Senators Dave McCormick and Andy Kim introduced the ACCESS Act to reduce financial barriers for early-stage entrepreneurs using crowdfunding.
Support legislation to reduce financial barriers for early-stage entrepreneurs using crowdfunding.
Occurrences
Senators Dave McCormick and Andy Kim introduced the Amendment for Crowdfunding Capital Enhancement and Small-business Support (ACCESS) Act, which aims to reduce financial barriers for early-stage entrepreneurs by raising the crowdfunding limit from $100,000 to $250,000 before companies are required to submit financial statements reviewed by an independent accountant.
Evidence
On January 15, 2026, Senators Dave McCormick (R-PA) and Andy Kim (D-NJ) introduced the Amendment for Crowdfunding Capital Enhancement and Small-business Support (ACCESS) Act. This bipartisan bill aims to reduce financial barriers for early-stage entrepreneurs by raising the crowdfunding limit from $100,000 to $250,000 before companies are required to submit financial statements reviewed by an independent accountant. The bill also allows the SEC to increase this threshold to $400,000 upon recommendation.
On January 31, 2026, Senator McCormick sponsored S.1808, the Access to Small Business Investor Capital Act. The bill was read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
McCormick's Senate office announced that McCormick and Andy Kim introduced the ACCESS Act on January 15, 2026 to reduce financial barriers for early-stage entrepreneurs using crowdfunding. The release says the bill would raise the accountant-reviewed financial-statement threshold from $100,000 to $250,000 and allow a possible SEC increase to $400,000.
The bill text identifies McCormick and Kim as introducing the ACCESS Act of 2026 and states that it amends the Securities Act crowdfunding provisions by replacing the $100,000 threshold with $250,000, with SEC discretion to increase it up to $400,000.
Congress.gov lists McCormick as sponsor of S.1808, introduced May 20, 2025, referred to Senate Banking, and still at the Introduced step rather than passed or law. The bill is a related capital-access measure, but its official text concerns investment-company fee disclosure, not crowdfunding.
The House Office of the Law Revision Counsel text for 15 U.S.C. 77d-1 shows the existing crowdfunding issuer disclosure rule still uses the $100,000 cutoff for when reviewed financial statements are required for offerings above that amount.
Assessments
McCormick fulfilled the promise as framed because it called for supporting legislation, not securing enactment. In his current Senate term, he introduced the bipartisan ACCESS Act with Sen. Andy Kim to reduce crowdfunding-related financial barriers for early-stage entrepreneurs by raising the reviewed-financial-statement threshold from $100,000 to $250,000, with possible SEC authority up to $400,000. The measure had not become law, but sponsorship/introduction is enough to satisfy a promise to support such legislation.
Senator McCormick sponsored and introduced legislation directly aimed at reducing financial barriers for early-stage entrepreneurs using crowdfunding during the same term, clearly making a credible legislative effort. However, there is no evidence these bills became law or that the promised reduction in barriers was achieved. Thus, the pledge was not delivered, but notable effort was made.
Senator McCormick made a substantial legislative effort to fulfill his promise by sponsoring and introducing multiple bills aimed at reducing financial barriers for early-stage entrepreneurs using crowdfunding. However, based on the provided evidence, no legislation was enacted or passed into law. The available actions amount to vigorous attempts but not actual delivery of the promised outcome.