Political Quotes

“Section 412 of the legislation requires the Securities and Exchange Commission to conduct a rulemaking to implement changes to the definition of ``accredited investor'' in regulation D, and other sections of the legislation will require the SEC to conduct other rulemaking to implement the new law. It is my understanding, and I believe the understanding of my colleague from Alaska, that the SEC has authority under existing law to amend the definitions of ``accredited investor'' in Regulation D and related SEC rules and ``qualified institutional buyer'' in rule 144A under the Securities Act of 1933, to expressly include Federal, State and local government bodies within those definitions. In fact, the SEC proposed to do so in 2007 but has not completed that rulemaking. Does the Senator from Connecticut concur that the SEC already has the authority to amend these definitions?”