Schweikert slams SEC rules to implement Crowdfunding provisions

Arizona Congressman David Schweikert expressed disappointment with the U.S. Securities & Exchange Commission’s proposed rules to implement the Crowdfunding provisions of the 2012 Jump Start Our Business Startups (JOBS) Act on the House floor on Wednesday. Schweikert said the SEC took a year and half to do create rules that make growing the economy difficult.

“what was supposed to be a simple rule set – so they’re a year late,” said Schweikert. “And here’s what they brought us. This is the law –this handful of pages–six or seven pages– is the crowdfunding portion of the JOBS Act. And here is the 550 page proposed rule set.”

“If we’re in a world where we have crushing debt screaming toward us and some of that is coming because of what we’re being told is the new normal of a 2% GDP growth outlook, we need to be doing things that accelerate economic growth or we’re in incredible trouble.

So as a House –bipartisan, we passed the JOBS act, which was one of the little increments that was supposed to help grow the economy. And then the bureaucracy sends us rules that make it almost impossible to use.”