Political Quotes

“I say, again, Mr. Chairman, the information that she is referencing is already readily discoverable by investors, and they have the choice whether or not they want to invest in a multi-class structure. I will tell you, Mr. Chair, this section 307 specifically targets directors, director nominees, named executive officers, and any holder with 5 percent or more of total combined voting power. It requires their share ownership and voter power to be expressed as percentages. Mr. Chairman, investors are not children. The Federal Government should not be in the business of holding investors' hands over congressionally mandated proxy script disclosures. This section turns a capital formation package into another compliance mandate by hardwiring a one-size-fits-all disclosure regime into statutes instead of letting the markets and existing disclosures do their jobs. Striking section 307 keeps the INVEST Act focused on expanding opportunity and liquidity rather than adding a new paperwork burden for public companies. If the goal of this bill is to increase investor opportunities and expand public markets, then Congress should be cutting friction, not adding a new compliance hook that falls on public companies and ultimately on shareholders. Mr. Chairman, I reserve the balance of my time.”