Wendy Sherman: “I have an amendment at the desk. The Acting CHAIR. The Clerk will designate the amendment. The text of the amendment is…”

“I have an amendment at the desk. The Acting CHAIR. The Clerk will designate the amendment. The text of the amendment is as follows: Page 38, strike line 21 and all that follows through page 39, line 6 and insert the following: ``(iii) with respect to a proposed transaction involving a private offering, any individual if-- ``(I) the amount of such transaction is not more than 5 percent of the net worth of the individual (excluding the primary residence of the individual); and ``(II) the aggregate investment of the individual at the completion of such transaction, in securities with respect to which there has not been a public offering, is not more than 25 percent of the net worth of the individual (excluding the primary residence of the individual);''. The Acting CHAIR. Pursuant to House Resolution 1052, the gentleman from California (Mr. Sherman) and a Member opposed each will control 5 minutes. The Chair recognizes the gentleman from California.”