Washington, D.C. – December 11, 2012 – Senators Jeff Merkley (D-OR) and Michael Bennet (D-CO) urged Chairman Mary Schapiro of the Securities Exchange Commission to request that rules governing crowdfunding activities be issued quickly. Merkley and Bennet were lead sponsors on the CROWDFUND Act, which was passed on April 5, 2012 and legalizes the raising of start-up capital for small businesses on the internet.
“We understand the complexity in crafting the new rules. Yet time is of the essence. Market participants are eager to start providing crowdfunding services to entrepreneurs and investors alike, and small businesses and entrepreneurs are eager to raise money and create jobs,” wrote the legislators. “At a minimum, the Commission should put out for comment proposed rules as soon as possible. We also expect the SEC to coordinate with the relevant national securities association to ensure that its processes are expedited as well.”
Joining Senators Merkley and Bennet were Senators Scott Brown (R-MA), Mary Landrieu (D-LA), and Congressman Patrick McHenry (R-NC).