As I am looking at the recommendations of the Task Force, those--everybody calls them indirect investors--are sort of out of luck.

On rollcall No. 96, I was unavoidably detained and missed voting on H.R. 4105. Had I not been detained, I would have voted ``yea.''

Thanks, Mr. Chairman, and thanks to the panel.

should we all get robbed equally?

It is important that we do not competitively disadvantage or penalize U.S. financial institutions just because the United States is further along in financial reform than others in Europe and Asia.

I am just trying to hear--a lot of people lost a lot of money and I am trying to figure out, is there a way that could be--we could deal with it in terms of the law to stop this from happening?

Thanks. I guess my questions are similar to Mr. Capuano's as to who got paid and who didn't get paid here.

I haven't heard anything about investor protection. And there was a reason for Sarbanes-Oxley... about investor protection.

Just as simple as that. Secured creditors. I am just trying to figure out what happened in that week advance.

more competition, not less, that is what I want to see; help the innocent or the less guilty, less culpable;

I claim time in opposition, although I am not opposed to the amendment. The Acting CHAIR. Without objection, the gentleman from Colorado is recognized for 5 minutes. There was no objection. {time} 1640

I thank the gentlelady. I would just say to my friend from North Carolina, I appreciate the fact that this is new, but I think when we are dealing with these small investments and lots of people, just as with a charity, you'd like to know…

I yield to my other friend from North Carolina. Mr. McHENRY. I thank my colleague Mr. Perlmutter for working diligently with us on this language. He raised significant concerns. The language that we have that the gentleman was integral in…

I have an amendment at the desk. The Acting CHAIR. The Clerk will designate the amendment. The text of the amendment is as follows: In section 4, strike ``Section'' and insert the following: (a) In General.--Section In section 4, add at…

I yield to my friend from North Carolina. Mr. McHENRY. I thank my colleague from Colorado for offering this amendment, and I thank my colleague for working diligently across the aisle. This was an idea that he had in the full committee…

I would like to ask the Chair what time each side has remaining. The Acting CHAIR (Mrs. Miller of Michigan). The gentleman from Colorado has 23 minutes remaining. The gentleman from North Carolina has 9\1/2\ minutes remaining.

I reserve the balance of my time. Mr. McHENRY. Madam Chair, I claim time in opposition. The Acting CHAIR. The gentleman from North Carolina is recognized for 5 minutes. Mr. McHENRY. I am not opposed to this legislation. I thank my…

Reclaiming my time, I thank my friend from North Carolina. We have no opposition to this amendment. We urge its adoption. I yield back the balance of my time.

In closing, Madam Chair, I appreciate Mr. Watt's comments. They're legitimate, except that the purpose of this is to have in effect a national solicitation notification nationally to the SEC, and then the powers of the States kick in, as…

I thank my friend. One other new term in the bill that we ought to have some discussion about is ``intermediary.'' Intermediary in the bill is more or less a custodian of funds. Am I correct or not? I yield to my friend. Mr. McHENRY. I…

To the degree that the intermediary exists in this, they will be subject to the enforcement principles as we go through the amendments. With that, I yield 3 minutes to my other friend from North Carolina (Mr. Miller).

I thank my friend from North Carolina for bringing this matter to the floor, for being the sponsor of this bill and for working with us to make this bill better. Now, as Mr. McHenry said, this is a bill that really allows money to be…

I yield myself such time as I may consume. The gentleman from New Jersey just brought something up. My friend from North Carolina is correct, and I misstated it. The intermediary is more or less the platform, the conduit. But one of its…

For the record, H.R. 2930 creates a new exemption from registration under the Securities Act of 1933 for what we call ``crowdfunding'' securities. I think the record should have a definition. Crowdfunding refers to a technique for raising…

I would like to thank my friend from North Carolina for bringing this bill forward. It is a good idea. It allows for investments to be made in smaller amounts by more people using mass kinds of solicitations through the Internet, through…