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.”
Contact Maggie Zehring: firstname.lastname@example.org