Congressmen Mike Lawler and Josh Gottheimer have reintroduced the Helping Angels Lead Our Startups (HALOS) Act, a bipartisan initiative aimed at supporting early-stage companies. The legislation seeks to clarify federal securities laws to facilitate connections between startups and investors by removing regulatory barriers.
The bill provides a clear definition of an angel investor under federal securities laws and refines the interpretation of general solicitation in the Securities Act. This adjustment is intended to allow startups to present their products and business strategies during “demo days” without these presentations being classified as investment offerings.
“The HALOS Act is a bipartisan, pro-growth solution to support our startup ecosystem and help bring more great ideas to life. It ensures our innovators can focus on building the next big thing, not navigating outdated SEC rules,” stated Congressman Mike Lawler. He emphasized that redefining demo days will enable startups to showcase their innovations effectively.
Congressman Josh Gottheimer highlighted the importance of small businesses in New Jersey’s economy, noting that they generate nearly half of the state’s jobs. “That’s why I’m proud to help lead the bipartisan HALOS Act, which will help more Jersey entrepreneurs access capital and secure the investments they need to grow and thrive,” he said. As a member of the House Financial Services Committee, Gottheimer expressed his commitment to reducing bureaucratic hurdles for small businesses.
Lawler represents New York’s 17th Congressional District, covering areas north of New York City. Recognized for his bipartisan efforts, he was rated as one of the most effective lawmakers among freshmen in Congress.
