Michigan bill allows local stock exchanges

Published March 10, 2014 5:21am ET



LANSING, Mich. (AP) — 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.

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