Political Quotes

“Mr. Speaker, pursuant to House Resolution 609, I call up the bill (H.R. 2201) to amend the Securities Act of 1933 to exempt certain micro-offerings from the registration requirements of such Act, and for other purposes, and ask for its immediate consideration in the House. The Clerk read the title of the bill. The SPEAKER pro tempore (Mr. Rogers of Kentucky). Pursuant to House Resolution 609, the bill is considered read. The text of the bill is as follows: H.R. 2201 Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Micro Offering Safe Harbor Act''. SEC. 2. EXEMPTIONS FOR MICRO-OFFERINGS. (a) In General.--Section 4 of the Securities Act of 1933 (15 U.S.C. 77d) is amended-- (1) in subsection (a), by adding at the end the following: ``(8) transactions meeting the requirements of subsection (f).''; and (2) by adding at the end the following: ``(f) Certain Micro-Offerings.--The transactions referred to in subsection (a)(8) are transactions involving the sale of securities by an issuer (including all entities controlled by or under common control with the issuer) that meet all of the following requirements: ``(1) Pre-existing relationship.--Each purchaser has a substantive pre-existing relationship with an officer of the issuer, a director of the issuer, or a shareholder holding 10 percent or more of the shares of the issuer.…”