Political Quotes

“The accredited investor framework is in need of improvement. Today, millions of families can be targeted to invest in high-risk, illiquid, nontransparent financial products solely because of the inflated value of their assets, putting at risk their ability to live comfortably in retirement. At the same time, others who are knowledgeable are prevented from investing. When the accredited investor framework was first established by the SEC in 1982, less than 2 percent of our population could be solicited by broker-dealers or companies raising capital on the basis of their income or on the basis of their assets. Today, that has risen to 20 percent. That is not because investors are more knowledgeable and it is really not because there are more investors who can afford to take major losses. It is simply because we have had a lot of inflation since 1982, and so you can meet the asset requirements with real estate and your retirement nest egg. To be clear, no one thinks that the amount you need for your retirement in 2023 is the amount you needed in 1982. That is why the SEC needs to revise the thresholds to better protect working families. That said, Mr. Hill's bill is sensible. It would return to the original concept of the accredited investor, focusing on investors who are knowledgeable about the risks of private securities.…”