Bill Sponsor
House Bill 6253
116th Congress(2019-2020)
Crowdfunding to Combat the Coronavirus Act
Introduced
Introduced
Introduced in House on Mar 12, 2020
Overview
Text
Introduced
Mar 12, 2020
Latest Action
Mar 12, 2020
Origin Chamber
House
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
6253
Congress
116
Policy Area
Finance and Financial Sector
Finance and Financial Sector
Primary focus of measure is U.S. banking and financial institutions regulation; consumer credit; bankruptcy and debt collection; financial services and investments; insurance; securities; real estate transactions; currency. Measures concerning financial crimes may fall under Crime and Law Enforcement. Measures concerning business and corporate finance may fall under Commerce policy area. Measures concerning international banking may fall under Foreign Trade and International Finance policy area.
Sponsorship by Party
Republican
North Carolina
Republican
Kentucky
Republican
Missouri
House Votes (0)
Senate Votes (0)
No House votes have been held for this bill.
Summary

Crowdfunding to Combat the Coronavirus Act

This bill (1) establishes an award for the successful development of a vaccine for the coronavirus (i.e., the virus that causes COVID-19), and (2) extends specified Securities and Exchange Commission (SEC) registration exemptions to issuers of securities responding to the COVID-19 outbreak.

The bill provides appropriations for the purpose of awarding a prize to the creator of a vaccine that (1) reduces the incidence and mortality rate of COVID-19 by more than 50%, and (2) is affordable and widely available to the public.

Additionally, an issuer of securities that is developing a coronavirus vaccine, researching or producing medical equipment related to COVID-19, or researching or producing technology related to preventing the spread of COVID-19 may qualify for an exemption from SEC registration requirements regardless of the size of the issuer's offers or sales. Furthermore, these issuers are not subject to joint and several liability for certain claims.

The provisions set forth in this bill expire the earlier of (1) the date the prize is awarded, or (2) three years after enactment.

The Government Accountability Office must report on the bill's effects.

Text (1)
March 12, 2020
Actions (2)
03/12/2020
Referred to the Committee on Financial Services, and in addition to the Committee on Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
03/12/2020
Introduced in House
Public Record
Record Updated
Feb 9, 2022 2:28:08 AM