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Washington, D.C. – House Majority Leader Kevin McCarthy (CA-23) released the following statement on House passage of H.R. 1219, the Supporting America’s Innovators Act, by an overwhelmingly bipartisan vote of 417-3:

“Some laws and regulations don’t make sense when the times change. That’s not a bad thing, it’s just a fact. For example, regulations that impose tight limits on how many investors a business can have before a certain threshold may have made sense in the traditional economy. But these rules are mismatched with reality in the age of crowdfunding and online raising of capital. Chief Deputy Whip Patrick McHenry’s (NC-10) Supporting America’s Innovators Act updates the law to fit the 21st century—a goal at the very heart of the Innovation Initiative. The results won’t only be better law, but more startups, more economic growth, and, best of all, more jobs for the American people.”