H.R.2799 — Expanding Access to Capital Act of 2023

House Roll Call

H.R.2799

Roll 74 • Congress 118, Session 2 • Mar 8, 2024 10:26 AM • Result: Failed

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BillH.R.2799 — Expanding Access to Capital Act of 2023
Vote questionOn Agreeing to the Amendment
Vote typeRecorded Vote
ResultFailed
TotalsYea 204 / Nay 212 / Present 0 / Not Voting 21
PartyYeaNayPresentNot Voting
R0210011
D2042010
I0000

Research Brief

On Agreeing to the Amendment

Bill Analysis

Bill Summary: HR 2799 - Expanding Access to Capital Act of 2023

The Expanding Access to Capital Act of 2023 (HR 2799) aims to enhance access to capital for small businesses and underserved communities by reforming existing financial regulations and promoting investment in these sectors. The bill seeks to address the barriers that prevent small businesses, particularly those owned by minorities and women, from obtaining necessary funding.

Key Provisions:

  1. Regulatory Reforms: The bill proposes modifications to the Securities Act of 1933 and the Investment Company Act of 1940 to facilitate easier access to capital markets for small businesses. This includes increasing the thresholds for private offerings and streamlining the registration process for small issuers.

  2. Investment Incentives: HR 2799 introduces tax incentives for investors who contribute to small businesses and startups in economically distressed areas. This includes tax credits for investments in Qualified Opportunity Funds that focus on these regions.

  3. Support for Community Development Financial Institutions (CDFIs): The legislation allocates funding to CDFIs, which provide financial services to underserved markets. This funding aims to bolster their capacity to lend to small businesses and promote economic development.

  4. Technical Assistance Programs: The bill establishes programs to provide technical assistance and training for small business owners, helping them navigate the capital-raising process and improve their financial literacy.

Funding and Authorities: While specific funding amounts are not detailed in the bill, it authorizes appropriations necessary to implement the proposed programs and incentives, particularly for CDFIs and technical assistance initiatives.

Beneficiaries: The primary beneficiaries of HR 2799 include small businesses, particularly those owned by minorities and women, as well as low-income communities seeking economic revitalization. Investors looking for tax incentives and CDFIs will also benefit from the proposed reforms.

Key Timelines: The bill was introduced in the House and has been received in the Senate, where it has been read twice and referred to the Committee on Banking, Housing, and Urban Affairs for further consideration. Further legislative action is pending.

View bill source • Clerk record • API record

Yea (204)

E
Earl Blumenauer

OR • D • Aye

J
Jamaal Bowman

NY • D • Aye

C
Cori Bush

MO • D • Aye

Y
Yadira Caraveo

CO • D • Aye

T
Tony Cárdenas

CA • D • Aye

M
Matt Cartwright

PA • D • Aye

G
Gerald Connolly

VA • D • Aye

J
Jason Crow

CO • D • Aye

L
Lloyd Doggett

TX • D • Aye

A
Anna Eshoo

CA • D • Aye

R
Ruben Gallego

AZ • D • Aye

J
John Garamendi

CA • D • Aye

J
Jeff Jackson

NC • D • Aye

D
Daniel Kildee

MI • D • Aye

D
Derek Kilmer

WA • D • Aye

A
Ann Kuster

NH • D • Aye

B
Barbara Lee

CA • D • Aye

K
Kathy Manning

NC • D • Aye

L
Lucy McBath

GA • D • Aye

G
Grace Napolitano

CA • D • Aye

W
Wiley Nickel

NC • D • Aye

B
Bill Pascrell

NJ • D • Aye

D
Donald Payne

NJ • D • Aye

M
Mary Peltola

AK • D • Aye

D
Dean Phillips

MN • D • Aye

C
C. Ruppersberger

MD • D • Aye

G
Gregorio Sablan

MP • D • Aye

J
John Sarbanes

MD • D • Aye

A
Abigail Spanberger

VA • D • Aye

E
Eric Swalwell

CA • D • Aye

R
Rashida Tlaib

MI • D • Aye

D
David Trone

MD • D • Aye

N
Nydia Velázquez

NY • D • Aye

D
Debbie Wasserman Schultz

FL • D • Aye

J
Jennifer Wexton

VA • D • Aye

S
Susan Wild

PA • D • Aye

Nay (212)

C
Colin Allred

TX • D • No

K
Kelly Armstrong

ND • R • No

D
Dan Bishop

NC • R • No

L
Larry Bucshon

IN • R • No

M
Michael Burgess

TX • R • No

K
Ken Calvert

CA • R • No

J
Jerry Carl

AL • R • No

L
Lori Chavez-DeRemer

OR • R • No

A
Anthony D'Esposito

NY • R • No

J
John Duarte

CA • R • No

J
Jeff Duncan

SC • R • No

A
A. Ferguson

GA • R • No

M
Matt Gaetz

FL • R • No

M
Mike Gallagher

WI • R • No

M
Mike Garcia

CA • R • No

B
Bob Good

VA • R • No

G
Garret Graves

LA • R • No

M
Mark Green

TN • R • No

D
Doug Lamborn

CO • R • No

J
Jake LaTurner

KS • R • No

D
Debbie Lesko

AZ • R • No

B
Blaine Luetkemeyer

MO • R • No

L
Lisa McClain

MI • R • No

P
Patrick McHenry

NC • R • No

M
Marcus Molinaro

NY • R • No

G
Greg Pence

IN • R • No

B
Bill Posey

FL • R • No

C
Cathy Rodgers

WA • R • No

M
Matthew Rosendale

MT • R • No

J
John Rutherford

FL • R • No

D
David Schweikert

AZ • R • No

P
Pete Sessions

TX • R • No

M
Michelle Steel

CA • R • No

M
Michael Waltz

FL • R • No

B
Brad Wenstrup

OH • R • No

B
Brandon Williams

NY • R • No

Not Voting (21)

K
Ken Buck

CO • R • Not Voting

S
Scott Franklin

FL • R • Not Voting

J
Jenniffer González-Colón

PR • R • Not Voting

K
Kay Granger

TX • R • Not Voting

R
Raúl Grijalva

AZ • D • Not Voting

S
Sheila Jackson Lee

TX • D • Not Voting

A
Alexander Mooney

WV • R • Not Voting

K
Katie Porter

CA • D • Not Voting