On the recordMarch 8, 2012
This is one of those occasions where Mr. Miller and his staff--I extend an appreciation. We've gone back and forth in discussion over the last year, you know, what should the number be. We all came to a collective agreement that 500 was far too small for capital formation. Was 2,000 appropriate? Well, should be it 2,000 accredited? Well, what should be the unaccredited portion for that? I think this is what we'll call an appropriate compromise, and I thank Mr. Miller for bringing this to us and helping us get there. What this ultimately does is allow an organization to have investors, up to 2,000. Five hundred of those can be unaccredited. The other 1,500 have to fill out the form; have to have net assets over $1 million, exclusive of their home; a couple hundred thousand dollars a year income, $300,000 if they're a married couple. So at that point, we've made the decision that this somewhat more sophisticated population gets to participate, but they have to opt in. And yet, we still do not lock out those who are, shall we say, working their way to becoming that next sophisticated population. So, Madam Chairwoman, we support this amendment. I yield back the balance of my time. The Acting CHAIR. The question is on the amendment offered by the gentleman from North Carolina (Mr. Miller). The amendment was agreed to. Amendment No. 13 Offered by Mr. Schweikert The Acting CHAIR. It is now in order to consider amendment No. 13 printed in House Report 112 409.
