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Crowdfunding to Combat the Coronavirus Act

USA116th CongressHR-6253| House 
| Updated: 3/12/2020
Patrick T. McHenry

Patrick T. McHenry

Republican Representative

North Carolina

Cosponsors (4)
Steve Stivers (Republican)Andy Barr (Republican)Ann Wagner (Republican)Bill Huizenga (Republican)

Financial Services Committee, Energy and Commerce Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Crowdfunding to Combat the Coronavirus Act This bill (1) establishes an award for the successful development of a vaccine for the coronavirus (i.e., the virus that causes COVID-19), and (2) extends specified Securities and Exchange Commission (SEC) registration exemptions to issuers of securities responding to the COVID-19 outbreak. The bill provides appropriations for the purpose of awarding a prize to the creator of a vaccine that (1) reduces the incidence and mortality rate of COVID-19 by more than 50%, and (2) is affordable and widely available to the public. Additionally, an issuer of securities that is developing a coronavirus vaccine, researching or producing medical equipment related to COVID-19, or researching or producing technology related to preventing the spread of COVID-19 may qualify for an exemption from SEC registration requirements regardless of the size of the issuer's offers or sales. Furthermore, these issuers are not subject to joint and several liability for certain claims. The provisions set forth in this bill expire the earlier of (1) the date the prize is awarded, or (2) three years after enactment. The Government Accountability Office must report on the bill's effects.
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Timeline
Mar 12, 2020
Introduced in House
Mar 12, 2020
Referred to the Committee on Financial Services, and in addition to the Committee on Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
  • March 12, 2020
    Introduced in House


  • March 12, 2020
    Referred to the Committee on Financial Services, and in addition to the Committee on Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

Finance and Financial Sector

Cardiovascular and respiratory healthCongressional oversightEducational technology and distance educationEmergency medical services and trauma careFinancial services and investmentsGovernment studies and investigationsHealth promotion and preventive careHealth technology, devices, suppliesImmunology and vaccinationInfectious and parasitic diseasesInternet and video servicesInternet, web applications, social mediaResearch and developmentSecurities

Crowdfunding to Combat the Coronavirus Act

USA116th CongressHR-6253| House 
| Updated: 3/12/2020
Crowdfunding to Combat the Coronavirus Act This bill (1) establishes an award for the successful development of a vaccine for the coronavirus (i.e., the virus that causes COVID-19), and (2) extends specified Securities and Exchange Commission (SEC) registration exemptions to issuers of securities responding to the COVID-19 outbreak. The bill provides appropriations for the purpose of awarding a prize to the creator of a vaccine that (1) reduces the incidence and mortality rate of COVID-19 by more than 50%, and (2) is affordable and widely available to the public. Additionally, an issuer of securities that is developing a coronavirus vaccine, researching or producing medical equipment related to COVID-19, or researching or producing technology related to preventing the spread of COVID-19 may qualify for an exemption from SEC registration requirements regardless of the size of the issuer's offers or sales. Furthermore, these issuers are not subject to joint and several liability for certain claims. The provisions set forth in this bill expire the earlier of (1) the date the prize is awarded, or (2) three years after enactment. The Government Accountability Office must report on the bill's effects.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
Mar 12, 2020
Introduced in House
Mar 12, 2020
Referred to the Committee on Financial Services, and in addition to the Committee on Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
  • March 12, 2020
    Introduced in House


  • March 12, 2020
    Referred to the Committee on Financial Services, and in addition to the Committee on Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Patrick T. McHenry

Patrick T. McHenry

Republican Representative

North Carolina

Cosponsors (4)
Steve Stivers (Republican)Andy Barr (Republican)Ann Wagner (Republican)Bill Huizenga (Republican)

Financial Services Committee, Energy and Commerce Committee

Finance and Financial Sector

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Cardiovascular and respiratory healthCongressional oversightEducational technology and distance educationEmergency medical services and trauma careFinancial services and investmentsGovernment studies and investigationsHealth promotion and preventive careHealth technology, devices, suppliesImmunology and vaccinationInfectious and parasitic diseasesInternet and video servicesInternet, web applications, social mediaResearch and developmentSecurities