Crowdfunding to Combat the Coronavirus Act

House Bill 6253 - Crowdfunding to Combat the Coronavirus Act: Overview, Status, and Impact

Hozzl · 2022-02-09T02:28:08Z

Explore the details of House Bill 6253 Crowdfunding to Combat the Coronavirus Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Finance and Financial Sector. Stay informed on legislative developments.

2/9/2022, 2:28 AM

Congressional Summary of HR 6253

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.

Read the Full Bill

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Current Status of Bill HR 6253

Bill HR 6253 is currently in the status of Bill Introduced since March 12, 2020. Bill HR 6253 was introduced during Congress 116 and was introduced to the House on March 12, 2020. Bill HR 6253's most recent activity was 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. as of March 12, 2020

Bipartisan Support of Bill HR 6253

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 6253

Primary Policy Focus

Finance and Financial Sector

Potential Impact Areas

- Cardiovascular and respiratory health

- Congressional oversight

- Educational technology and distance education

- Emergency medical services and trauma care

- Financial services and investments

- Government studies and investigations

- Health promotion and preventive care

- Health technology, devices, supplies

- Immunology and vaccination

- Infectious and parasitic diseases

- Internet and video services

- Internet, web applications, social media

- Research and development

- Securities

Alternate Title(s) of Bill HR 6253

Crowdfunding to Combat the Coronavirus Act

To expand certain securities exemptions to respond to COVID-19, to establish an X-prize for creating an effective COVID-19 vaccine, and for other purposes.

Crowdfunding to Combat the Coronavirus Act