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
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.
Assessments
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.