Michigan cities are getting behind legislation to create local stock exchanges allowing residents to invest in smaller businesses.
The bill sponsored by Republican Rep. Nancy Jenkins of Clayton is designed to complement a "crowdfunding" law Gov. Rick Snyder signed in January. Crowdfunding websites let people raise money from donors for projects.
The Michigan Municipal League says legislators have a chance to help make communities more prosperous and send a message that Michigan is pro-business to entrepreneurs.
House Bill 5273
is designed to help smaller companies not big enough to qualify for larger exchanges like the New York Stock Exchange.
Jenkins says her bill lets people "invest in Main Street rather than Wall Street" and has the potential to boost local pride.