Providing for consideration of the bill (H.R. 3898) to amend the Federal Water Pollution Control Act to make targeted reforms with respect to waters of the United States and other matters, and for other purposes; providing for consideration of the bill (H.R. 3383) to amend the Investment Company Act of 1940 with respect to the authority of closed-end companies to invest in private funds; providing for consideration of the bill (H.R. 3638) to direct the Secretary of Energy to prepare periodic assessments and submit reports on the supply chain for the generation and transmission of electricity, and for other purposes; providing for consideration of the bill (H.R. 3628) to amend the Public Utility Regulatory Policies Act of 1978 to add a standard related to State consideration of reliable generation, and for other purposes; providing for consideration of the bill (H.R. 3668) to promote interagency coordination for reviewing certain authorizations under section 3 of the Natural Gas Act, and for other purposes; providing for consideration of the bill (S. 1071) to require the Secretary of Veterans Affairs to disinter the remains of Fernando V. Cota from Fort Sam Houston National Cemetery, Texas, and for other purposes; and for other purposes.

— 369 — Department of Energy and Related Commissions private sector for government-favored resources. The DOE Office of Clean Energy Demonstrations (OCED); Office of State and Community Energy Programs; ARPA-E; Office of Grid Deployment (OGD); and DOE Loan Program should be eliminated or reformed. If they continue to exist, FECM, NE, OE, and EERE should focus on fundamental science and technology issues, particularly in relation to cyber and physical threats to energy security, rather than subsidizing and commercializing energy resources. l Eliminate political and climate-change interference in DOE approvals of liquefied natural gas (LNG) exports. In addition, Congress should reform the Natural Gas Act8 to expand required approvals from merely nations with free trade agreements to all of our allies, such as NATO countries. l Focus the Federal Energy Management Program (FEMP) on ensuring that government buildings and operations have reliable and cost- effective energy. FEMP should stop using taxpayer dollars to force the purchase of more expensive and less reliable energy resources in the name of combating climate change. l Ensure that information provided by the U.S. Energy Information Agency (EIA), a data and statistical organization, is data-neutral. l Focus FERC on its statutory obligation to ensure access to reliable energy at just, reasonable, and nondiscriminatory rates. FERC is a five-member commission created under the DOE Organization Act that regulates the wholesale sales and transmission of electricity, promotes electric reliability through standards, permits natural gas pipelines and LNG export facilities, sets natural gas pipeline shipping rates, and sets oil pipeline shipping rates. It is an economic regulator and should not make itself a climate regulator. l Streamline the nuclear regulatory requirements and licensing process. Such changes would help to lower costs and accelerate the development and deployment of civilian nuclear, such as advanced nuclear reactors (including small modular nuclear reactors). The Nuclear Regulatory Commission (NRC) is commission tasked with the licensing of civilian nuclear reactors and power plants and regulating other uses of nuclear materials, such as nuclear medicine. Although it is not a DOE agency, its jurisdiction over nuclear reactor, fuel, safety, and trade issues often relates to or impinges on DOE’s jurisdiction. — 370 — Mandate for Leadership: The Conservative Promise l Focus on energy and science issues, not politicized social programs. The next Administration should stop using energy policy to advance politicized social agendas. Programs that sound innocuous, such as “energy justice,”9 Justice40,10 and DEI,11 can be transformed to promote politicized agendas. DOE should focus on providing all Americans with access to abundant, affordable, reliable, and secure energy, and DOE should manage its employees so that everyone is treated fairly based on his or her talent, skills, and hard work. New Policies: International Energy Security To help the President and policymakers understand and apply U.S. energy inter- ests in international affairs more effectively, various DOE programs offices need to be reformed. l Promote American energy interests. The next Administration should make U.S. energy dominance a key component of its foreign policy while ensuring that domestic and international goals are aligned. American energy dominance will allow the United States to secure energy for its citizens, markets for its energy exports, and access to new energy natural resources and will provide tools for U.S. policymakers to assist our allies and deter our adversaries. DESAS should analyze U.S. international energy security interests and develop a National Energy Security Strategy (NESS). This strategy would take account of the energy landscape across the globe to inform the President in his foreign policy and defense roles, but it should not be a tool for U.S. industrial policy, although it might highlight how current domestic industrial and climate policies threaten U.S. energy and national security. l Strengthen the role of the new Department of Energy Security and Advanced Science. There are frequent turf battles on energy issues between the Department of State and DOE. Although the State Department clearly has the policymaking authority under the DOE Organization Act, it tends to ignore the expertise and perspectives that DOE provides. The existing Assistant Secretary for International Affairs should provide the principal support for the DOE Secretary and Deputy Secretary on National Security Council (NSC) activities and should interface with colleagues at the Departments of Defense, State, Treasury, and Commerce, as well as the Intelligence Community (IC). New Policies: Advanced Science To ensure that America continues to lead the world in fundamental science, the National Labs should be refocused, and national science policy should be reviewed and coordinated.

— 411 — Department of Energy and Related Commissions 19. President Donald J. Trump, Executive Order 13920, “Securing the United States Bulk-Power System,” May 1, 2020, in Federal Register, Vol. 85, No. 86 (May 4, 2020), pp. 26595–26599, https://www.govinfo.gov/content/ pkg/FR-2020-05-04/pdf/2020-09695.pdf (accessed February 13, 2023). 20. 18 U.S. Code § 824a(c), https://www.law.cornell.edu/uscode/text/16/824a (accessed February 27, 2023). 21. Report No. 117-98, Energy and Water Development and Related Agencies Appropriations Bill, 2022, Committee on Appropriations, U.S. House of Representatives, 117th Cong. 1st Sess., July 20, 2021, p. 6, https:// www.congress.gov/117/crpt/hrpt98/CRPT-117hrpt98.pdf (accessed February 13, 2023). 22. H.R. 3684, Infrastructure Investment and Jobs Act, Public Law No. 11-58, 117th Congress, November 15, 2021, Division J, Title III. 23. U.S. Department of Energy, Office of Chief Financial Officer, Department of Energy FY 2023 Congressional Budget Request, Budget in Brief, p. 7. 24. Timothy Gardner, “White House Asks Congress for $500 mln to Modernize Oil Reserve,” Reuters, November 16, 2022, https://www.reuters.com/article/usa-oil-spr-idAFL1N32C36I (accessed February 13, 2023). 25. U.S. Department of Energy, Office of Electricity, “Our History,” https://www.energy.gov/oe/about-us/our- history (accessed February 13, 2023). 26. Press release, “Secretary of Energy Signs Order to Mitigate Security Risks to the Nation’s Electric Grid,” U.S. Department of Energy, December 17, 2021, https://www.energy.gov/articles/secretary-energy-signs-order- mitigate-security-risks-nations-electric-grid (accessed February 13, 2023). 27. U.S. Department of Energy, Office of Electricity, “Revocation of Prohibition Order Securing Critical Defense Facilities,” Federal Register, Vol. 86, No. 76 (April 22, 2021), pp. 21308–21309, https://www.govinfo.gov/ content/pkg/FR-2021-04-22/pdf/2021-08483.pdf (accessed February 13, 2023). 28. U.S. Department of Energy, Office of Chief Financial Officer, Department of Energy FY 2023 Congressional Budget Request, Budget in Brief, pp. 19 and 61. 29. U.S. Department of Energy, Office of Nuclear Energy, “About Us,” https://www.energy.gov/ne/about-us (accessed February 13, 2023). 30. H.R. 3809, Nuclear Waste Policy Act of 1982, Public Law No. 97-425, 97th Congress, January 7, 1983, https:// www.congress.gov/97/statute/STATUTE-96/STATUTE-96-Pg2201.pdf (accessed February 24, 2023). 31. The Heritage Foundation, “Budget Blueprint for Fiscal Year 2023: Reduce the DOE Office of Nuclear Energy,” https://www.heritage.org/budget/pages/recommendations/1.270.127.html. 32. U.S. Department of Energy, Office of Chief Financial Officer, Department of Energy FY 2023 Congressional Budget Request, Budget in Brief, pp. 23 and 58. 33. 42 USC § 16291, https://www.law.cornell.edu/uscode/text/42/16291 (accessed February 27, 2023). 34. U.S. Department of Energy, Office of Fossil Energy and Carbon Management, “About Us: Mission,” https:// www.energy.gov/fecm/mission (accessed February 13, 2023). 35. U.S. Government Accountability Office, Carbon Capture and Storage: Actions Needed to Improve DOE Management of Demonstration Projects, GAO-22-105111, December2021, https://www.gao.gov/assets/gao-22- 105111.pdf (accessed February 13, 2023). 36. International Energy Agency, The Role of Critical Minerals in Clean Energy Transitions, World Energy Outlook Special Report, revised March 2022, https://iea.blob.core.windows.net/assets/ffd2a83b-8c30-4e9d-980a- 52b6d9a86fdc/TheRoleofCriticalMineralsinCleanEnergyTransitions.pdf (accessed February 13, 2023). 37. See 42 U.S. Code § 16291. 38. 42 U.S. Code Ch. 55, §§ 4321–4347, https://www.law.cornell.edu/uscode/text/42/chapter-55 (accessed February 27, 2023). 39. Nuclear Regulatory Commission, “Categorical Exclusions from Environmental Review,” Advance Notice of Proposed Rulemaking; Request for Comment, Federal Register, Vol. 86, No. 87 (May 7, 2021), pp. 24514–24516, https://www.govinfo.gov/content/pkg/FR-2021-05-07/pdf/2021-09675.pdf (accessed February 27, 2023), and Nuclear Regulatory Commission, “Categorical Exclusions from Environmental Review,” Advance Notice of Proposed Rulemaking; Reopening of Comment Period, Federal Register, Vol. 86, No. 160 (August 23, 2021), pp. 47032–47033, https://www.govinfo.gov/content/pkg/FR-2021-08-23/pdf/2021-18058.pdf (accessed February 27, 2023). 40. U.S. Department of Energy, Office of Chief Financial Officer, Department of Energy FY 2023 Congressional Budget Request, Budget in Brief, pp. 19, 21, 23, and 52. — 412 — Mandate for Leadership: The Conservative Promise 41. U.S. Department of Energy, Office of Chief Financial Officer, Department of Energy FY 2023 Congressional Budget Request, Budget in Brief, pp. 3, 6, 12, 19, 21, and 23. 42. S. 622, Energy Policy and Conservation Act, Public Law 94-163, 94th Congress, December 22, 1975, https:// www.congress.gov/94/statute/STATUTE-89/STATUTE-89-Pg871.pdf (accessed February 27, 2023). 43. H.R. 6, Energy Policy Act of 2005, Public Law No. 109-58, 109th Congress, August 8, 2005, https://www. congress.gov/109/plaws/publ58/PLAW-109publ58.pdf (accessed February 27, 2023). 44. U.S. Department of Energy, Office of Energy Efficiency and Renewable Energy, “About the Office of Energy Efficiency and Renewable Energy,” https://www.energy.gov/eere/about-office-energy-efficiency-and- renewable-energy (accessed February 28, 2023). 45. Ibid. 46. See note 41, supra. 47. U.S. Department of Energy, Office of Chief Financial Officer, Department of Energy FY 2023 Congressional Budget Request, Budget in Brief, pp. 19, 23, 43, and 49. 48. See U.S. Department of Energy, Grid Deployment Office, “About Us,” https://www.energy.gov/gdo/about-us (accessed February 13, 2023). 49. U.S. Department of Energy, Grid Deployment Office, “Building a Better Grid Initiative,” https://www.energy. gov/gdo/building-better-grid-initiative (accessed February 13, 2023). 50. U.S. Department of Energy, Office of Chief Financial Officer, Department of Energy FY 2023 Congressional Budget Request, Budget in Brief, pp. 2, 19, 21, 23, and 84. “The FY 2023 Budget Request to Congress proposes to split the Electricity appropriation account into two accounts: Electricity and Grid Deployment Office (GDO). Had the proposed FY 2023 structure been in place in FY 2021 and FY 2022, the $7,000,000 shown under the Electricity account’s Transmission Permitting and Technical Assistance (TPTA) program would have appeared under Grid Technical Assistance in GDO and the $3,000,000 shown under Program Direction in the Electricity account represents the estimated share of Electricity PD funding associated with TPTA and would have appeared under Program Direction in GDO.” Ibid., p. 84, note. 51. U.S. Department of Energy, Office of Clean Energy Demonstrations, “About Us: Our Mission,” https://www. energy.gov/oced/about-us (accessed February 13, 2023). 52. U.S. Department of Energy, Office of Chief Financial Officer, Department of Energy FY 2023 Congressional Budget Request, Budget in Brief, p. 6. 53. U.S. Department of Energy, Office of Clean Energy Demonstrations, “About Us: Our Story,” https://www. energy.gov/oced/about-us (accessed February 28, 2023). 54. U.S. Department of Energy, Office of Clean Energy Demonstrations, “OCED Project Portfolio,” https://www. energy.gov/oced/office-clean-energy-demonstrations (accessed February 28, 2023). 55. U.S. Department of Energy, Office of Chief Financial Officer, Department of Energy FY 2023 Congressional Budget Request, Volume 3, Cybersecurity, Energy Security, and Emergency Response, Federal Energy Management Program, Grid Deployment Office, Indian Energy Policy & Programs, Loan Programs, Manufacturing & Energy Supply Chains, Office of Clean Energy Demonstrations, Petroleum Reserves, Power Marketing Administrations, State and Community Energy Programs, April 2022, p. 104, https://www.energy. gov/sites/default/files/2022-09/doe-fy2023-budget-volume-3-v2.pdf (accessed February 13, 2023). 56. See, for example, ibid., pp. 104 and 107. 57. U.S. Department of Energy, Loan Program Office, “LPO Year in Review 2022: New Legislation,” January 5, 2023, https://www.energy.gov/lpo/articles/lpo-year-review-2022 (accessed February 28, 2023). Emphases in original. 58. H.R. 6256, To Ensure That Goods Made with Forced Labor in the Xinjiang Uyghur Autonomous Region of the People’s Republic of China Do Not Enter the United States Market, and for Other Purposes, Public Law No. 117-78, 117th Congress, December 23, 2021, https://www.congress.gov/117/plaws/publ78/PLAW-117publ78.pdf (accessed February 28, 2023). 59. H.R. 2272, America COMPETES Act, Public Law 110–69, 110th Congress, August 9, 2007, § 5012, https://www. congress.gov/110/plaws/publ69/PLAW-110publ69.pdf (accessed February 13, 2023). 60. Ibid., § 5012(c)(1). 61. U.S. Department of Energy, Office of Chief Financial Officer, Department of Energy FY 2023 Congressional Budget Request, Budget in Brief, March 2022, p. 103.

— 840 — Mandate for Leadership: The Conservative Promise ENDNOTES 1. H.R. 5480, Securities Act of 1933, Public Law No. 73-22, 73rd Congress, May 27, 1933, https://govtrackus. s3.amazonaws.com/legislink/pdf/stat/48/STATUTE-48-Pg74.pdf (accessed February 20, 2023). 2. H.R. 9323, Securities Exchange Act of 1934, Public Law No. 73-291, 73rd Congress, June 6, 1934, https:// govtrackus.s3.amazonaws.com/legislink/pdf/stat/48/STATUTE-48-Pg881a.pdf (accessed February 20, 2023). 3. Mark T. Uyeda, Commissioner, U.S. Securities and Exchange Commission, “Remarks at the 2022 Cato Summit on Financial Regulation,” November 17, 2022, https://www.sec.gov/news/speech/uyeda-remarks- cato-summit-financial-regulation-111722 (accessed February 20, 2023); Hester M. Peirce, Commissioner, U.S. Securities and Exchange Commission, “It’s Not Just Scope 3: Remarks at the American Enterprise Institute,” December 7, 2022, https://www.sec.gov/news/speech/peirce-remarks-american-enterprise-institute-120722 (accessed February 20, 2023); comment letter from David R. Burton to Vanessa A. Countryman, Secretary, Securities and Exchange Commission, “Re: The Enhancement and Standardization of Climate-Related Disclosures for Investors [File No. S7-10-2; Release No. 33-11042; RIN 3235-AM87],” June 17, 2022, https://www. sec.gov/comments/s7-10-22/s71022-20131980-302443.pdf (accessed February 20, 2023). 4. Size would probably be measured best by public float or the number of beneficial owners. 5. See David R. Burton, “Securities Disclosure Reform,” Heritage Foundation Backgrounder No. 3178, February 13, 2017, https://www.heritage.org/sites/default/files/2017-02/BG3178.pdf; David R. Burton, “Offering and Disclosure Reform,” Chapter 11 in Reframing Financial Regulation: Enhancing Stability and Protecting Consumers, ed. Hester Peirce and Benjamin Klutsey (Arlington, VA: Mercatus Center at George Mason University, 2016), pp. 277–315, https://www.mercatus.org/research/books/reframing-financial-regulation (accessed February 20, 2023); Andrew N. Vollmer, “Investor-Friendly Securities Reform to Increase Economic Growth,” Securities Regulation & Law Report, Bloomberg BNA, Vol. 49, June 5, 2017. 6. See, for example, David R. Burton, “Reforming the Securities and Exchange Commission,” Heritage Foundation Backgrounder No. 3378, January 30, 2019, https://www.heritage.org/sites/default/files/2019-01/ BG3378.pdf; Andrew N. Vollmer, “Testimony on Workforce Management Disclosures and Other SEC Issues,” submitted to the Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets, Committee on Financial Services, U.S. House of Representatives, December 6, 2022, https://www.congress.gov/117/ meeting/house/115227/witnesses/HHRG-117-BA16-Wstate-VollmerA-20221208.pdf (accessed February 20, 2023); David R. Burton, “Reforming FINRA,” Heritage Foundation Backgrounder No. 3181, February 1, 2017, https://www.heritage.org/sites/default/files/2017-02/BG3181.pdf; Hester Peirce, “The Financial Industry Regulatory Authority: Not Self-Regulation After All,” Mercatus Center at George Mason University Working Paper, January 2015, https://www.mercatus.org/research/working-papers/financial-industry-regulatory- authority-not-self-regulation-after-all (accessed February 20, 2023); Thaya Brook Knight, “Transparency and Accountability at the SEC and at FINRA,” Chapter 11 in Prosperity Unleashed: Smarter Financial Regulation, ed. Norbert J. Michel, (Washington: The Heritage Foundation, 2017) https://www.heritage.org/sites/default/ files/2017-02/11_ProsperityUnleashed_Chapter11.pdf. 7. Reorganization Plan No. 10 of 1950, U.S. Code Title 5—Appendix, Reorganization Plans, http://uscode.house. gov/view.xhtml?req=granuleid:USC-prelim-title5a-node84-leaf114&num=0&edition=prelim (accessed February 20, 2023). 8. The board or commission should evaluate the regulatory functions of the National Securities Exchanges, Registered Securities Future Product Exchanges, Registered Clearing Agencies (such as the Depository Trust Company (DTC), the National Securities Clearing Corporation (NSCC) and the Options Clearing Corporation (OCC)), the Municipal Securities Rulemaking Board (MSRB) and the National Futures Association (NFA). This board or commission should have a broad composition and permit minority reports. 9. Boyden Gray & Associates, Comments Submitted on Behalf of Alliance for Fair Board Recruitment Concerning the Nasdaq Stock Market LLC; Notice of Filing of Proposed Rule Change to Adopt Listing Rules Related to Board Diversity, Amendment No. 1, File No. SR-NASDAQ-2020-081, April 6, 2021 https://www.sec.gov/ comments/sr-nasdaq-2020-081/srnasdaq2020081-8639478-230941.pdf (accessed February 20, 2023); David R. Burton, “Nasdaq’s Proposed Board-Diversity Rule Is Immoral and Has No Basis in Economics,” Heritage Foundation Backgrounder No. 3591, March 9, 2021, https://www.heritage.org/sites/default/ files/2021-03/BG3591_0.pdf. The SEC is contemplating at least two rules that can be expected to require differential treatment based on race, sex, ethnicity, and so on. See Executive Office of the President, Office — 841 — Financial Regulatory Agencies of Management and Budget, Office of Information and Regulatory Affairs, “Fall 2022 Unified Agenda of Regulatory and Deregulatory Actions: Active Regulatory Actions Listed by Agency,” https://www.reginfo.gov/ public/do/eAgendaMain (accessed February 20, 2023); “Human Capital Management Disclosure,” RIN: 3235- AM88, https://www.reginfo.gov/public/do/eAgendaViewRule?pubId=202204&RIN=3235-AM88 (accessed February 20, 2023); “Corporate Board Diversity,” RIN: 3235-AL91, https://www.reginfo.gov/public/do/ eAgendaViewRule?pubId=202204&RIN=3235-AL91 (accessed February 20, 2023). 10. 15 U.S. Code § 77z–3, https://www.law.cornell.edu/uscode/text/15/77z-3 (accessed February 20, 2023); 15 U.S. Code § 78mm, https://www.law.cornell.edu/uscode/text/15/78mm (accessed February 20, 2023). 11. S. ___, Jumpstart Our Business Startups Act of 2022, discussion draft, 117th Congress, 2nd Session, https:// www.banking.senate.gov/imo/media/doc/the_jobs_act_4.0discussiondraft.pdf (accessed February 20, 2023); David R. Burton, “Entrepreneurial Capital Formation,” Testimony before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate, April 5, 2022, https://www.heritage.org/testimony/entrepreneurial- capital-formation; “Removing Barriers to Small Business Capital Formation and Expanding Investor Opportunities,” Section 6 in Nicholas Anthony, Norbert J. Michel, Jennifer J. Schulp, George Selgin, and Jack Solowey, “Sound Financial Policy: Principled Recommendations for the 118th Congress,” ed. Norbert J. Michel and Ann Rulon, Cato Institute, 2022, pp. 22–27, https://www.cato.org/sites/cato.org/files/2022-10/sound- financial-policy-118th-congress.pdf (accessed February 20, 2023); David R. Burton and Norbert J. Michel, Proposals to Foster Economic Growth and Capital Formation, Submission to Committee on Banking, Housing, and Urban Affairs, U.S. Senate, March 18, 2021, https://www.banking.senate.gov/imo/media/doc/David%20 Burton%20and%20Norbert%20Michel%20-%202021-3-18.pdf (accessed February 20, 2023); David R. Burton, “Improving Entrepreneurs’ Access to Capital: Vital for Economic Growth,” Heritage Foundation Backgrounder No. 3182, February 14, 2017, https://www.heritage.org/sites/default/files/2017-02/BG3182.pdf. 12. The small issues exemptive authority has been in the Securities Act since its initial enactment. 13. The crowdfunding exemption was created by Title III of the 2012 JOBS Act. See H.R. 3606, Jumpstart Our Business Startups Act, Public Law No. 112-106, 112th Congress, April 5, 2021, Title III, § 302, https://www. govinfo.gov/content/pkg/PLAW-112publ106/pdf/PLAW-112publ106.pdf (accessed February 20, 2023). 14. Burton, “Improving Entrepreneurs’ Access to Capital: Vital for Economic Growth”; Rutheford B. Campbell Jr., “The Case for Federal Pre-Emption of State Blue Sky Laws,” Chapter 6 in Prosperity Unleashed: Smarter Financial Regulation, https://www.heritage.org/sites/default/files/2017-02/06_ProsperityUnleashed_ Chapter06.pdf. 15. Andrew N. Vollmer, “Abandon the Concept of Accredited Investors in Private Securities Offerings,” Securities Regulation Law Journal, Vol. 49, No. 5 (Spring 2021), https://papers.ssrn.com/sol3/papers.cfm?abstract_ id=3719280 (accessed February 20, 2023); Thaya Brook Knight, “Your Money’s No Good Here: How Restrictions on Private Securities Offerings Harm Investors,” Cato Institute Policy Analysis No. 833, February 9, 2018, https:// www.cato.org/sites/cato.org/files/pubs/pdf/pa833.pdf (accessed February 20, 2023); David R. Burton, “Congress Should Increase Access to Private Securities Offerings,” Heritage Foundation Issue Brief No. 4899, August 29, 2018, https://www.heritage.org/sites/default/files/2018-08/IB4899.pdf; Andrew N. Vollmer, “Evidence on the Use of Disclosure Documents in Private Securities Offerings to Accredited Investors,” Mercatus Center at George Mason University Working Paper, October 22, 2020, https://www.mercatus.org/publications/financial-regulation/ evidence-use-disclosure-documents-private-securities-offerings-0 (accessed February 20, 2023). 16. For a detailed discussion, see “Micro-Offerings,” Section IId in Burton and Michel, Proposals to Foster Economic Growth and Capital Formation, pp. 15–17. 17. David R. Burton, “Let Entrepreneurs Raise Capital Using Finders and Private Placement Brokers,” Heritage Foundation Backgrounder No. 3328, July 10, 2018, https://www.heritage.org/sites/default/files/2018-07/ BG3328.pdf; Andrew N. Vollmer, “Make It Easy for Startups to Sell Stock,” Mercatus Center at George Mason University Discourse, September 21, 2020, https://www.mercatus.org/bridge/commentary/make-it-easy- startups-sell-stock (accessed February 20, 2023). 18. See H.R. 531, S-Corp Access to Crowdfunding Act, 115th Congress, introduced January 13, 2017, https://www. govinfo.gov/content/pkg/BILLS-115hr531ih/pdf/BILLS-115hr531ih.pdf (accessed February 20, 2023); David Burton, “The Tax Law Makes It Almost Impossible for ‘S Corporations’ to Use Equity Crowdfunding,” The Daily Signal, April 19, 2016, https://www.dailysignal.com/2016/04/19/the-tax-law-makes-it-almost-impossible-for- s-corporations-to-use-equity-crowdfunding/.