Thomas A. Garrett said "One of the reasons that you do that is because we are talking about small companies, companies that may be creative artists starting up a business, a nonprofit starting up a business, a small entrepreneur, so you're talking about small folks, small businesses. You're talking about businesses under $1 million. If you were talking about what we read about in The Wall Street Journal, if we were talking about things that may be shortly traded on the New York Stock Exchange, that would be more appropriate. But you're talking about these much more, smaller type of industries here; right? Mr. McHENRY. Absolutely. And I appreciate my colleague yielding. The intent is, if you're going to raise $50,000 from 5,000 people, it has to be a low-cost basis of doing that; and the traditional broker- dealer model is not efficient at those lower cost basis fundraising opportunities or equity-raising opportunities." @ PoliticalQuotes.com

On the recordNovember 3, 2011

One of the reasons that you do that is because we are talking about small companies, companies that may be creative artists starting up a business, a nonprofit starting up a business, a small entrepreneur, so you're talking about small folks, small businesses. You're talking about businesses under $1 million. If you were talking about what we read about in The Wall Street Journal, if we were talking about things that may be shortly traded on the New York Stock Exchange, that would be more appropriate. But you're talking about these much more, smaller type of industries here; right? Mr. McHENRY. Absolutely. And I appreciate my colleague yielding. The intent is, if you're going to raise $50,000 from 5,000 people, it has to be a low-cost basis of doing that; and the traditional broker- dealer model is not efficient at those lower cost basis fundraising opportunities or equity-raising opportunities.

Said by

Thomas A. Garrett

Virginia

Source

govinfo.gov

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