), Neugebauer (R-TX), Pittenger (R-NC), Sewell (D-AL), and Williams (R-TX).  

Congressman Tom Emmer represents Minnesota’s Sixth Congressional District and is a member of the Financial Services Committee.

Click here to read the letter