Technology and Entrepreneurship
The 21st Century economy has been defined by new ideas in the realms of business and technology, which have changed the ways in which companies make money, raise capital, and reach consumers. Taking risks on new ventures has helped to spur our economic recovery, and it has also led to new regulations and protections for consumers. State legislatures have been taking steps to support small businesses and entrepreneurs in order to create new jobs and markets. Meanwhile, larger companies have spread new employment opportunities throughout the country via the sharing economy. Younger lawmakers have the advantage in crafting legislation in the technology and entrepreneurship space, as they have grown up with many of these businesses and often use their services themselves.
March 2016: Louisiana Future Caucus co-chair Rep. Ted James (D) championed HB 481, which created the first driver’s license app legalized in the United States - the LA Wallet. Through further legislative action in 2018, the Louisiana House passed Act 552 expanding LA Wallet’s legal use to include retail purchases.
October 2015: California Future Caucus former co-chairs Asm. Ling Ling Chang (R) and Asm. Evan Low (D) co-sponsored AB 229. This bill includes rideshares and short-term rentals in reimbursable expenses for state employees. Similar legislation was subsequently introduced in Congress by Congressional Future Caucus members Reps. Seth Moulton (D-MA), Will Hurd (R-TX), and Eric Swalwell (D-CA).
June 2015: Also in Texas, former Young Texans Legislative Caucus co-chair Rep. Eric Johnson (D) sponsored the bipartisan HB 1629. This bill facilitated and expanded online crowdfunding for small businesses, also allowing them to receive capital from nonprofit community development institutions or nonprofits with federal grant distribution abilities.
April 2015: Colorado HB 1246, sponsored by Future Caucus co-chair Rep. Dan Pabon (D) and legislators from both sides of the aisle, made equity crowdfunding legal in the state. This allows Colorado residents to invest up to $5,000 in a business in exchange for equity, bypassing previous regulations that limited investing to accredited investors of a certain net worth.
This is a sampling of legislation advanced by State Future Caucus members and other young legislators around the country. To inquire about legislation in other policy areas, or to suggest your own legislation for MAP to feature, please contact firstname.lastname@example.org.
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