To establish the Innovation and Startups Equity Investment Program in the Department of the Treasury, through which the Secretary of the Treasury shall allocate money to certain States to assist high-potential scalable startups access venture capital to commercialize innovations, create jobs, and accelerate economic growth, and for other purposes.
New Business Preservation Act
This bill establishes and provides funding for the Innovation and Startups Equity Investment Program, through which the Department of the Treasury must work with states to invest in new businesses and startups.
Specifically, the bill requires Treasury to provide certain funds to participating states, which these states must use to administer specified approved programs that provide equity investment in new businesses. Treasury must also award funds to approved state programs to provide follow-on investments.
If a state receives funds from an exit, the state shall use such funds to further invest in startups under the approved program. An exit is defined as the (1) acquisition of a startup in which a state has invested under the program; (2) sale of a share of such startup following an initial public offering; or (3) voluntary purchase of a state's ownership interest by the startup, investors, or existing shareholders.
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
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