PlainBillCongress, translated.Legislation. Context. Public interest.Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Congressional Research Service
Version 36 · Passed House amended · Oct 6, 2015
Reforming Access for Investments in Startup Enterprises Act of 2015 or the RAISE Act of 2015
(Sec. 2) The Securities Act of 1933 is amended to exempt from security registration requirements, and related prohibitions against using interstate commerce and the mails for the sale or delivery of securities after sale, any transaction where:
each purchaser is an accredited investor;
Showing the opening paragraphs of the official summary.
neither the seller, nor any person acting on the seller's behalf, offers or sells securities by general solicitation or advertising;
the seller and prospective purchaser obtain from an issuer meeting certain criteria reasonably current specified information;
the transaction is not for the sale of a security whose seller is neither an issuer nor a subsidiary of the issuer;
neither the seller, nor any person receiving remuneration for participating in the offer or sale of the securities, is subject to certain legal disqualification (bad actor);
the issuer is engaged in business, is not in the organizational stage or in bankruptcy or receivership, and is not a blank check, blind pool, or shell company with no specific business plan or purpose or has indicated that the issuer's primary business plan is to engage in a merger or combination of the business with, or an acquisition of, an unidentified person;
the transaction does not involve a security that constitutes the whole or part of an unsold allotment to, or a subscription or participation by, a broker or dealer as an underwriter of the security or a redistribution; and
the transaction does involve a security of a class authorized and outstanding for at least 90 days before the transaction.
Securities acquired in such exempt transactions shall be deemed to: (1) have been acquired in a transaction not involving any public offering, (2) not be a distribution involving an underwriter, and (2) be restricted securities not subject to certain transaction requirements.
All transactions under this Act shall be exempt from state regulation of securities offerings.
People & committees
Rep. McHenry, Patrick T. [R-NC-10] · R–NC
Legislative record
A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 404 - 0 (Roll no. 535). (text: CR H6806)
House roll call 535 · Individual votesMotion to reconsider laid on the table Agreed to without objection.
Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 404 - 0 (Roll no. 535).(text: CR H6806)
House roll call 535 · Individual votesConsidered as unfinished business. (consideration: CR H6818-6819)
At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
DEBATE - The House proceeded with forty minutes of debate on H.R. 1839.
Considered under suspension of the rules. (consideration: CR H6805-6808)
Mr. Garrett moved to suspend the rules and pass the bill, as amended.
Placed on the Union Calendar, Calendar No. 213.
Reported (Amended) by the Committee on Financial Services. H. Rept. 114-281.
Reported (Amended) by the Committee on Financial Services. H. Rept. 114-281.
Ordered to be Reported (Amended) by the Yeas and Nays: 58 - 0.
Committee Consideration and Mark-up Session Held.
Committee Consideration and Mark-up Session Held.
Hearings Held by the Subcommittee on Capital Markets and Government Sponsored Enterprises Prior to Referral.
Referred to the House Committee on Financial Services.
Introduced in House
Introduced in House
Primary sources
Text links open the official source. We currently store references to these documents.
Source last updated: Apr 7, 2025. Consult Congress.gov for the current record.
AI Conversation Starters
Choose a perspective, copy a prompt, and paste it into your preferred AI. Each prompt includes the bill version and available official source links, and asks for counterarguments as well as supporting evidence.
Analyze H.R.1839 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.
Examine H.R.1839 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.
Examine H.R.1839 through a conservative lens, focusing on fiscal responsibility, institutional stability, federalism, and the scope of government. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and any provisions that challenge this perspective.
Examine H.R.1839 through a civil-liberties and limited-government lens. Consider individual rights, privacy, voluntary choice, accountability, and government power. Explain tradeoffs, possible safeguards, and the strongest counterarguments without assuming the proposal is beneficial or harmful.