Subject: File No. S7-06-13
From: John Desmond
Affiliation: Oregon Angel Fund Partner

May 29, 2014

This proposed rule change will have a serious detrimental effect on small business start-ups by limiting potential investors. Many angel investors are retired and do not meet the annual income requirements proposed. In addition anyone who has been able to attain a net worth of $1M not including his or her residence surely has the ability to do the necessary risk evaluation for investment in small companies. The rule change will have a negative effect on the US economy.