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Increased Accountability for SPACs: Closing Loopholes for Investors.

New rules increase accountability for Special Purpose Acquisition Companies (SPACs) that raise capital without a specific business plan. This means investors will have access to more reliable information, potentially protecting them from risky investments in companies without a clear purpose.
Key points
SPACs without a specific business plan will lose legal protection for forward-looking statements.
The change aims to increase transparency and safety for individuals investing in such companies.
Investors can expect more detailed information about the companies they invest in, reducing the risk of unsuccessful investments.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 117_HR_5910
Sponsor: Del. San Nicolas, Michael F. Q. [D-GU-At Large]
Process start date: 2021-11-09
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Holding SPACs Accountable Act of 2021

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_5910.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-11-09.

What are the main provisions?

Key points include:

  • SPACs without a specific business plan will lose legal protection for forward-looking statements.
  • The change aims to increase transparency and safety for individuals investing in such companies.
  • Investors can expect more detailed information about the companies they invest in, reducing the risk of unsuccessful investments.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Del. San Nicolas, Michael F. Q. [D-GU-At Large].

What is the latest detailed status?

The latest detailed status is: Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 27 - 23.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-28.

CATEGORIES

Economy