As Congress prepares to consider the most significant capital formation package in years, the Angel Capital Association (ACA) and its coalition partners in the Innovator Alliance (www.innovatoralliance.org) and the Accredited Investor Alliance (AIA) have issued two new letters of support urging House leadership to advance H.R. 3383—the Incentivizing New Ventures and Economic Strength Through Capital Formation (INVEST) Act. The bipartisan legislation represents a pivotal opportunity to modernize outdated regulations, broaden responsible investor access, and strengthen the U.S. innovation economy.
H.R. 3383 is a comprehensive package designed to expand access to investment opportunities, support emerging fund managers, and help startups and small businesses raise the capital they need to grow. Reported out of the House Committee on Financial Services earlier this year, the bill combines several long-advocated reforms aimed at making private markets more efficient and accessible.
Key provisions of the INVEST Act would responsibly expand the accredited investor definition, improve pathways for smaller companies to go public, and reduce regulatory frictions that impact entrepreneurs and early-stage investors. Together, these reforms aim to ensure the capital markets infrastructure keeps pace with the changing role of private markets in business formation and long-term economic growth.
ACA Coalitions Issued Two Letters Supporting Passage
This week, ACA and its coalition partners released two letters—one to Speaker Mike Johnson and Leader Hakeem Jeffries, and another to Chairman French Hill and Ranking Member Maxine Waters—urging Congress to advance the INVEST Act. The letters highlight the importance of expanding responsible investor access, supporting emerging managers, and ensuring that startups across the country can tap into the capital needed to create jobs and scale.
ACA joined more than 20 partner organizations in signing both letters, underscoring the broad support across the innovation ecosystem for modernizing the accredited investor framework and improving capital-formation pathways.
ACA CEO Patrick Gouhin emphasized the critical role angel investors play in fueling entrepreneurship and why the INVEST Act represents a meaningful step forward.
“Angel investors are the first believers in so many of America’s most promising young companies,” said Patrick Gouhin, CEO of the Angel Capital Association. “The INVEST Act strengthens the foundation of our capital markets by responsibly expanding investor eligibility, supporting emerging managers, and ensuring that entrepreneurs in every region have a fair shot at raising the capital they need to grow. ACA is proud to stand with our partners in supporting reforms that open doors for more investors and more innovators while maintaining the investor protections that keep our markets strong.”
ACA has long advocated for expanding the pathways individuals can use to qualify as accredited investors—through education, professional credentials, work experience, or examinations. This position aligns directly with the INVEST Act’s approach to broadening investor participation without weakening essential safeguards.
Alongside its AIA partners, ACA recently participated in a meeting with the U.S. Securities and Exchange Commission’s Division of Corporation Finance to discuss updates to the accredited investor definition. As part of those discussions, ACA highlighted the potential for angel education, including ACA Angel University, to serve as a future sophistication pathway.
Urgent Call to Action: Contact Members of Congress: As the INVEST Act moves toward consideration on the House floor, now is a critical moment for ecosystem builders, angel investors, and founders to make their voices heard. Policymakers need to understand how these reforms will expand opportunity, strengthen regional innovation, and ensure that early-stage companies can access the capital required to grow. ACA encourages members of the startup and investment community to contact their House representatives and express support for H.R. 3383. You can find your representative and their contact information at: https://www.house.gov/representatives/find-your-representative.
