Subject: File No. S7-08-19
From: Barry Hicks

September 16, 2019

In the spirit of the following statement from your web page.

"The limitations on who can invest in certain exempt offerings, or the amount they can invest, provide an appropriate level of investor protection or pose an undue obstacle to capital formation or investor access to investment opportunities."

Subject: Undue Obstacle to capital formation or investor access to investment opportunities.

For more reasons than one can enumerate there's been a persistent wealth gap created in America. And the restrictions on who can participate in capital formation, creates an undue obstacle for those trying to close this wealth gap.

And I do acknowledge that the JOBS act moves in the right direction. But the dotted line is straight forward. You cant do much for your people, if you cant influence W2s (i.e. create jobs). You cant create jobs, if you cant create enterprise. You cant create enterprise, if you cant participate in capital formation, because of the wealth and income limits applied to an accredited investor. Because new business and true wealth is created first in the private market.