[Congressional Record Volume 158, Number 54 (Monday, April 16, 2012)]
[Extensions of Remarks]
[Page E536]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]


                  JUMPSTART OUR BUSINESS STARTUPS ACT

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                               speech of

                         HON. CHRIS VAN HOLLEN

                              of maryland

                    in the house of representatives

                        Tuesday, March 27, 2012

  Mr. VAN HOLLEN. Madam Speaker, the Senate amendment to the Jumpstart 
Our Business Startups, JOBS, Act represents an improvement over the 
original House-passed version of this legislation, and I will support 
it today.
  Specifically, today's legislation strengthens the crowdfunding 
provisions of the JOBS Act by adding important investor protections. 
Under the revised bill, crowdfunding issuances will have to be offered 
through either an SEC-registered broker or an SEC-registered funding 
portal, which will further protect investors by improving 
accountability and enhancing regulatory oversight. Additionally, the 
maximum amount permitted to be raised in any one crowdfunding issuance 
has been reduced from $2 million to $1 million, and the maximum amount 
a non-accredited investor can invest has been limited to $2000 or 5 
percent of income for those earning less than $100,000, and the lesser 
of $10,000 or 10 percent of income for those earning more than 
$100,000.
  Madam Speaker, innovation and entrepreneurship in markets governed by 
clear and fair rules of the road has always been the key to our 
economic success. While I believe that there are stronger job creation 
measures we can and should be considering today, and that this 
legislation will itself merit continued oversight to ensure it is in 
fact striking an appropriate regulatory balance, I will support it 
today for the benefit it may provide.

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