WASHINGTON, DC – The National Venture Capital Association (NVCA) today submitted to the Senate Committee on Banking, Housing, and Urban Affairs proposals to increase economic growth and enable consumers, market participants and financial companies to better participate in the economy. The submission came at the request of Senators Mike Crapo (R-ID) Sherrod Brown (D-OH), Chairman and Ranking Member of the committee respectively.
Specifically, NVCA proposed that the committee (1) Exempt investment in venture capital from the Volcker Rule; (2) Modify the venture capital exemption from registered investment advisor (RIA) requirements to fully exempt venture capital activity; and (3) Prioritize capital markets reforms to encourage more U.S. IPOs.
“As your committee explores these and other ideas to increase economic growth, we encourage you to not lose sight of the critical role venture capital plays in spurring economic growth in the country,” wrote Bobby Franklin, President and CEO of NVCA in the submission. “Through patient capital investment and hands-on mentorship with entrepreneurs, venture capital is the rocket fuel that propels innovation and builds emerging growth companies to become leaders of the American economy.”
A full copy of the submission can be downloaded HERE.