Current Securities and Exchange Commission Rule Limits LGBT Investment Opportunities in Startups
MADISON – The Wisconsin LGBT Chamber of Commerce and the Greater Madison Chamber of Commerce have joined together to advocate for a change to a Security and Exchange Commission (SEC) rule to provide an equal opportunity for LGBT investors to participate in startups.
In a joint letter sent to Representative Pocan this afternoon, the Chambers ask the congressman to urge the SEC to revise Rule 501 of Regulation D so that individuals in civil unions, domestic partnerships, and similar relationships can have the same right and opportunity to qualify for accredited investor status as married persons have.
“We understand the important role that startups have to play in creating jobs and new opportunities,” said Wisconsin LGBT Chamber of Commerce Executive Director Jason Rae. “We want to ensure that all individuals are given an equal opportunity to invest and help grow our nation’s economy.”
“Discrimination of any kind impedes growth,” said Greater Madison Chamber of Commerce President Zach Brandon. “This simple revision sends the right message. Whether you are a startup investor or a founder, your financial investment will be treated equally under the law.”
The Greater Madison Chamber of Commerce and the Wisconsin LGBT Chamber of Commerce look forward to working with Congressman Pocan to ensure that this rule is addressed as efficiently as possible. A copy of the letter is available here.
The Greater Madison Chamber of Commerce has more than 1,300 members, and the Wisconsin LGBT Chamber of Commerce, represents more than 100 LGBT-owned and allied businesses and organizations from around the state.