Schweikert, who helped author and co-sponsor the legislation which passed and was signed into law last year, used the Congressional Budget Offices' recently-released Long-Term Budget Outlook as an introduction to his crowdfunding remarks. Schweikert would like the crowdfunding opportunities to "help grow the economy, and then the bureaucracy hands us crushing rules that make it almost impossible to use."
Schweikert exhorted citizens to "please, go online, make comments, help them understand this is supposed to be helping the next generation of small entrepeneurs in this country, and don't make it 550 pages of bureaucratic legalese. It can be simpler."
The proposed rules are actually less than 100 pages long, although the preceding introduction, background and discussion is about 460 pages.
SEC Chair Mary Jo White stated she is "pleased" with the proposed rules, noting that they want to make sure this new market thrives in a "safe manner."
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