Political Quotes

“At this time, I yield 4 minutes to the gentleman from North Carolina (Mr. McHenry). Again, this is a bill that several Members worked very hard on, and he is very knowledgeable on these bills. Mr. McHENRY. I thank the chairman, and I appreciate the opportunity to address the crowdfunding section of this bill. One year ago, Oversight Chairman Darrell Issa sent a letter with 33 questions to the Securities and Exchange Commission asking them to justify outdated securities laws that restrict capital formation and stunted job growth. It was a letter that really challenged the Commission's complacency and asked them about these 80-year-old regulations that were modern at the time where the new invention was the telephone and asked them if they had ways to update them. One question specifically asked Chairman Schapiro if she had considered creating an exemption to enable everyday investors to invest, with reasonable limitations, in unregistered securities issued by start-ups. This is known as ``crowdfunding.'' At the time, I was only familiar with crowdfunding--which is a hybrid of microfinance and crowdsourcing--as a charitable method. It's done around the world, with billions of dollars of moneys raised. For example, a local brewery in my home State of North Carolina was able to raise $44,000 on a platform called Kickstarter.…”