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Embedded below is the draft legislation submitted by Congressman Patrick McHenry to repeal Title III of the JOBS Act and fix what has been deemed a flawed bill. Title III is the portion of the JOBS Act that deals with retail equity crowdfunding.
In brief the new draft bill will increase the funding amount to $3 million and eliminate many of the onerous provisions that are expected in final rules from the SEC.
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MEMO TO CONGRESS: Title III Crowdfunding Needs a Fixin’ – NOW!
The Funding Cap on Title III Retail Crowdfunding is Pointless. 
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