HALOS Act

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Congressional Research Service

Official summary

Version 00 · Introduced in Senate · Apr 16, 2015

Helping Angels Lead Our Startups Act or the HALOS Act

Directs the Securities and Exchange Commission to amend Regulation D (governing the limited offer and sale of securities without registration under the Securities Act of 1933) to make the prohibition against general solicitation or general advertising inapplicable to events with specified kinds of sponsors (including angel investor groups not connected to broker-dealers or investment advisers) where:

presentations or communications are made by or on behalf of an issuer,

the advertising does not refer to any specific offering of securities by the issuer,

the sponsor does not engage in certain activities (such as offering investment recommendations or advice to attendees), and

no specific information regarding a securities offering is communicated (other than that the issuer is in the process of offering or planning to offer securities, including the type and amount of securities being offered).

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People & committees

Who introduced it

Sen. Murphy, Christopher [D-CT] · D–CT

Committees

Banking, Housing, and Urban Affairs Committee

4 cosponsorship records, including any withdrawals

Legislative record

Actions

A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.

Apr 16, 2015
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Apr 16, 2015
Introduced in Senate

Primary sources

Bill text & related measures

Text links open the official source. We currently store references to these documents.

Introduced in Senate · Apr 16, 2015 Formatted Text PDF Formatted XML

Related bills identified by Congress.gov

HR 4498 · HALOS Act

Source last updated: Aug 12, 2025. Consult Congress.gov for the current record.

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Neutral evidence review

Objective

Analyze S.978 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.

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Discuss S.978, 114th Congress: HALOS Act

Official record: https://www.congress.gov/bill/114th-congress/senate-bill/978

Text version to examine: Introduced in Senate · 2015-04-16.

Official full text: https://www.congress.gov/114/bills/s978/BILLS-114s978is.htm

Imported record last updated by the source: 2025-08-12T14:15:10Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Analyze S.978 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.

Fairness and public impact

Progressive lens

Examine S.978 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.

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Discuss S.978, 114th Congress: HALOS Act

Official record: https://www.congress.gov/bill/114th-congress/senate-bill/978

Text version to examine: Introduced in Senate · 2015-04-16.

Official full text: https://www.congress.gov/114/bills/s978/BILLS-114s978is.htm

Imported record last updated by the source: 2025-08-12T14:15:10Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine S.978 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.

Institutions and government scope

Conservative lens

Examine S.978 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.

View full prompt & sources

Discuss S.978, 114th Congress: HALOS Act

Official record: https://www.congress.gov/bill/114th-congress/senate-bill/978

Text version to examine: Introduced in Senate · 2015-04-16.

Official full text: https://www.congress.gov/114/bills/s978/BILLS-114s978is.htm

Imported record last updated by the source: 2025-08-12T14:15:10Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine S.978 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.

Individual rights and government power

Liberty lens

Examine S.978 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.

View full prompt & sources

Discuss S.978, 114th Congress: HALOS Act

Official record: https://www.congress.gov/bill/114th-congress/senate-bill/978

Text version to examine: Introduced in Senate · 2015-04-16.

Official full text: https://www.congress.gov/114/bills/s978/BILLS-114s978is.htm

Imported record last updated by the source: 2025-08-12T14:15:10Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine S.978 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.