Political Quotes

“This amendment simply attempts to define an unclear and undefined term by making reference to another unclear and undefined term. For context, let me be clear on where this comes from. The Securities and Exchange Act of 1934 does not define either the term ``retail investor'' or ``institutional investor.'' This amendment pretends to add clarity, but arguably further muddies an already confusing bill by adding a second new undefined term. In fact, there are some who believe that the amendment might actually expand the bill's reach, because the bill, as amended, could be interpreted to apply to any document designed to reach anybody other than that ``institutional investor.'' So we have a problem here, Mr. Chairman. We have undefined terms. We have muddied, not clear goals and objectives here, and so, I would rhetorically ask, what is an institutional investor? Is it a small-town investment manager who is a sole practitioner, but has set up their own business and now is, thus, an institution? Does the business require multiple employees? Does it require a large number of employees? I, for one, am not sure. Does it have a dollar amount attached to it? It could be one person, a very wealthy person investing millions or a whole bunch of smaller investors, who don't have millions, banding together and now they are suddenly institutional investors. So let's just not make H.R. 1815 more confusing than it already is.…”