Patrick McHenry actually said...

The SEC has put forward this memo; it is binding on the staff to actually look at the costs and the benefits of rulemaking.

I appreciate your prompt action on cost-benefit analysis, and the draft guidance that you have put forward.

that if the rules are not implemented correctly at the SEC, the crowdfunding could be 'stillborn.'

I think the President would have liked to have heard that before he issued a statement of administrative policy on my crowdfunding bill.