(Washington D.C.) The U.S. House of Representatives passed Representative Zach Nunn’s (IA-03) bipartisan Encouraging Local Emerging Ventures and Economic Growth (ELEVATE) Act, legislation that would reduce bureaucratic red tape for small and mid-sized businesses seeking to raise capital investment through Initial Public Offerings (IPOs).
Nunn said the ELEVATE Act levels the playing field for small and mid-sized businesses seeking to go public by easing excessive reporting requirements. Specifically, the bill allows Emerging Growth Companies (EGCs) to submit two years of audited financials—rather than three—when pursuing an Initial Public Offering (IPO).
The standalone ELEVATE Act passed the House unanimously on June 23, 2025. This measure is now included in the Incentivizing New Ventures and Economic Strength Through Capital Formation (INVEST) Act, a comprehensive bipartisan package that modernizes federal securities laws and unlocks capital for entrepreneurs, particularly in rural and underserved communities.
The INVEST Act will now move to the Senate for consideration.
