Meuser’s ACCESS Act Included in INVEST Act; House Passes Landmark Package to Expand Access to Public and Private Markets for Americans

WASHINGTON, D.C. – Today, the U.S. House of Representatives has passed the Incentivizing New Ventures and Economic Strength Through Capital Formation (INVEST) Act (H.R.3383), a comprehensive package of more than 20 bipartisan financial-services bills, including Rep. Dan Meuser’s (PA-09) ACCESS Act (H.R. 3645). The inclusion and passage of the ACCESS Act mark a major victory for America’s smallest businesses by modernizing outdated Regulation Crowdfunding (Reg CF) requirements and reducing unnecessary compliance costs for early-stage entrepreneurs, allowing them to raise capital without filing punitive penalties

Rep. Meuser’s ACCESS Act(Amendment for Crowdfunding Capital Enhancement and Small-business Support) updates long-stagnant financial-statement thresholds and helps streamline capital formation for start-ups, local manufacturers, neighborhood retailers, and other Main Street innovators.

What the ACCESS Act Does

• Cuts red tape for entrepreneurs: The bill raises the threshold at which issuers must obtain a costly financial-statement review by an independent public accountant from $100,000 to $250,000.
• Builds in long-term flexibility: It allows the Securities and Exchange Commission, upon recommendation of the Office of the Investor Advocate and the Office of the Small Business Capital Formation Advocate, to increase that threshold up to $400,000, ensuring the rule keeps pace with inflation and market conditions.
• Right-sizes federal securities rules: The ACCESS Act corrects a longstanding mismatch; today’s small issuers raising modest amounts of capital are often treated like companies conducting multi-million-dollar offerings.

“Entrepreneurs shouldn’t have to burn their limited capital on compliance that’s completely out of proportion to what they’re raising. The ACCESS Act finally updates these outdated thresholds, allowing early-stage companies to raise the early capital they need without burning it on unnecessary accounting costs. Its inclusion in the INVEST Act is a significant, bipartisan step toward making capital formation more practical and more affordable. This legislation puts everyday Americans first and uses the strength of our capital markets to fuel growth on Main Street, not Wall Street,” Meuser said.

Meuser continued, “The INVEST Act does this on a much larger scale; it broadens opportunities for everyday Americans to invest in our public and private markets, expands access to capital, facilitates capital formation, promotes transparency, and helps charitable organizations build retirement security for their employees. The INVEST Act is a major win for workers, entrepreneurs, and small businesses, and I’m pleased to help deliver it alongside Chairman Hill and Subcommittee Chairman Wagner.”

ACCESS Act Background

Regulation Crowdfunding (Reg CF), created through the bipartisan JOBS Act of 2012, opened the door for everyday investors to support early-stage companies online. Many issuers that raise over $100,000, a small amount for a new business, are faced with costly financial statements required by law, often north of $10,000. A small business should not have to pay 10% of their capital raise because of an outdated law.

The ACCESS Act raises these thresholds to $250,000 for the first time in more than a decade and builds an adaptive framework that allows the SEC to adjust them going forward with inflation. These updates preserve appropriate investor protections while reducing burdens that have discouraged many start-ups, especially those in rural communities, from accessing early-stage capital markets.

About the INVEST Act Package

The INVEST Act brings together more than 20 bipartisan measures designed to strengthen capital markets, expand access to financing, improve transparency, and support small businesses nationwide. The inclusion of the ACCESS Act demonstrates strong consensus around the need to revitalize early-stage capital formation and empower American entrepreneurs.

Next Steps

Following House passage by a vote of 302-123, the INVEST Act now moves to the Senate for consideration.