David McCabe

The House passed two bills aimed at improving conditions for startup investing. The Fix Crowdfunding Act (HR 4855) raises the amount that a company can crowdfund, from $1 million to $5 million. A 2012 law opened up the rules for crowdfunded investments, but Republicans say the rules still need to be tweaked. The bill was approved by a vote of 394-4. “These bills today are targeted fixes to restore the original spirit of the JOBS Act: To harness innovation and bring together millions of Americans with potential new businesses through crowdfunding,” Majority Leader Kevin McCarthy (R-CA) said. The new crowdfunding rules went into effect earlier in 2016, after being formally approved by the Securities and Exchange Commission in 2015.

The second bill, Supporting America’s Innovators Act (HR 4854), would expand the legal limit on investors in venture funds doing early-stage funding that can help a company get off the ground — called angel investing — to 250 from 100. The legislation passed 388-9. Both bills are part of a House GOP initiative focused on passing bills related to the tech industry and innovation in the months before November’s elections. Democrats have backed a similar initiative.

The tech industry is pressing Donald Trump to “get into the game” after Hillary Clinton released a wide-ranging platform that touched on internet connectivity, cybersecurity and computer science education. Industry officials generally applauded Clinton’s agenda as hitting many of their top priorities. Now they want to hear from Trump, the presumptive Republican nominee.

Republicans on Capitol Hill said it is important for candidates to detail their platforms early, but said the decision is Trump’s to make. Senate Commerce Committee Chairman John Thune (R-SD) said he expects Trump to release something on tech policy before the general election debates begin, noting the presumptive nominee's business background and social media savvy. “I think both candidates are going to be vying on some of these issues for the so-called tech vote, and whether it happens now or some point in the future, I’m sure that Donald Trump will also have an agenda that will compete for the support of the tech community,” said Chairman Thune, a major voice on tech issues. A spokesperson for Trump’s campaign did not respond to a question about the campaign’s plans.

Trump appears to be lacking support in the tech industry heading into the general election, after the candidate clashed with several major companies during the Republican primaries.