Jul. 30, 2020
Hi, My name is Nosa James. I am a recent graduate of the University of Miami and a capital markets analyst at JP Morgan. I just wanted to write in to show my support for the rule changes in regard to becoming an accredited investor. In particular, I believe allowing licensed professionals the ability to become accredited investors will increase economic security for those who have traditionally been disenfranchised. As an African American, my community has just begun building generational wealth. For most of US history, US policy and the business community have stifled wealth generation for African Americans by unfairly denying access to credit, using eminent domain to destroy home equity in African American communities, discriminating against African Americans in the workplace, among other injustices. As a result, African American's have a fraction of the wealth white Americans have after adjusted for the level of education. Changing the accredited investor's rules will have a positive impact on African American's and other disenfranchised people. It will be a small step in closing the wealth inequality gap between African American's and white Americans. For those like myself, the ability to increase our participation in private markets could potentially lead to increased economic security, which would then flow back to our families and communities. This is particularly important because startups stay private for longer, allowing accredited investors and other institutions to capture most of the gains. Additionally, increasing access to private credit markets will allow families more opportunities to invest in fixed income, thus providing more opportunities to create economic security. Please consider allowing licensed professionals the ability to become accredited investors. We have more than enough knowledge to make sound decisions and increasing access to private markets will have a positive impact on wall Street as well as the main street. Best, Nosa James