Political Quotes

“The Securities and Exchange Commission is a Federal agency created under the administration of Franklin Delano Roosevelt after the Great Depression. When the stock market cratered in the Great Depression, Franklin Roosevelt stepped up and said: We need an agency that will oversee and regulate Wall Street so that people who would care to invest in American companies can have confidence they are investing in a company and a process that follows a rule of law. There will be transparency and disclosure by these companies on a regular basis, by formula, as to what they are earning, what they are losing, and what their assets may be. That has continued for almost 80 years. The Securities and Exchange Commission has created in the process a credible market in the United States of America for the sale of equities and securities. Now comes this bill from the House of Representatives, this so-called jobs bill, which wants to change that. They are suggesting when certain companies get started--startup companies--they be excused from requirements under the law from the Securities and Exchange Commission. The argument is that there is too much paperwork, too many regulations, and smaller startup companies can't get started because there are too many legal requirements. Well, we first took a look at what they consider to be smaller companies getting started, and they define them as companies with $1 billion a year in annual revenue--$1 billion.…”