Legislation to relax federal oversight so small businesses can more easily attract investors was headed for the White House after receiving a strong vote of approval in the House.
President Barack Obama supports the bill, a favorite of the high-tech industry. Its passage looks to be one of the few accomplishments this year for a Congress divided by partisanship and primed for the fall election.
Solid support for the bill came despite concerns raised by some Democrats and Democratic allies — including unions and consumer groups — that it weakened regulations put in place to protect investors from fraud and abuse.
The bill exempts startups from some Securities and Exchange Commission reporting requirements and removes restrictions on using the Internet to attract larger numbers of small-scale investors.
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