Chief Deputy Whip Patrick McHenry (R, NC-10), Vice Chairman of the House Financial Services Committee released the following statement marking today's launch of investment crowdfunding portals:
“Five years after I first introduced legislation to legalize investment crowdfunding, today’s opening of portals is a long-overdue but historic step in our efforts to democratize finance and capital formation for all. Today marks a milestone in our efforts to realize the true promise of crowdfunding: allowing the American people to invest in small businesses and innovative ideas they believe in.
“But there is still more work to be done. The SEC’s nearly 700-page rule is overly complex and burdensome creating a credibility crisis for investment crowdfunding. If we actually want to see investment crowdfunding realize its full potential, Congress must act. As part of House Republican’s Innovation Initiative, I’ve introduced the Fix Crowdfunding Act which will fix the issue’s posed by the SEC’s rule by allowing investment crowdfunding to achieve its ultimate goal of helping small businesses across the country grow and succeed.”
Earlier this year, Chief Deputy Whip McHenry introduced H.R. 4855, the Fix Crowdfunding Act. Further information on that legislation can be found here.
Financial Times - May 16, 'US crowdfunding launch faces fight over rules'
The long-delayed introduction of crowdfunding in the US takes effect on Monday, amid warnings that the new market will be choked by regulation and an attempt by Republican lawmakers to relax the rules.
A law change more than four years ago to open up investment in private companies beyond wealthy “accredited” investors was heralded as a breakthrough to allow anyone to back the next generation of tech start-ups. But a protracted review by the Securities and Exchange Commission delayed the new market, as regulators struggled with how to prevent fraud and money-laundering.
“The SEC has really created a credibility crisis for crowdfunding,” said Patrick McHenry, the Republican vice-chairman of the House financial services committee, in an interview with the Financial Times. “It’s as if regulators don’t have trust and confidence that this marketplace can work. It seems like they have no trust that we can successfully invest in each other.” READ MORE
Congressman Patrick McHenry (R-NC-10) announced $109,091 in a U.S. Department of Homeland Security (DHS) grant to a local fire department in the Tenth Congressional District.
Congressman Patrick McHenry (R, NC-10) announced Lily Reed and Zong Shia Yang as the winners of the Tenth District's 2016 Congressional Art Competition. Lily's work, "Donkey in Lights", was selected as the winner by a panel of judges from across the Tenth District. She is a junior at Gastonia's Gaston Day School where she studies art under teacher Holt Harris.
Lily's artwork, seen below, will be prominently displayed in the U.S. Capitol in Washington, D.C. alongside pieces from each of the Congressional districts across the country. By winning the Tenth District's competition, she will be eligible for a scholarship to the Savannah College of Art and Design.
Again this year, Congressman McHenry's office held a "People's Choice Competition" as part of the Art Competition. The winner of that contest was Zong Shia Yang's work "1976" which can be seen below. Zong is a senior at Maiden High School in Catawba County where she studies art under teacher Cheri Paysour. The "People's Choice Competition" winner was determined by which art work received the most "Likes" on Congressman McHenry's Facebook page.
Earlier today, Congressman Patrick McHenry (R, NC-10) recognized Bobbie Cavnar, the 2016 North Carolina Teacher of the Year during a speech on the floor of the U.S. House of Representatives. Mr. Cavnar teaches British literature at South Point High School located in Belmont, NC. Click here or on the image below to see full video of Congressman McHenry's speech:
Recently, Chief Deputy Whip Patrick McHenry (R, NC-10), the Vice Chairman of the House Financial Services Committee introduced two bills: H.R. 4854, the Supporting America’s Innovators Act of 2016 and H.R. 4855, the Fix Crowdfunding Act. These bills update our securities laws to allow for more Americans to invest in startups, and fix the problems with the SEC’s finalized rule of Title III of the JOBS Act for investment crowdfunding.
“America’s economic growth is predicated on entrepreneurs accessing capital, building their businesses, and creating jobs. In the 21st century economy, that's accomplished by harnessing new technology to create networks of people throughout the country who want to see small businesses grow and succeed," said Congressman McHenry. "But as today's entrepreneurs are all too aware, old laws and muddled regulations impede their ability to utilize these new, innovative types of financing. These two bills are small but important steps which will enable capital to get off the sidelines and invested in America’s startups and small businesses. It’s long past time we get Washington out of the way and allow Americans to invest in each other.”
On Thursday, Congressman McHenry joined a hearing of the House Financial Services Committee's Subcommittee on Capital Markets and Government Sponsored Enterprises where he questioned the assembled witnesses about these two bills. Full video of that exchange is available here or can be accessed by clicking the image below:
Chief Deputy Whip Patrick McHenry (R, NC-10), who introduced the RPM Act to combat EPA overreach into amateur racing, released the following statement after the EPA withdrew its proposed regulation of amateur racers:
“The EPA’s attempt to regulate amateur racers is misguided and unnecessary. Not only is racing a beloved pastime for countless Americans, it also employs millions including many here in western North Carolina. While it's positive to see the EPA react to my legislation, the need for Congressional action on the RPM Act remains. Passing the RPM Act into law is the only way to ensure this ill-advised, job-killing regulation is stopped for good.”
On March 8th Congressman McHenry joined with Congressman Richard Hudson (R, NC-08) to introduce H.R. 4715 the Recognizing the Protection of Motorsports Act of 2016 or "RPM Act" which blocks attempts by the EPA to regulate modified motor vehicles used for racing. On March 15th, Congressman McHenry joined a hearing of the House Committee on Science, Space, and Technology to discuss the need for the RPM Act. Video of his testimony can be found here. Coverage of the RPM Act's introduction can be found below:
The Charlotte Observer - March 9, 'Proposed EPA car-engine rule upsets NASCAR-country congressman
Four North Carolina lawmakers in Congress want federal officials to hit the brakes on an anti-pollution regulatory effort that some fear would prevent amateur race-car drivers from modifying motor vehicles’ engines. READ MORE
Recently, Congressman Patrick McHenry donated six desks from his former Hickory District office to Asheville's Western Carolina Rescue Ministries.
Today, Congressman Patrick McHenry joined with Belmont Abbey College to announce the creation of the Capitol and Carolina Internship. This new internship program aims to provide Belmont Abbey students with the opportunity to intern in both McHenry's Washington, DC and Gastonia offices. The internship program will begin this summer.
Congressman McHenry will join with Belmont Abbey President Dr. William K. Thierfelder to formally launch the internship this Wednesday, March 30th at 9 AM. The event will be open to the media and will take place at the Alumni House on Belmont Abbey's campus located at 100 Belmont Mt. Holly Road in Belmont.
“Having spent time as a Congressional intern, I know first-hand how the experience can shape one’s interest in public policy and service to our nation," said Congressman McHenry. "The opportunity to extend this same experience to current and future students at my alma mater is a truly great honor. I’d like to thank Dr. Thierfelder, Dr. Williams, and everyone at the Abbey for making it possible.”
“There’s always a key local/national dynamic in Congress as representatives attend to both the needs of their district and the issues facing the country. By combining service in DC and here in the district, this program lets our Abbey students experience that dynamic first-hand in a truly unique way,” said Dr. David Williams, Belmont Abbey College Vice President of Academic Affairs and Dean of the Faculty. “They’ll have both the academic knowledge and the lived experience of public service to learn from. We’re very grateful to Congressman McHenry for the opportunity!”
Congressman McHenry and Belmont Abbey College will award the Capitol & Carolina internship to one student each year. The selected student will first intern in McHenry's Washington, DC office during the summer term. The selected student will then intern in McHenry's Gastonia office for the fall term. McHenry’s office will provide a stipend to help defray the cost of living in Washington, DC for the duration of the internship, and Belmont Abbey will waive tuition charges for the internship. Interested students will complete an application and essay which will then be reviewed by a panel made up of Belmont Abbey staff and a representative from McHenry's office.
2334 Rayburn HOB
Washington, DC 20515
Patrick McHenry is serving his sixth term in the United States Congress where he represents the citizens of North Carolina’s 10th District. Congressman McHenry’s district comprises seven counties in western North Carolina, from the suburbs of Charlotte to Asheville in the Blue Ridge Mountains.
In the 114th Congress, McHenry serves as the Chief Deputy Whip, a position he was selected to Majority Whip Steve Scalise (LA-01) on June 26th, 2014. Assuming the Chief Deputy Whip position on August 1st, 2014, McHenry directly assists Majority Whip Scalise by leading a team of five Senior Deputy Whips and helping to manage the legislative priorities of Congressional Republicans on the House floor. Congressman McHenry is a member of the House Financial Services Committee. In the 113th Congress, Congressman McHenry served as Chairman of the House Financial Services Committee’s Oversight and Investigations Subcommittee. In this role, the Congressman provided oversight of the Federal Reserve, Treasury, the Federal Deposit Insurance Corporation, the Securities and Exchange Commission, the National Credit Union Administration, the Office of the Comptroller of the Currency, the Department of Housing and Urban Development, the Federal Housing Finance Agency, and the Export-Import Bank. He was previously a member of the House Committee on Oversight and Government Reform.
Throughout his career, Congressman McHenry has been a vocal and effective advocate for the men and women who wear the uniform of our country. He received awards from the North Carolina Chapters of the American Legion and Marine Corps League for his extensive work in bringing a veterans’ health care clinic to his district after nearly two decades of delay. The National Guard presented Patrick McHenry with the Charles Dick Medal of Merit for his exceptional service to the North Carolina National Guard.
McHenry has been recognized as a leader of the conservative movement in America. He shares the most conservative voting record in Congress on family values issues, according to National Journal. Having never voted for a tax increase in his career, Congressman McHenry is continually recognized as a “Hero of the Taxpayer” by Americans for Tax Reform.
Congressman McHenry is the recipient of several additional awards including: the National Association of Manufacturing’s “Manufacturing Legislative Excellence” Award, the Small Business and Entrepreneurship Council’s “Small Business Champion” Award, the U.S. Chamber of Commerce’s “Spirit of Enterprise” Award, the 60 Plus Association’s “Guardian of Seniors’ Rights” Award, the Family Research Council’s “True Blue” Award, and Citizens Against Government Waste’s “Taxpayer Hero” Award.
Most importantly, Congressman McHenry continues to listen to the voters of the 10th District and act as their voice in Washington. His main focus is to provide the highest level of constituent services at home in Western North Carolina.
Prior to being elected to Congress in 2004 at the age of 29, Patrick McHenry represented the 109th District in the North Carolina House of Representatives. He also served as Special Assistant to the Secretary of the U.S. Department of Labor, a post he was appointed to by President Bush. Patrick McHenry is a graduate of Ashbrook High School in Gastonia, N.C. and Belmont Abbey College, where he earned a Bachelor of Arts in History. Congressman McHenry and his wife Giulia live in Denver, N.C. and worship at Holy Spirit Church. On August 15th, 2014 Congressman McHenry and Giulia announced the birth of their first child, a daughter named Cecelia Rose.
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Three things in life are certain: death, taxes and Obamacare rate increases. https://t.co/2MBOs5Dr6Q
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Read about our bipartisan letter calling on the EU to sanction Iranian airline for ties to terror & Assad regime--> https://t.co/NxeMjijbx9
One of the best parts of serving western North Carolina in Congress is helping local veterans obtain the medals and commendations they earned
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In this dangerous world where Islamic extremists control significant portions of the Middle East and bellicose regimes like Russia and North