The happy train of silence and refusing to answer questions ends today.

I will be happy to look at the letter that you have presented this morning.

I would absolutely, absolutely take that into account.

I would say with billions of dollars already operating in this environment, with minimal fraud, that it shows that light touch regulation, transparency, basic rules of the road, would be sufficient, can be sufficient to that end of…

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

entrepreneurs want to participate, want to be active.

I believe that they should be subject to the same economic analysis that the current guidance demands.

I was very proud to work with Carolyn Maloney on that legislation, and I think, based on that collaboration, that is a big reason why we were able to get over 400 votes for this bill coming out of the House.

I appreciate your prompt action on cost-benefit analysis, and the draft guidance that you have put forward.

I deeply care about this and the work that the SEC does.

Your work is important and it has an enormous impact on large and small businesses and economic growth.

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

I am very interested because if it is applicable now to the staff and binding on the staff now, then any changes could endanger the analysis that is already out there and impact.

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 have a personal interest in, as well as millions of small businesses around the Country, and it is based off of legislation I sponsored here in the House which is, in essence, crowdfunding, and it creates a new federal securities…

we would urge you to move forward with that.

I just want to express to you my deep regret that you didn't address this earlier or to me.

I think it informs good policymaking, and that is what we need to be about.

The decisionmaking process that led to the Commission's approval of the MSRB's proposed rule changes fall short of meeting the benchmark.

Ah, the wisdom of the great debating society of the Senate. No offense. This is not a partisan matter, because we can agree the Senate is the true enemy. No division between parties there.

I don't think these individuals were pledging money because they thought they were going to make a million off of it. They wanted to support the brand that they liked.

Well, crowdfunding is still not allowed because we are still waiting for the SEC to write regs by the end of the year, so----

We need something like, and maybe there is other ways to do this, but something like a National Task Force in Justice.

Today's hearing serves as an opportunity for Congress to hear from knowledgeable folks that either participate in the arena of crowdfunding as it now exists.

I certainly appreciate it. I have a few final clean-up questions if the panel doesn't mind.