October 2, 2012
We need this act passed now and without any additional restrictions.
A foolproof way to make sure a runner is stopped at the starting blocks is to shoot his knee caps out.
The best way to cripple this act is to pass it, and then force investors to provide tax statements or notarized statements or anything that they are accredited. As it stands now people are barely willing to fill out a form and mail it. For a small business trying to raise capital and add jobs, forcing the investor to do anything more than sign and mail a check is a sure way to comprehensively destroy the intent of the JOBS act. In terms of liquidity some of the non-accredited investors our company turned down were more liquid than the family earning 300k per year and spending 400k.
Leave the accreditation alone, the individual already has to certify they are accredited on the Investor Information Questionnaire you need nothing more than their signature.