GOP "Crowd Funding" Bill Gets White House Blessing

The White House is backing a GOP bill that would make it easier for people to invest in new businesses.

The Entrepreneur Access to Capital Act, introduced by Republican Rep. Patrick McHenry (N.C.), would allow start-up companies to receive up to $10,000 from investors over the internet without having to first register with the Securities and Exchanges Commission.

The administration on Wednesday released a statement saying that the bill “would enable greater flexibility in soliciting relatively small equity investments” and “will make it easier for entrepreneurs to raise capital and create jobs.”

The measure represents a rare example of agreement between House Republicans and the White House over how best to grow the economy.