Sean Duffy: “I thank the gentleman for yielding. Mr. Speaker, I thank Mr. Emmer, my colleague and friend from the neighboring State…”

“I thank the gentleman for yielding. Mr. Speaker, I thank Mr. Emmer, my colleague and friend from the neighboring State of Minnesota, for offering such a commonsense piece of legislation. I frequently hear horror stories of fraud and abuse. All of us stand against fraud and abuse. I have a news flash for everybody: This law doesn't change that fraud is illegal. It was illegal before this bill and it will be illegal after this bill. Fraud is illegal. All we are doing is saying we are going to keep the promise that all of us say that we have to small entrepreneurs and startups to make sure that they get seed capital and make sure they can thrive and grow and create jobs in our community. All we are trying to do is give clarity to what constitutes a nonpublic offering. What is wrong with clarity? What is wrong with bright lines that they know that they can operate in between without violating the rule? This is simple. It is straightforward, it is common sense, and it supports everything we say we support, which is small businesses, and I think this is a great piece of legislation. The SPEAKER pro tempore. The time of the gentleman has expired.”