Political Quotes

“Mr. Chairman, I rise today to push back against one of the Securities and Exchange Commission's or SEC's many reckless and irresponsible rules. My amendment simply prohibits funding for the costly and unnecessary private fund adviser rule. I oppose this rule because the overwhelming majority of private equity investments, which this rule would affect, go to small businesses. This rule will have a detrimental impact on the many small businesses across America and in my home State of West Virginia. Private funds are essentially pools of money collected from multiple investors that the adviser then invests primarily in small- and medium- sized businesses. This SEC rule will reduce the ability of private fund advisers to continue supporting small businesses in West Virginia and America by placing burdensome compliance costs on these funds such as new quarterly statements and annual audits. Furthermore, the SEC has been unable to articulate how this rule will increase funding for small businesses. Private fund advisers who manage these funds are already well regulated and legally required to act in the best interest of the investors. Unlike the public stock market, it is wealthy individuals and sophisticated institutions like pension funds and university endowments that invest in these private funds. This is nothing more than regulating for the sake of regulating.…”