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Titles Actions Overview All Actions Cosponsors Committees Related Bills Subjects Latest Summary All Summaries

Titles (2)

Short Titles

Short Titles - House of Representatives

Short Titles as Introduced

New Business Preservation Act

Official Titles

Official Titles - House of Representatives

Official Title as Introduced

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.

Actions Overview (1)

Date Actions Overview
03/26/2020Introduced in House

All Actions (2)

Date All Actions
03/26/2020Referred to the House Committee on Financial Services.
Action By: House of Representatives
03/26/2020Introduced in House
Action By: House of Representatives

Cosponsors (4)

* = Original cosponsor
CosponsorDate Cosponsored
Rep. Khanna, Ro [D-CA-17]* 03/26/2020
Rep. Ryan, Tim [D-OH-13]* 03/26/2020
Rep. Sewell, Terri A. [D-AL-7]* 03/26/2020
Rep. Rouda, Harley [D-CA-48] 05/28/2020

Committees (1)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Reports
House Financial Services03/26/2020 Referred to

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Subjects (1)

Latest Summary (1)

There is one summary for H.R.6403. View summaries

Shown Here:
Introduced in House (03/26/2020)

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 shall work with states to invest in new businesses.

Specifically, the bill requires Treasury to provide certain funds to participating states, which such states shall use to administer specified approved programs that provide equity investment in new businesses. Certain areas with high levels of venture capital activity are excluded from the calculation of funds allocated to a participating state. Treasury shall 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.