Washington, DC, January 16, 2014 – Rep. David Schweikert (R-AZ) issued this statement following a hearing today of the House Small Business Subcommittee on Investigations, Oversight and Regulations on the SEC’s Crowdfunding Proposal:

“Today we heard from crowdfunding experts that startups and their investors are thriving in countries that used restraint in regulating crowdfunding. 

The current SEC proposed over-regulation come with a prohibitively high cost of compliance for businesses who would use crowdfunding to access startup capital. 

We will be appealing to the SEC to reconsider their heavy-handed approach before finalizing the rules and consider modeling the lighter regulatory touch used by their international peers, which has shown a track record of success.”

Rep. Schweikert is the subcommittee chairman.  The subcommittee press release can be found here.  Testimony and more information about the hearing can be found here.

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Contact Maggie Zehring: margaret.zehring@mail.house.gov
(202)680-9613