Kentucky Republican Rep. Andy Barr introduced legislation Thursday that would allow the everyday investor to own a piece of history.
The Daily Caller first obtained a copy of the legislation, which is titled the RACE Act. The bill would specifically ease registration hurdles at the Securities and Exchange Commission (SEC) to allow for investors to own shares in thoroughbred racehorses. The introduction comes just days before the 2024 Kentucky Derby. It would also aim to amend the Securities Act of 1933 and seeks to automatically approve offering statements filed with the Securities and Exchange Commission (SEC) for certain securities issued under Regulation A Tier 2.
This RACE Act will allow innovative companies to offer these products to everyday Americans, not just the super wealthy. At this years Derby a horse owned by 2,500 investors will run giving those investors a stake in the winnings from the race. Barr’s bill will allow this to occur much more frequently. (RELATED: EXCLUSIVE: Rep. Andy Barr Introduces Legislation To Provide Benefits To Retired Law Enforcement Officers)
“The RACE Act is a critical step towards revitalizing the horseracing industry by creating a more accessible and efficient pathway for investments,” Barr told the Caller before introducing the legislation. “This bill will help companies increase their ability to raise capital, allowing them to innovate, grow, and bring new opportunities to racing enthusiasts. By reducing the regulatory hurdles, we’re democratizing and preserving the legacy of horseracing for future generations.”
READ THE LEGISLATION HERE:
(DAILY CALLER OBTAINED) — … by Henry Rodgers
“The Regulation Advancement for Capital Enhancement (RACE) Act presents a common-sense solution to modernize racehorse ownership, acknowledging the growing diversity of owners, and opposes penalizing individuals and companies interested in fractional participation due to excessive federal regulations. I express my gratitude to Congressman Andy Barr for his leadership on this crucial issue and continued support of our cherished sport,” Tom Rooney, the President/CEO of the National Thoroughbred Racing Association told the Caller. (RELATED: Mage Wins 149th Kentucky Derby)
Barr will be attending the Kentucky Derby over the weekend.
“Congressman Barr’s RACE Act allows businesses like ours to democratize the business of thoroughbred racehorse ownership, making it easier for us to offer investment opportunities and grow the sport of horseracing. By streamlining the process for registering horses to be issued, the bill will enable companies to bring products to market faster and with less regulatory uncertainty. This is a big win for entrepreneurs and investors alike, facilitating capital formation and fostering innovation and growth in the racing industry and beyond,” Michael Behrens, the Founder and CEO of MyRacehorse.com.