(AP) — Legislation to relax federal oversight so small businesses can more easily attract investors was headed for the White House after receiving a strong vote of approval in the House.
President Barack Obama supports the bill, a favorite of the high-tech industry. Its passage looks to be one of the few accomplishments this year for a Congress divided by partisanship and primed for the fall election.
Solid support for the bill came despite concerns raised by some Democrats and Democratic allies — including unions and consumer groups — that it weakened regulations put in place to protect investors from fraud and abuse.
The bill exempts start-ups from some Securities and Exchange Commission reporting requirements and removes restrictions on using the Internet to attract larger numbers of small-scale investors.