The House of Representatives last week managed a landslide victory for “the little guy” passing the Entrepreneur Access to Capital Act by a vote of 407-18.
The bill would allow entrepreneurs to “crowdfund”. That means they could raise money over the Internet through relatively small donations from people they don’t know.
The legislation removes barriers so that business owners can raise up to $2 million from an unlimited number of individuals who can invest as much as $10,000 each.
It now heads to the Senate.
(READ the story from NPR News)