The Entrepreneur Access to Capital Act

I have been reading about The Entrepreneur Access To Capital Act and it seems that the politicians in Washington may finally be doing something right.  My understanding of this act is that it will allow individuals to advertise for investors via social media as long as certain disclosures are made.  People can invest up to the lesser 10% of their net worth or $10k in unregistered securities.  Certain disclosures would need to be made so that state securities folks could track things.  

Access to capital is one of the main things holding the economy back right now.  Small businesses are choked off from bank lending for the most part and private placements are difficult to navigate with accredited investor money being scarce.  Small business is the engine that fuels job creation and subsequently economic growth.  This is the first large measure I have seen that addresses the root of the problem which is access to capital needed for growth.  

It will be interesting to see what the final changes look like and how people are allowed to advertise for investors.  It is also refreshing to see the government explore easing the completely idiotic rules around raising capital.  I think if you ask any entrepreneur about these rules and many folks that would love to invest in these opportunities you would get almost universal agreement that this is a positive step for capital formation in our country.