Subject: File No. S7-06-13
From: Robert D Rung, Jr.

June 1, 2014

At a time when traditional modes of job creation and opportunity formation for the next generation are faltering, and investment returns from conservative vehicles such government debt and CDs are poor, preventing many people who can easily afford it from engaging in angel investing (at first, usually together with more experienced friends) seems spectacularly wrongheaded.

My home region (Oregon Willamette Valley) suffers from not being a major metropolitan area, but with state support is just now embarking on a range of expanded entrepreneurship efforts including mobilization of resident capital. While my wife and I can (barely) meet the new requirement, this will not be the case for many of our colleagues in the Willamette Angel Conference community, and could spell the end of a 6-year old effort that has made a real difference and which enjoys the full-throated support of all the major city mayors.

I do not know of any people who have financially hurt themselves doing angel investment, which requires quite a bit of effort (including paperwork), unlike equally (or more) risky 'day trading' activity in volatile publicly traded stocks.

Our country is having a hard enough time already. Please do not make things worse.