ACA Visits DC to Advocate for 1202, Accredited Investor Definition

Left to right: Representative Richard Neal, ACA Board Member, Managing Director and Founder of North Coast Ventures Clay Rankin, ACA CEO Pat Gouhin, Rich Palmer, Managing Director, Launchpad Venture Group. Left to right: ACA Board Member Clay Rankin, Launchpad Venture Group Managing Director Rich Palmer, Representative Brad Schneider, ACA CEO Pat Gouhin

Last week, the ACA Public Policy leadership, alongside members of GrayRobinson, made a visit to Capitol Hill to support expansion of Section 1202 exclusion of gain from the sale of qualified small business stock. ACA has been the driving force behind the legislation because it serves as a catalyst for investment and innovation within the Angel community. The legislation, HR 3937, has passed through the Ways and Means Committee and is awaiting debate on the House floor. In addition to Section 1202, the group also urged legislators to protect financial thresholds in the current accredited investor definition while also opening up measures of sophistication with additional entryways. 

During the three-day visit, the team advocated on behalf of angels and educated representatives from both sides of the aisle. Additionally, the team also met with senior management of the Department of Commerce’s Economic Development Agency (EDA) and the Small Business Administration’s (SBA) Office of the Advocate for Small Business.

ACA believes in the impact and benefits of angel investing to entrepreneurs, job growth and the economy. Deeply active on the federal legislative and regulatory fronts, ACA helps safeguard and galvanize the rights of American angel investors so that we can protect the foundation that fuels the startup economy. ACA represents our members, but we invite investors to lend their efforts - a combined voice matters. More than ever, public policy issues are having a big impact on angel investing, the startup companies we support and the startup ecosystem. ACA keeps you in the know, engaged and up-to-date on key legislative and regulatory issues.