Subject: File No. S7-06-13
From: Don Brashears
Affiliation: Board Chair - Greater Bluffton Chamber of Commerce

September 30, 2014

I have been an Angel investor for eight years and find that I have less risk and more opportunity for gain as the information on the investment is far more accurate portrayal of the company ambitions, goals and objectives, then I have ever received from a listed company.

The net worth for individuals considered qualified should remain unchanged. Both requirements are sufficient guidelines and do not require any change. They are milestones of success and to eliminate retirement accounts from the calculations just shows how out of touch with current affairs the suggestor is. Many people invest with themselves through Self-Directed IRAs and this should always be considered part of their equity toward being considered a "qualified Investor".

This is all about risk, risk management, and individual freedom to do what you wish with your own money. Any increase in the net worth calculations could severely hinder capital formation in the private equity markets, and further encroach on the individual freedom to do what you want with the money you have earned.

Individuals that drop out of the "qualified" category will also lose the personal benefit of learning how the entrepreneurial world actually functions, something that is not taught in our school system today. They are taught to become employees only and to be risk-averse, contrary to the spirit and drive of the entrepreneur and small business owner today. That spirit is exactly what is needed for our economy to excel and grow to its fullest potential.

Please don't build speed bumps and roadblocks into the process.