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