Jack Reed actually said...

The JOBS Act requires the SEC to adopt rules that, in the legislation language, 'require the issuer to take reasonable steps to verify that ...

The other thing, obviously, as you emphasize in your testimony, is that with the lifting of the ban on general solicitation under Rule 506, ...

And that would probably be an area you would have to pay attention to.

In effect, what you are describing is a potential financial meltdown, perhaps worse than in 2008 with the collapse of Lehman Brothers.