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

So there is a potential, you know, if we do not do something like this, have the Form D filed prior to the offering, that you just will not know what is going on.

Are you considering those factors as you go forward?

What we are working off is a basis of the--you know, there was a general rule of no public solicitation.

Thank you, Mr. Chairman.

I think we have a lot to do, and it comes back to that sort of often used term of balance between investor protections, State regulation, Federal regulation, and capital formation.

The standard really started with a significant amount of capital, either, you know, wealth or income.

The JOBS Act requires the SEC to adopt rules that, in the legislation language, 'require the issuer to take reasonable steps to verify that purchasers of the securities are accredited investors, using such methods as determined by the…

I think we were children then, yes.

But the issuers, you know, are a critical part of this.

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

today I introduce the Servicemember Housing Protection Act along with my colleagues Senators Begich, Whitehouse, Durbin, and Tester. Our country has a strong tradition of ensuring that our service members are protected while they serve to…

If we default next week, even technically, your view, I believe, is that that will make our ability to do almost everything, including deal with the long-term entitlement problem, much more difficult.

Using the debt ceiling as leverage in the deficit debate is unwise and dangerous.

If the USS United States goes down, we all go down together, Democrats and Republicans.

I rise today to discuss the twin manufactured crises that are facing the country: A hobbled government and the threat of default. I have seen some describe this as a game, and I have heard others say it is just partisanship posturing. But…

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

You raise an excellent point, which is that everyone might have very good intentions of trying to manage through this crisis, but software systems, documents, legal requirements, uncertainty would be such that you could really paralyze the…

The impact on Main Street, I mean, one of the issue with prioritization Senator Brown mentioned was we are not prioritizing between paying Federal debt and trivial expenses of the Government.

I think the whole panel concurred that because of much more effective underwriting, the multifamily programs were credible, durable, and, in fact, contributed significantly...

if you look at the luxury market for residential, there is no problem there, there has never been a problem.

we are underbuilding given the projected demand, significantly; that even with this program that is working effectively, we need to do much, much more.

Well, thank you very much, Mr. Chairman, and thank you for your testimony.

I ask unanimous consent to speak up to 20 minutes. The PRESIDING OFFICER. Without objection, it is so ordered.

we are 5 days into the government shutdown, but unfortunately there has been no progress in resolving this issue. I disagree with some policies championed by my colleagues on the other side of the aisle, and indeed I sometimes disagree…