

Washington, DC – On the one year anniversary of the JOBS Act being signed into law, Congressman Patrick McHenry (R-NC) delivered a video statement asking the SEC to put forth rules for delayed provisions such as crowdfunding. Here is the full text of the statement: “Last year, after overwhelming support from a bipartisan majority in Congress and hard-working entrepreneurs across the country, President Obama signed crowdfunding legislation into law. At a Rose Garden bill-signing ceremony, he proclaimed the new law a ‘game changer,’ saying that ‘For the first time, ordinary Americans will be able to go online and invest in entrepreneurs that they believe in.’ I wrote the crowdfunding bill because small business owners and entrepreneurs with great ideas and products were struggling to get the funding they needed to succeed and grow. “Today, months after the deadline for the SEC to provide rules for crowdfunding, entrepreneurs across the country have been left with nothing to do but wait and wonder. There’s no doubt that the SEC has now had an adequate amount of time to perform a cost-benefit analysis and develop the investor protections necessary for crowdfunding to be successful. “I’m hopeful that a blue print will be announced soon so that start-ups and others so desperate for this innovative new funding method will have time to comment on the proposed rules. If you’re ready to see the SEC get the job done and free crowdfunding, join the conversation on twitter with hash tag crowdfunding and let your voice be heard.” By statute, rules for Title III, also known as crowdfunding, were to be written by the SEC 270 days after the legislation was signed into law. Those rules have now been delayed for over three months. ###



