Political Quotes

“You have literally bet your house on an investment that is of a type that is risky and where you get less information and where the investment is illiquid. That is not good investor protection. What this amendment does is it says, yes, we are going to look at what portion of your net worth you are investing, but we are going to take a look first at your net worth excluding your primary residence because very few people feel they can afford to lose their house; second, that you cannot invest more than 10 percent of your net worth in any single offering or more than 25 percent of your net worth in all these private offerings. Therefore, we look at wealth, excluding your home so you don't risk losing your home, and we look at not only how much you are investing in the particular investment, but how much you are investing overall. I want to correct one thing. This amendment limits it to, excluding your primary residence, 5 percent of your net worth on any one private offering, and no more than 25 percent of your net worth, excluding your primary residence, on all such private offerings. Madam Chair, I urge adoption of this amendment. I think it gives us a better definition of those who can afford the risks and the risk of liquidity that comes with these private investments. The risk of liquidity is there.…”