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HR 1839 114th Congress House Finance and Financial Sector Financial services and investments Securities

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

Introduced: April 16, 2015 See on congress.gov
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 Everywhere this bill has been 17 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Oct 7, 2015
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Oct 6, 2015
On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 404 - 0 (Roll no. 535). (text: CR H6806)
Oct 6, 2015
Motion to reconsider laid on the table Agreed to without objection.
Oct 6, 2015
Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 404 - 0 (Roll no. 535).(text: CR H6806)
Oct 6, 2015
Considered as unfinished business. (consideration: CR H6818-6819)
Oct 6, 2015
At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
Oct 6, 2015
DEBATE - The House proceeded with forty minutes of debate on H.R. 1839.
Oct 6, 2015
Considered under suspension of the rules. (consideration: CR H6805-6808)
Oct 6, 2015
Mr. Garrett moved to suspend the rules and pass the bill, as amended.
Oct 6, 2015
Placed on the Union Calendar, Calendar No. 213.
Oct 6, 2015
Reported (Amended) by the Committee on Financial Services. H. Rept. 114-281.
Jul 29, 2015
Ordered to be Reported (Amended) by the Yeas and Nays: 58 - 0.
Jul 29, 2015
Committee Consideration and Mark-up Session Held.
Jul 28, 2015
Committee Consideration and Mark-up Session Held.
Apr 29, 2015
Hearings Held by the Subcommittee on Capital Markets and Government Sponsored Enterprises Prior to Referral.
Apr 16, 2015
Referred to the House Committee on Financial Services.
Apr 16, 2015
Introduced in House
 Votes taken on this bill 1
DateChamberWhat was voted onResultYes–No
Oct 6, 2015 House · vote #535 On Motion to Suspend the Rules and Pass, as Amended Passed 404–0 See who voted →
 Plain-English summary Congressional Research Service

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.

What's happening now October 7, 2015

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

 Committees of jurisdiction 3
 Cosponsors 1
All 1 Republican 1