Subject: File No. JOBS Act Title IV
From: David R. Burton
Affiliation: General Counsel, National Small Business Association

June 12, 2012

Title IV Small Company Capital Formation

Regulation A and the small issue exemption has effectively become a dead letter. Increasing the aggregate 12 month offering exemption amount to $50 million has the potential to make it relevant again for larger small firms and medium-sized firms seeking to raise capital. We do not believe any changes to Regulation A other than the dollar threshold amount are warranted at this time.

Congress intends for this exemption to be used. Thus, if this change does not result in any appreciable Regulation A filings then the Commission should seriously assess whether the regulatory burdens on issuers imposed by Regulation A should be reduced so as not to frustrate Congressional intent.