Political Quotes

“So here is the alternate reality you are expected to believe in this scenario that has been created. You are going to have somebody wander off the street with their checkbook in their pocket, listen to a 3- to 5-minute pitch on an idea that is going to change the world, and then they are going to sign away their financial future and life savings. That is the scenario that is being painted for you out there today by the opponents of this commonsense legislation. Again, to be an investor, you must be an accredited investor, according to the SEC rules, Rule 501, that says you have $300,000 of income annually and a net worth of $1 million outside of your home. Owning your house doesn't count towards that. I have been to these pitch days. You know what you are walking into. You don't just stumble on it and go: Wow, what's going on here? I have never thought about this. Tell you what, I am going to write a five- or six- or seven-figure check today and put myself into financial ruin. That is not how these things work. Mr. Chairman, at the end of the day, I think it is important to just review a little bit of the history here. First of all, this amendment isn't necessary. It would create yet another SEC-required disclosure and further burden the ability for startups to present their ideas to demo days. I would note that this amendment could have been offered last March, either in committee or while we here in the House had consideration last April 2016.…”