Political Quotes

“Mr. Chairman, H.R. 3383 seeks to provide small businesses with more opportunities to access capital. A key avenue for most small companies to raise money is by seeking investments from a small number of accredited investors. These offerings, made under SEC regulation D, are exempt from registration with the SEC. However, these companies are required to file basic disclosures with the SEC on Form D, which is available to the public. The information provided on Form D is often bare bones, incomplete, or false. This makes it difficult for investors to understand the parameters of an exempt offering. What is worse, many bad actors located in the United States and all around the world are using reg D to misrepresent that they are SEC compliant, using false information on Form D and posting it to the SEC's public database, EDGAR. These fraudsters tell unsuspecting U.S. investors that they are registered with the SEC. We must stop these bad actors from using Form D to take hard-earned money out of Americans' savings and putting it into the hands of criminals. My amendment aims to fix this problem by requiring additional information about the identity of the company and the scope of its offering prior to making any sales. My amendment also requires a company to update Form D when there is a mistake or material change in the information and when the offering is complete.”