Subject: File No. S7-07-12
From: Phillip Goldstein

March 16, 2013

Congress ordered the SEC to complete its rule making on this matter by July 4, 2012. The rule was not even proposed until August 29, 2012. Since then, it has been crickets.

Despite what Barbara Roper and state securities regulators think about the JOBS Act, "Congress did not set agencies free to disregard legislative direction in the statutory scheme that the agency administers." Heckler v. Chaney, 470 U.S. 821 (1985)