January 15, 2013
The SEC needs to immediately implement its proposed rules for removing the ban on general soliciation as directed by Congress. Congress also needs to act to force the SEC to follow the laws as they are written. It appears there are no consequences for the SEC and they can do whatever they want. They are apparently free to decide which laws they decide to obey and which ones they choose to ignore, without any consequences. The SEC was supposed to remove the ban on general solicitation by July of 2012. They have yet to implement these rules, and yet Congress and the President stand by and do nothing to force a needed change. As a voter and a citizen of a so called democracy, I find this appaling. I voted for the lawmakers to look after my best interest. It is appaling that a rare piece of bi-partisan legislation approved by Congress and signed by the President can be held up indefinitely, apparently because one person at the SEC was concerned about her legacy and a high-profile lobbyist opposed the legislation. The SEC needs to stop dragging their feet and come into compliance with the law, by immediately implementing the JOBS Act. Investors deserve a choice and small businesses deserve a chance to raise capital in a cost-effective manner. The SEC and/or Congress needs to act immediately